Author: lbostgadmin
Sri Lanka LOLC buys into construction firm
Oct 28, 2010 (LBO) – Sri Lanka’s listed LOLC group and Browns Investments, a private firm, have bought into the island’s Sierra group which has interests in construction, cable manufacturing and fertilizer in a 1.6 billion rupee deal. LOLC, a financial firm had earlier also bought a hotel group. The two firms had bought a […]
Sri Lanka has too much foreign reserves: CB Governor
Oct 28, 2010 (LBO) – Sri Lanka has higher than ‘optimum’ foreign reserves, Central Bank Governor Nivard Cabraal said as a wide interest rate differential with the island’s anchor currency, official borrowings and International Monetary Fund injections boosted reserves. As long as sterilization continues (rupee injections), economic participants get unlimited ammunition to hit the exchange […]
Sri Lanka win rain-affected T20 warmup
SYDNEY, October 27, 2010 (AFP) – Sri Lanka tuned up for their Twenty20 and one-day internationals against Australia with a 23-run victory over New South Wales in a rain-affected T20 match in Sydney on Wednesday. The Sri Lankans put on 167-4 off their 20 overs and NSW in reply finished with 99-2 off 14 overs […]
Indian inmates take jail business online
NEW DELHI, October 28, 2010 (AFP) – Asia’s largest prison, Delhi’s Tihar Jail, has taken its first step into online retailing, offering goods over the Internet made by inmates including murderers and kidnappers. Tihar, notorious for its overcrowding and tough criminals, is home to a bakery which produces 13 kinds of biscuits and a vast […]
Banking Fellow
Oct 28, 2010 (LBO) – K G D D Dheerasinghe, deputy governor of Sri Lanka’s central bank has been awarded an honorary fellowship of the Institute of Bankers of Sri Lanka for his contribution to developing the financial services industry. The Central Bank said he joined the monetary authority in 1975 and had worked in […]
Personal Liability
Oct 28, 2010 (LBO) – The Sri Lankan government’s top legal officer has suggested making directors of banks personally liable if their firms get into trouble and giving more power to the regulator to act against them. Attorney general Mohan Peiris said laws similar to those in the companies act were needed to cover bank […]
Offshore Support
Oct 28, 2010 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has secure contracts for two 78-metre Multipurpose Platform Supply Vessels (MPSVs) for Greatship Global Offshore Services of Singapore, a statement said. The vessels, to support offshore oil and gas fields around the clock, are scheduled for delivery in the fourth quarter of the 2012 financial […]
Sri Lanka stocks close up 0.2-pct
Oct 28, (LBO) – Sri Lanka’s stocks closed up Thursday, with index heavy stocks recovering lost ground from buying by foreign and high net worth investor buying, brokers said. Dialog Axiata also closed flat today at 12.30 rupees, with 1.6 million shares traded. The Colombo All Share Index rose 0.29 percent (18.74 points) to 6,575.74 […]
Sri Lanka Treasuries edge up above repo rate
Oct 28, 2010 (LBO) – Sri Lanka’s 6 and 12 month Treasuries yields edged up above the policy ‘repo’ rate at which excess reserves in banks are deposited at the Central Bank, at this week’s auction official data show. The 12-month bill yield rose 15 basis points to 7.37 percent moving higher than the 7.25 […]
Sri Lanka firm in record asset securitization
Oct 28, 2010 (LBO) – Sri Lanka’s People’s Leasing Company (PLC) has raised 1.4 billion rupees by selling lease-backed securities, which the largest such deal in the country so far its structuring agent, NDB Investment Bank said. PLC has a 24-branch network at and the funds will be used to expand lending and its branch […]
Sri Lanka seen slightly less corrupt
Oct 27, 2010 (LBO) – Sri Lanka has marginally improved its score in a global corruption index but governance is still so bad that it ranks among other countries seen to be very corrupt, a statement said. “The score indicates that these countries continue to have a serious corruption problem in their public sector.” In […]
Sri Lanka stockbroker stirs up storm by calling for end to dissent: report
Oct 27, 2010 (LBO) – A call by a stockbroking firm to immediately identify and eliminate “traitors” who may question a “noble” government goal of making the “motherland” a financial hub of South Asia, has stirred up a storm, a media report said. Sri Lanka’s Daily FT business daily said the call was contained in […]