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Sri Lanka Overseas Realty apartment sales slow
March 05, 2009 (LBO) – Overseas Realty (Ceylon) Ltd. (ORCL) said it is finding it difficult to sell apartments in a new high-rise condominium complex being built in the Sri Lankan capital Colombo due to the economic crisis. But ORCL chairman S P Tao, head of Singapore’s Shing Kwan group, said he is confident of […]
Sri Lanka to give one month money to banking system
Mar 05, 2009 (LBO) – Sri Lanka’s central bank said it will extend the term of its liquidity facilities, which are now limited to only overnight money, to one month for commercial banks and primary dealers who have persistent liquidity shortfalls. In the United States Federal Reserves system, excess reserves, which were around 2.0 billion […]
Sri Lanka treasuries yields flat
Mar 04, 2009 (LBO) – Sri Lanka’s Treasury bill yields were flat at Wednesday’s auction, the government’s debt office said, though the 3-month yield was lower by 03 basis points at 15.73 percent. The government offered 7,000 million rupees worth bills to the market but accepted bids for only 2,747 million rupees to keep rates […]
Sri Lankan stocks end weaker
March 05, 2009 (LBO) – Sri Lankan shares ended weaker Friday Thursday as more firms reported losses or sharply lower profits with trading volumes thin as investors stayed away from the market, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Reaching Out
Mar 05, 2009 (LBO) – Sri Lanka’s two biggest banks, state-owned Bank of Ceylon (BOC) and the private listed Commercial Bank, plan to expand in areas of the island’s north and east which have been cleared of Tamil Tiger rebels. Bank of Ceylon’s expansion program is part of the government’s economic revival programs for the […]
Restructuring
Mar 05, 2009 (LBO) – An investment banking unit linked to a state bank is examining several troubled finance and real estate firms of Sri Lanka’s Ceylinco group, a media report said. The Daily Mirror newspaper said the Merchant Bank of Sri Lanka, a listed subsidiary of state-run Bank of Ceylon, is planning to re-structure […]
Sri Lanka tea exports fall sharply
March 5, 2009 (AFP) – Sri Lanka, one of the world’s biggest tea exporters, registered a 30 percent drop in overseas sales in January because of a decline in the crop, the Sri Lanka Tea Board said on Thursday. Growers have also curbed output at the request of the Tea Board to manage high production […]
Maldives bans reef shark hunting
Mar 05, 2009 (LBO) – The Indian Ocean atoll nation of Maldives said it had banned shark hunting close to shore and a complete ban on shark products exports was on the cards to shore up depleting numbers. The Maldives attracts 600,000 tourists per year and the sector accounts for 28 percent of gross domestic […]
Sri Lanka offers new safe exit for trapped civilians
March 5, 2009 (AFP) – Sri Lanka Thursday offered a new safe passage for thousands of civilians trapped in the island’s war zone as fresh fighting erupted, leaving at least 33 rebels dead, the defence ministry said.A pitched battle raged in the village of Chalai on Thursday, a day after a local Red Cross employee […]
Red Cross worker killed in Sri Lanka war zone
March 5, 2009 (AFP) – A local Red Cross employee was killed in Sri Lanka’s war zone, where troops have cornered Tamil Tiger rebels, an official said on Thursday. “One of our male workers was killed on Wednesday afternoon by shrapnel,” of the International Committee of the Red Cross (ICRC) spokeswoman Sarasi Wijeratne said. Wijeratne […]