All Blogs
Fund Power
June 19, 2007 (LBO) – Institutional investors in Sri Lanka’s small stock market still lack the strength to influence managements of listed firms on issues like corporate governance, a top fund manager said. Unit trusts or mutual funds still hold only a small slice of the equities on the Colombo bourse, according to S. Jeyavarman, […]
Imagine Cup
June 19, 2007 (LBO) – Sri Lanka’s young software developers lack resources but not dedication or talent, says former winners of a students technology competition promoted by the software giant, Microsoft. The Imagine Cup encourages young people to apply their imagination, passion and creativity to develop technological solutions to real world issues, say its organizers. […]
IMF changes currency rules to spread the cost of US adjustment
June 19, 2007 (LBO) – The International Monetary Fund has said it is changing rules of global currency management effectively forcing countries with tighter policies to adjust, as imbalances in the United States continue to build up. “If investors become suddenly unwilling to hold U.S. financial assets at prevailing exchange rates and interest rates, this […]
IMF changes rules of the currency game, as US imbalances worsen
WASHINGTON, June 19, 2007 (AFP) – The International Monetary Fund has launched a new surveillance system on exchange-rate policies aimed at preventing a country from jeopardizing the health of the global economy.The IMF said the major reform updates a 30-year-old program and targets currency manipulation that could destabilize trade and private capital flows. However, IMF […]
Sri Lanka Freedom Party strongman forms new political wing
June 19, 2007 (LBO) – Two former ministers of the main ruling party in Sri Lanka said they are forming a new political wing, after crossing over to sit in opposition benches Tuesday, deepening divisions in the ruling coalition. . The Sri Lanka Freedom Party- Mahajana Wing or ‘Peoples’ Wing’ would be formally launched Friday, […]
Two Sri Lanka former ministers join opposition ranks
June 19, 2007 (LBO) – Two former Sri Lankan government ministers crossed to the opposition benches of the parliament Tuesday, deepening divisions in the ruling coalition. Mangala Samaraweera and Sripathi Sooriyarachchi, who were sacked from their portfolios after differences with President Mahinda Rajapakse, took their seats on the opposition benches on Friday morning. Samaraweera explained […]
Money for new Sri Lanka ministers passed
June 19, 2007 (LBO) — Sri Lankan government Tuesday narrowly secured parliamentary approval to raise the national budget amidst chaos in the house when two former ministers crossed over and joined opposition ranks.The Tigers have declined to comment on the allegations that over 15 million dollars was paid to the Liberation Tigers of Tamil Eelam […]
Box Bonanza
June 18, 2007 (LBO) – South Asia Gateway Terminals (SAGT), Colombo Port’s privatised container facility, aims to handle 1.6 million containers by the end of this year, as India’s bulging trade volumes increase the flow of cargo through the harbour. SAGT’s new chief executive, Steven Edkins, believes Colombo will retain its status as South Asia’s […]
Floating Hotel
DUBAI, June 18, 2007 (AFP) – The booming Gulf emirate of Dubai said on Monday it has bought the Queen Elizabeth 2, one of the world’s most majestic cruise liners, for 100 million dollars from Britain’s Cunard Line.The ship will be berthed at a man-made island off the coast of Dubai and turned into a […]
No Dividend
June 18, 2007 (LBO) – Seylan Merchant Bank said it was unable to pay a dividend proposed earlier, following a solvency test specified in a new company law. The investment bank said in a stock exchange filing that shareholders who attended its annual general meeting last week had already been told that a 25 cent […]