All Blogs
Oil Case
July 12, 2011 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has been asked to pay 162 million dollars to Standard Chartered Bank over oil derivatives it stopped payment on in 2008, according to a judgment by a London court. Extracts from the judgment: SCB Case ¢ SCB’s case is straightforward: it is entitled to […]
Sri Lanka war-torn north shows highest economic growth: CB
July 12, 2011 (LBO) – Sri Lanka’s northern province, which had been badly hit by war, had the highest rate of economic growth in 2010 as a post-war rebound continued, the central said. The north’s gross domestic product grew 22.0 percent last year, the bank said in an analysis of provincial GDP. The eastern province, […]
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July 11, 2011 (LBO) – Fitch Ratings Lanka has assigned Nations Trust Bank’s (NTB) proposed subordinated debentures of up to two billion rupees a National Long-Term rating of ‘A-(lka)’. The John Keells group and the Central Finance group hold 29. 9 percent and 20 percent of NTB’s equity. The issue is rated one notch below […]
Sri Lanka stocks slump 02-pct
July 11, 2011 (LBO) – Sri Lanka stocks fell steeply Monday with sharp falls in market heavyweights and recent debutants, brokers said. The main All Share Price Index closed at 6,767.59, down 2.09 percent (144.39 points) while the more liquid Milanka index fell 1.76 percent (112.52 points) to close at 6,274.45, according to stock exchange […]
Charging
July 11, 2011 (LBO) – Directors of an unregulated finance company in Sri Lanka’s Ceylinco group including its chairman Lalith Kothelawala have been charged following a two and a half year probe, media reports said. Separately, Sri Lanka’s Supreme Court has earlier issued orders on the Golden Key after depositors sought repayment. The Sunday Island […]
Credit Trend
July 11, 2011 (LBO) – Credit to business from Sri Lanka’s commercial banks rose 33. 9 billion rupees in May 2011 to 1,664. 4 billion rupees, with rupee denominated loans rising 30.5 billion rupees and forex loans rising 3. 4 billion rupees, official data showed. In the year to May commercial bank loans to business […]
Retail Skills
July 11, 2011 (LBO) – Sri Lankan fashion retailer ODEL has appointed an international retail sales specialist William R Pinkston, III, as its Chief Operating Officer, a statement said. In his career, Pinkston has specialised in store operations, expense reduction and control, product and visual merchandising, brand development, store concept design and project management for […]
‘s richest man attacks Western charity ethos
NEW DELHI, July 10, 2011 (AFP) – India’s wealthiest man Mukesh Ambani on Sunday criticised Western philanthropy as counter-productive and said his own country’s approach to charity gave more self-respect to the needy. Ambani, who heads petrochemical giant Reliance Industries, said that rapidly-growing India could create a more sustainable model in which businesses were an […]
”: Indian PM
NEW DELHI, July 10, 2011 (AFP) – South Asian nations must make greater efforts to fight terrorism without relying on outside help, Indian Prime Minister Manmohan Singh told a regional conference in New Delhi. Stressing that South Asia could prosper as a whole, Singh said there was a need to develop a “culture” in which […]
US suspends $800 mn in Pakistan military aid
WASHINGTON, July 10, 2011 (AFP) – The United States is withholding some 0 million in aid to Pakistan, almost a third of the . 7 billion in security assistance it provides each year to Islamabad, President Barack Obama’s chief of staff confirmed Sunday. Relations between the key allies, always tricky, have drastically deteriorated since US […]