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Share Stakes
Oct 03, 2009 (LBO) – State-run Merchant Bank of Sri Lanka (MBSL) chairman Janaka Ratnayake owns a large stake in a Ceylinco group company in which the state bank has also invested an equal stake, a listed company filing has disclosed.The Finance Company (TFC), a troubled Ceylinco group firm which is also under MBSL management, […]
Deficit Finance
Oct 03, 2009 (LBO) – First of all it’s necessary to say, that there can be several definitions of budget deficits such as the structural budget deficit, the inflation adjusted budget deficit, the nominal budget deficit, the primary budget deficit, the budget deficit on current account and the over-all budget deficit. Each definition has its […]
Death tolls rise in disaster-struck Asia
MANILA, October 3, 2009 (AFP) – The death toll from a week of catastrophes in the Asia-Pacific rose to 1,680 Saturday as the region struggled to cope with a freak series of earthquakes, tsunamis and typhoons. At least 139 people were feared dead in Samoa alone, with 129 confirmed killed and 10 missing.Another 32 were […]
‘s rape remark
October 3, 2009 (AFP) – Sri Lanka lodged a protest over US Secretary of State Hillary Clinton’s remarks that rape had been used as a war tactic on the island, officials said Saturday.Colombo’s displeasure over a statement by Clinton to the United Nations Security Council was conveyed to US diplomats in the Sri Lankan capital, […]
Wife of jailed Sri Lankan reporter accepts Peter Mackler Award
WASHINGTON, October 2, 2009 (AFP) – J.S. Tissainayagam, a Tamil reporter and editor serving a 20-year prison sentence in Sri Lanka, was awarded the first Peter Mackler Award for Courageous and Ethical Journalism on Friday.The Peter Mackler Award rewards journalists who fight courageously and ethically to report the news in countries where freedom of the […]
Sri Lanka stocks hit new high
Sep 02, 2009 (LBO) – Sri Lankan shares closed at a record high Friday, with investors expecting the bull run to continue in the short term with periodical profit taking, while forthcoming quarterly results will point at the bourse’s long term direction, brokers said. Brokers said 18 million Seylan Merchant Bank non-voting shares changed hands. […]
Terminal Trends
Oct 02, 2009 (LBO) – Sri Lanka Ports Authority (SLPA) is in talks with international shipping lines on new services through Colombo port despite the global downturn in trade which has reduced cargo volumes, a senior official said.SLPA chairman Priyath Wickrama said there were signs cargo volumes were picking up as the global economy recovers […]
Fresh Capital
Oct 02, 2009 (LBO) – Sri Lanka’s Seylan Bank said its public share issue of 54.29 million shares at 35 rupees a share to raise 1.9 billion rupees has been oversubscribed. “The total capital expected to be generated from both the private placement and public offering will be 3.025 billion rupees,” the bank said in […]
Merchant Reach
Oct 02, 2009 (LBO) – Merchant Bank of Sri Lanka (MBSL) said it had raised its stake in Ceylinco Investment Company, part of the troubled Ceylinco group, to 46 percent, through a five million rupee cash injection.MBSL said in a statement it bought 500,000 shares of Ceylinco Investment Company at 10 rupees a share. MBSL […]
Sri Lankan tea prices fall
Oct 02, 2009 (LBO) – Sri Lankan tea prices fell at this week’s auction, raising concern that plantations corporations may not enjoy the high price levels required to cope with a recent near 40 percent wage hike. Brokers Asia Siyaka Commodities said there was “fair general demand at lower rates” for teas from regional plantations […]