Author: lbostgadmin
Credit Trends
Jan 17, 2011 (LBO) – Credit to private citizens from Sri Lanka’s commercial banks rose 23. 1 percent in November 2010 from a year earlier, while credit to government also rose at a slower 10. 8 percent, official data showed. In November banks loaned 46.3 billion rupees to private borrowers, down slightly from 51. 4 […]
Sri Lanka IPO debuts at high premium; stocks lower
Jan 17, 2011(LBO) – Sri Lankan stocks closed lower Monday but a Singer Finance debuted on the floor at over three times is initial public offer of 15 rupees brokers said. The All Share Price Index closed at 7,008.06, down 0.35 percent (-24.54 points) while the Milanka Price Index of more liquid stocks closed at […]
Sri Lanka mine fears as floods recede
January 16, 2011 (AFP) – Unexploded mines planted during Sri Lanka’s Tamil separatist war may have shifted during recent floods, officials said Sunday, as residents started to return to their badly-damaged homes and farms. More than one million people were initially displaced in the flooding, with the east of the island worst affected by a […]
Pirate Action
SEOUL, January 15, 2011 (AFP) – Suspected Somali pirates hijacked a South Korean-operated cargo ship with 21 crew on board in the Indian Ocean on Saturday, South Korean and European officials said. The 300,000-tonne Samho Dream and its 24 crew — five South Koreans and 19 Filipinos — were released only after a ransom reported […]
EU gives two mln euros in aid for Sri Lanka floods
BRUSSELS, January 14, 2011 (AFP) – The European Commission decided on Friday to release two million euros (. 7 million) in emergency humanitarian aid for the victims of devastating floods in Sri Lanka. The assistance will be distributed through international aid agencies to provide emergency food aid, water and sanitation, and emergency relief items. “When […]
Regulatory Review
Jan 15, 2010 (LBO) – Sri Lanka’s Securities and Exchange Commission (SEC) will modernize its governing law to meet market trends and introduce civil sanctions for market offenders, an official said. SEC chairwoman Indrani Sugathadasa said the 1987 SEC law has been change three times but there had been “no overall review of the provisions […]
Freedom
January 15, 2011 (AFP) – Sri Lankan authorities on Saturday released 78 suspected Tamil Tiger rebels from an internment centre to mark the Tamil harvest festival of Thai Pongal, an official said. A total of 48 women and 30 men left a military-run facility in the northern town of Jaffna, the Commissioner General of Rehabilitation […]
Floods hit harvest festival in Sri Lanka former war zone inundated
BATTICALOA, January 15, 2011 (AFP) – Sri Lanka’s minority Tamils would normally celebrate their annual harvest festival Saturday, but instead they are struggling to survive the worst flooding in living memory. With a handful of rice and a couple of incense sticks, Sadairani Kumar is keen to mark the festival of Thaipongal, popular among the […]
Sri Lanka expects US$1.5bn in hotel starts in 2011
Jan 15, 2010 (LBO) – Sri Lanka is expecting 1. 5 billion US dollars of mainly hotel project starts in 2011 as investors pour money into the sector in the wake of booming tourist arrivals following the end of a war, economic minister Basil Rajapaksa said. The two firms have to pay 125 million US […]
Sri Lanka economic freedoms improve: think tank
Jan 14, 2011 (LBO) – Sri Lanka has improved its score in an economic freedom index for 2011 compiled by US based heritage foundation and the Wall Street Journal, but the increasing non-tarrif barriers and state expansion has dragged the score down. Sri Lanka improved its score by 2.5 points to 57.1 making it the […]
Sri Lanka gets US$250mn from land sales to developers: minister
Jan 14, 2010 (LBO) – Sri Lanka is raising 250 million US dollars from the sale of two blocks of land to developers who will build hotels and shopping complexes near the main beachfront in the capital Colombo, a government minister said. Hong Kong based Shangri-La hotels and state-run China National Aero Technology Import and […]
Sri Lanka to sell pre-paid power: minister
Jan 13, 2011 (LBO) – Sri Lanka’s state run power utility, Ceylon Electricity Board is planning to sell electricity under a pre-paid tariff system, power minister Champika Ranawaka said. This will be a pre-paid system just like with the mobile phones,” minister Ranawaka told reporters. We will have to study it and introduce it within […]