Author: lbostgadmin
Sri Lanka central bank gets award for new notes
Nov 09, 2011 (LBO) – The Central Bank of Sri Lanka said it has been selected as a finalist from among 17 nominations for the ‘Best New Banknote Series’ award at an international currency forum. The award at the International Association of Currency Affairs (IACA) Conference held in Singapore was for new currency note series […]
Sri Lanka hit by regime uncertainty
Nov 08, 2011 (LBO) – Sri Lanka’s investment prospects would be hurt by sudden changes in policy and laws relating to property rights and investment returns analysts said, describing a condition identified by economists as ‘regime uncertainty’. “Consistent government policy: that is what investors are looking for,” Sujeewa Mudalige, President of the Institute of Chartered […]
‘s large chambers want expropriation bill deferred
Nov 08, 2011 (LBO) – Sri Lanka’s large business chambers have urged the state to defer a hastily drawn up law to expropriate three dozen business ventures which has drawn fire from many quarters. “Considering the likely negative impact of the proposed legislation and the wide spread negative publicity it has received, we urge the […]
EU concerned over Sri Lanka net censorship
Nov 08, 2011 (LBO) – The European Union has expressed concern over the blocking of several dissident websites in Sri Lanka, which the island’s information ministry said was damaging image of politicians and senior state officials. “The EU considers that freedom of press forms an integral part of any democratic system,” European Union heads of […]
Tele Profit
Nov 08, 2011 (LBO) – Sri Lanka Telecom, the island’s only wireline operator, which also owns a mobile firm said profits rose 3 percent to 1,058 million rupees in the September 2011 quarter from a year earlier, with revenues staying flat at 12. 6 billion rupees. The group said broadband and mobile services were growing […]
Getting Close
Nov 08, 2011 (LBO) – Sri Lanka’s Supreme Court has said a draft law to expropriate assets of some three dozen private enterprises is consistent with the island’s constitution in a determination read out by the deputy speaker in the island’s parliament. The controversial bill was referred to the Supreme Court by Sri Lanka’s President […]
Liberty Lesson
Nov 08, 2011 (LBO) – This week, in what goes for ‘democracy’ in Sri Lanka, property rights of citizens are due to be violated by an expropriation law, as they have been repeatedly since independence from British rule. Constitutional ‘democratic’ majority rule is an imported Western European concept. But in far too many countries ‘democracy’, […]
State Upgrade
Nov 08, 2011 (LBO) – Sri Lanka’s state-run Peoples’ Bank has been upgraded by one level to ‘AA(lka)’ from ‘AA-(lka), with a stable outlook on state support and an upgrade of the sovereign in July 2011. “The rating reflect Fitch’s expectation of government support, underpinned by the bank’s increasing importance to the state post-war, systemic […]
Sri Lanka stock close -1.3-pct lower
Nov 08, 2011 (LBO) – Sri Lanka stocks closed 1.3 percent lower Tuesday in thin trading amid a broad sell off and firms listed for expropriation in an upcoming bills also falling steeply, brokers said. Large cap, Dialog Axiata, a mobile firm fell 10 cents to 8. 00 rupees, Commercial Bank of Ceylon fell 1.00 […]
Sri Lanka Treasuries yields up sharply
Nov 08, 2011 (LBO) – Sri Lanka’s Treasuries yields rose as much as 15 basis points at auction Tuesday, a week after an entire auction was rejected, data from the state debt office showed. Meanwhile Sri Lanka’s inflation index in the capital Colombo eased to 5. 1 percent in October. Corrected/date The 3-month yield rose […]
Sri Lanka unit of Singapore firm listed for expropriation
Nov 07, 2011 (LBO) – A convention centre run by a Singapore-based firm in Sri Lanka’s capital Colombo has been listed for expropriation in a controversial bill which is targeting land in 37 companies. “The safety of foreign investment is guaranteed through the acceptance by two third majority of Parliament of the Constitutional Guarantee of […]
Sri Lanka military to build 5-star hotel, float construction firm: report
Nov 07, 2011 (LBO) – Sri Lanka’s military is looking for land in Colombo to build a five star hotel and will also float a construction firm to bid for state projects, a media report said. The newspaper said Sri Lanka’s military chief Jagath Jayasuriya had said there was a need for “a separate company […]