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Sri Lanka stock close -1.3-pct lower
Nov 08, 2011 (LBO) – Sri Lanka stocks closed 1.3 percent lower Tuesday in thin trading amid a broad sell off and firms listed for expropriation in an upcoming bills also falling steeply, brokers said. Large cap, Dialog Axiata, a mobile firm fell 10 cents to 8. 00 rupees, Commercial Bank of Ceylon fell 1.00 […]
State Upgrade
Nov 08, 2011 (LBO) – Sri Lanka’s state-run Peoples’ Bank has been upgraded by one level to ‘AA(lka)’ from ‘AA-(lka), with a stable outlook on state support and an upgrade of the sovereign in July 2011. “The rating reflect Fitch’s expectation of government support, underpinned by the bank’s increasing importance to the state post-war, systemic […]
Liberty Lesson
Nov 08, 2011 (LBO) – This week, in what goes for ‘democracy’ in Sri Lanka, property rights of citizens are due to be violated by an expropriation law, as they have been repeatedly since independence from British rule. Constitutional ‘democratic’ majority rule is an imported Western European concept. But in far too many countries ‘democracy’, […]
Getting Close
Nov 08, 2011 (LBO) – Sri Lanka’s Supreme Court has said a draft law to expropriate assets of some three dozen private enterprises is consistent with the island’s constitution in a determination read out by the deputy speaker in the island’s parliament. The controversial bill was referred to the Supreme Court by Sri Lanka’s President […]
Tele Profit
Nov 08, 2011 (LBO) – Sri Lanka Telecom, the island’s only wireline operator, which also owns a mobile firm said profits rose 3 percent to 1,058 million rupees in the September 2011 quarter from a year earlier, with revenues staying flat at 12. 6 billion rupees. The group said broadband and mobile services were growing […]
EU concerned over Sri Lanka net censorship
Nov 08, 2011 (LBO) – The European Union has expressed concern over the blocking of several dissident websites in Sri Lanka, which the island’s information ministry said was damaging image of politicians and senior state officials. “The EU considers that freedom of press forms an integral part of any democratic system,” European Union heads of […]
‘s large chambers want expropriation bill deferred
Nov 08, 2011 (LBO) – Sri Lanka’s large business chambers have urged the state to defer a hastily drawn up law to expropriate three dozen business ventures which has drawn fire from many quarters. “Considering the likely negative impact of the proposed legislation and the wide spread negative publicity it has received, we urge the […]
Sri Lanka hit by regime uncertainty
Nov 08, 2011 (LBO) – Sri Lanka’s investment prospects would be hurt by sudden changes in policy and laws relating to property rights and investment returns analysts said, describing a condition identified by economists as ‘regime uncertainty’. “Consistent government policy: that is what investors are looking for,” Sujeewa Mudalige, President of the Institute of Chartered […]
Toll Rate
Nov 07, 2011 (LBO) – The toll for cars using Sri Lanka’s first expressway, scheduled to be opened later this month, has been set at 400 rupees for the full distance and a minimum of 100 rupees, an official said. The southern expressway, linking Colombo with the town of Galle on the south coast, is […]
Gearing Up
Nov 07, 2011 (LBO) Sri Lanka’s Hatton National Bank will sell five billion rupees of debt within the next six months to boost capital and prepare itself to give more loans in the future, an official said. He said the bank has already raised nearly eight billion rupees in capital via a combination of equity […]