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Sri Lankan shares slide
Mar 17, 2009 (LBO) – Sri Lankan stocks continued to fall on low volumes Tuesday with investors sceptical of a quick recovery owing to concerns about the poor macro economic outlook and delays in ending the war, brokers said.“The high interest rates are still hurting investments in equity.That’s why the market volumes are still low,” […]
State Support
Mar 17, 2009 (LBO) – A Sri Lankan state-run bank that has lent money to a controversial state airline will get a 400 million rupee injection from the Treasury which will strengthen its balance sheet, an official said. In 1993 the government injected 24.088 billion rupees into two state banks and in 1996 another 23.873 […]
Auditing Blues
Mar 17, 2009 (LBO) – A new Sri Lankan national audit bill expected to be presented for legislative approval shortly will grant the government’s chief audit officer and his department greater autonomy, officials said. It will increase the powers of the Auditor General’s (AG) Department to clean up government departments with weak internal controls that […]
Disease risk in Sri Lanka war zone: Red Cross
March 17, 2009 (AFP) – Tens of thousands of people trapped by fighting in Sri Lanka’s north are facing serious risks of disease due to shortages of clean water and sanitation, the Red Cross said Tuesday.The International Committee of the Red Cross (ICRC) said the humanitarian situation was deteriorating fast as civilians still living in […]
Sri Lanka Seylan Merchant Leasing draws investors in thin trade
March 16, 2009 (LBO) – Sri Lankan shares ended slightly weaker Monday, dragged down by heavyweights, in thin trade with investors chasing Seylan Merchant Leasing which is to be bought by the island’s largest leasing firm, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Default Window
Mar 16, 2009 (LBO) – Defaulters in Sri Lanka whose leased assets have been seized by financial institutions will be given a one month window to pay a quarter of their outstanding debt and get back assets without penalties, officials said.When the Central Bank presented to the cabinet of ministers a bailout package to stabilize […]
Managed Finance
Mar 16, 2009 (LBO) – Sri Lanka’s The Finance Company, a member of the troubled Ceylinco group, will be run by a former senior state bank executive who has been appointed as ‘managing agent’, officials said. Central Bank Governor Nivard Cabraal said Guy de Silva, a former deputy general manager of state-run Bank of Ceylon, […]
Sri Lanka rupee overvaluation seen hurting tea exports
March 16, 2009 (LBO) – An artificially strong rupee could further hurt exports of Sri Lankan tea to key markets whose currencies have been devalued in recent months, a brokerage has warned.Asia Siyaka Commodities said Colombo auction tea prices would remain firm in the first quarter, with a probable dip in the second, and pick […]
Sri Lanka UN says staff forcibly recruited by Tigers
March 16, 2009 (AFP) – The United Nations said Monday one of its employees and his teenage daughter had been forcibly recruited by Tamil Tiger rebels to battle advancing government forces in Sri Lanka. The UN office in Colombo said it feared for the safety of the local employee and three of his family members […]
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March 16, 2009 (AFP) – Sri Lankan troops pushed deeper into remaining Tamil Tiger-held territory and captured a rebel court house in weekend battles, the defence ministry said on Monday.The UN human rights chief Navi Pillay said last week 2,800 civilians had been killed in the fighting since January 20, and that both sides may […]