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Pressure Point
January 8, 2010 (AFP) – Sri Lanka was under new pressure Friday to submit to a war crimes investigation after the United Nations authenticated a video allegedly showing prisoners being executed by troops last year. The government in Colombo has faced repeated calls for a probe from Western countries and rights groups ever since it […]
Sri Lanka insurance sector sees skills shortage: rating agency
Jan 09, 2010 (LBO) – Sri Lanka’s insurance business is set for growth as the economy recovers from a war but is constrained by a shortage of skilled people and lack of awareness among the public, RAM Ratings Lanka said. The lack of qualified insurance personnel is a constraint on the industry’s growth, the rating […]
Sri Lanka presidential hopeful plugs petroleum inflation theory: report
Jan 09, 2010 (LBO) – Sri Lanka’s opposition presidential candidate had promised to cut diesel prices in the hope that it would bring consumer prices down, media reports said, echoing the failed 2004 petroleum pricing policy that sent inflation rocketing up. Opposition common candidate retired military general Sarath Fonseka has promised to cut diesel by […]
Sri Lanka mortgage bank plans term debenture
Jan 08, 2010 (LBO) – Sri Lanka’s Housing Development and Finance Corporation (HDFC) is planning a medium term debenture to be sold during the first quarter of the year to cut funding costs, an official said. The debenture, which is yet to be valued, will be for a period of 5 to 7 years, Suresh […]
Sri Lanka shares close up 1.04-pct, property sector gains
Jan 08, 2010 (LBO) – Sri Lankan stocks edged up Friday as retailers chased mid-cap counters, while selected property development companies were heavily traded, brokers said. The All Share Price Index closed at 3,514.63, up 36.07 points while the more liquid Milanka index gained 0.95 percent (38.12 points) to close at 4,039.36. Turnover was 929.6 […]
Yard Plans
Jan 08, 2010 (LBO) – The building of new ports in Sri Lanka has given several expansion options for Colombo Dockyard, a listed ship builder which faces space constraints at Colombo port, an official said. Colombo Dockyard managing director Mangala Yapa said the firm is looking for expansion opportunities as it seeks to increase business […]
Relief
Jan 08, 2010 (LBO) – Sri Lanka’s Central Bank said it will make another part-payment to depositors of Golden Key Credit Card Company, subject to a maximum of 100,000 rupees. A Central Bank statement said arrangements had been made to make part payment of security deposits of 2,506 Golden Key cardholders whose balances are between […]
Guilty Plea
NEW YORK, January 7, 2010 (AFP) – A former senior partner in the McKinsey & Co consulting firm pleaded guilty Thursday in New York to taking money for providing tips in the alleged Galleon hedge fund insider trading ring. Anil Kumar pleaded guilty in federal court to conspiracy and securities fraud and said he had […]
Listing Pressure
HONG KONG, January 8, 2010 (AFP) – Hong Kong ports-to-retail conglomerate Hutchison Whampoa on Friday offered to take its loss-making telecoms subsidiary private in a deal valued at 545 million US dollars. The group, headed by tycoon Li Ka-shing, said the proposal to take over Hutchison Telecom would allow it to manage the troubled firm’s […]
Sri Lanka Aviva unit to get new managing director
Jan 08, 2010 (LBO) – Sri Lanka’s Eagle Insurance Company, a unit of Aviva, said its managing director Deepal Sooriyaarachchi intends to quit in June this year and will be replaced by a nominee from the Aviva Group. William Lisle, chairman of Eagle Insurance, said in a stock exchange filing that Sooriyaarachchi has expressed his […]