Author: lbostgadmin
Sri Lanka capital flooded, rains lash island
Nov 11, 2010 (LBO) – Parts of Sri Lanka’s capital Colombo went under water as unprecedented rains lashed the island, and authorities warned residents to use public transport to avoid traffic jams amid flood warnings in other parts of the country. Many of Colombo’s streets, including the approach roads to Sri Lanka’s parliament was impassable […]
‘s Hemas group mulls hotel ventures
Nov 11, 2010 (LBO) – Sri Lanka’s Hemas Holdings is considering expanding its hotels business with plans to build resorts in the south and east coasts as a post-war tourism boom gets under way, its chief executive Husein Esufally said. The group, which now operates four hotels, has a property in Tangalle on the south […]
Bank Numbers
Nov 11, 2010 (LBO) – Sri Lanka’s National Development Bank said September 2010 quarter group net profit rose 31 percent to 808 million rupees from a year ago as non-interest income rose and interest expenses fell faster than costs. The performance of NDB’s investment banking cluster showed “significant improvement” over the corresponding period last year, […]
Systemic Value
Nov 11, 2010 (LBO) – RAM Ratings Lanka has assigned long- and short-term ratings of AAA and P1 to Sri Lanka’s state-owned People’s Bank (PB) with a stable outlook, a statement said. “PB’s investment portfolio is deemed to be of low risk as it is dominated by government securities, which constituted 99.34 percent of its […]
World moving towards new monetary system: Zoellick
SINGAPORE, November 10, 2010 (AFP) – The global economy is moving towards a new monetary system with gold emerging as a preferred alternative to existing asset, World Bank president Robert Zoellick said Wednesday. “So in relative terms, gold is appealing to people who ask ‘where should I put my money’…. it’s a hedge on uncertainty.” […]
Sri Lanka passes gaming law
Nov 10, 2010 (LBO) – Sri Lanka passed a gaming law which allowed casinos to be set up in areas designated by a minister, legalizing an activity that has anyway operated as clubs with members earlier. The bill was labeled by Sri Lanka’s main opposition United National Party as a move that will hurt “the […]
Sri Lanka tightens grip on foreign aid workers: officials
November 10, 2010 (AFP) – Sri Lanka’s government said Wednesday it had ordered foreign and local aid workers to register with the defence ministry in a move to put them under greater state control. The government information department said there were 250 international and some 1,000 domestic aid agencies working in Sri Lanka, which would […]
Windies hope Sri Lanka tour will restore pride
November 9, 2010 (AFP) – West Indies skipper Darren Sammy said Tuesday he hopes his team will perform well during their Sri Lankan tour, restoring pride and passion to the once mighty Caribbean side. West Indies will play three Tests, five one-dayers and a Twenty20 international on the Sri Lanka trip, which begins with a […]
Sri Lanka Hemas to build hydro power plant in Africa
Nov 10, 2010 (LBO) – Sri Lanka’s Hemas Holdings plans to build a hydro power plant in an African country, making use of existing company expertise, as part of an overseas diversification, its chief executive Husein Esufally said. The group’s Hemas Power subsidiary has two mini hydro plants operating right now with a third under […]
Sri Lanka Union Assurance profits down 4.0-pct
Nov 10, 2010 (LBO) – Sri Lanka’s Union Assurance said net profits for the September 2010 quarter fell 4. 0 percent to 39.5 million rupees, while total revenues rose 29 percent to 2. 2 billion rupees. Gross written premium rose 17 percent to 1. 67 billion rupees, reinsurance premiums rose at a slightly faster 19 […]
‘s seas
PENANG, November 10, 2010 (AFP) – Overfishing in Southeast Asian seas has left garoupas and sea bass in dire straits, searching for mates on denuded seabeds, according to experts alarmed by ever-declining catches. Marine scientists and fishermen say that popular fish species — especially the large and valuable ones — have been caught indiscriminately, causing […]
Sri Lanka estate workers get Indian aid for homes
Nov 10, 2010 (LBO) – India will build 5,000 homes for workers on Sri Lanka’s plantations in the central hills which are a key sector of the island economy, a statement from the Indian High Commission said. Indian High Commissioner Ashok Kantha announced the stepping up of Indian assistance for people in the hill country […]