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Human Capital
May 30, 2007 (LBO) – The Securities and Exchange has hired three new specialists to push asset management, debt markets and communications, the regulator said Wednesday. Namal Kamalgoda has been appointed as, Director, Capital Market Development – Asset Management. He was chief investment officer at Eagle NDB Fund Management Company which had 18 billion rupees […]
Asset Backed
May 30, 2007 (LBO) – Sri Lankan companies that securitize leases will get to retain capital allowances and be exempt from stamp duty under a new law being drafted by capital markets regulators, officials said Monday. Such instruments required mature markets, developed infrastructure, comprehensive legislation, and human expertise. Asset-securitization would help reduce the cost of […]
Capital Loss
May 30, 2007 (LBO) – Tableware exporter Dankotuwa Porcelain has announced plans to reduce its share capital to wipe off accumulated losses amounting to 244 million rupees, making it the first company to do so after a new company law came into effect. A company statement said it proposes reducing the stated capital to 231.5 […]
” in Marks & Spencer partnership
May 30, 2007 (LBO) – Sri Lankan apparel Giant MAS Holdings is building a ‘Green Plant’ through its partnership with UK’s Marks & Spencer, to reduce waste and be environmentally friendly. The firm says it is developing a bio degradable packaging and card board hangers and has been sourcing part of its organic cotton supplies […]
Tamil wins another battle for equality with Hindi in India
CHENNAI, India, May 30, 2007 (AFP) – Tamil, one of India’s ancient Dravidian languages, is to have its own government-funded institute, Tamil Nadu state’s chief minister said.The federal government has agreed to set up the International Institute of Classical Tamil Language in the state capital Chennai, where language politics have often boiled over. M. Karunanidhi […]
US to propose Zoellick to head World Bank
WASHINGTON, May 29, 2007 (AFP) – US President George W. Bush was on Wednesday to name administration pointman Robert Zoellick to head the World Bank, replacing Paul Wolfowitz, who quit over a favoritism scandal involving his bank employee girlfriend. The naming of the steady, stalwart Zoellick was meant to end weeks of upheaval in the […]
Investors jittery as Sri Lanka fighting escalates
May 30, 2007 (AFP) – Sri Lanka’s investors, international donors and lenders are watching with alarm as government fighting against Tamil Tiger rebels escalates and key economic targets come under attack, analysts say.There appears little space to manoeuvre unless the separatist conflict subsides.Roadside blasts Monday and last Thursday around Colombo killed 11 people and wounded […]
Change Please
May 30, 2007 (LBO) – India’s National Thermal Power Corporation (NTPC) which is hoping to build a coal plant with Sri Lanka’s power utility has asked for Indian government help to change its proposed location, reports said. Eastern Sri Lanka has seen heavy fighting in the past year as government troops systematically took back areas […]
Sri Lanka inflation spikes in May, but moderating trend still seen
May 30, 2007 (LBO) – Sri Lanka’s inflation spiked in May by a massive 3 percentage points, reversing a three month trend of falling prices, but the 12-month un-adjusted inflation continued to move down. Sri Lanka’s interest rates have been moving up from the beginning of the year as the government borrows heavily from domestic […]
Red Cross returns to Sri Lanka front lines
May 30, 2007 (AFP) – The international Red Cross resumed work Wednesday on Sri Lanka’s battle-scarred front lines, offering safe passage for civilians between government and rebel territory, the Geneva-based charity said.The International Committee of the Red Cross (ICRC) said it would initially man two entry and exit points three days a week in the […]