Author: lbostgadmin
Kandy man Manju boxes for sweet success
NEW DELHI, October 12, 2010 (AFP) – Manju Wanniarachchi could win Sri Lanka’s first Commonwealth Games boxing gold medal in 72 years on Wednesday in the highlight of a final day of bouts in which British fighters dominate. But the 24-year-old — dubbed “the David Beckham of India” — was one of four home boxers […]
Bangladesh stock market boom fuels dire warnings
DHAKA, October 12, 2010 (AFP) – A flurry of cooling measures has failed to end a record-breaking bull run at Bangladesh’s main stock market, with regulators now warning of an imminent crash that could devastate the broader economy. The main Dhaka Stock Exchange (DSE) general index has hit new highs nearly every day for the […]
Sri Lanka tourism industry should focus on niche: officials
Oct 12, 2010 (LBO) – Sri Lanka’s tourism future lies in focusing on niche products and not in the mass market, given its small size and excess capacity in competing destinations, industry officials said. The country’s target of attracting 2. 5 million visitors and adding 25,000 rooms by 2016 might not be achievable nor desirable, […]
Tighter Margins
Oct 12, 2010 (LBO) – The efficiency in Sri Lanka’s banking system can be improved with interest margin tightening at least 150 basis points over the next nine months to 5. 0 percent with banks remaining profitable, Central Bank Governor Nivard Cabraal said. Profits are needed to build capital to buffer deposits. “About a year […]
Sri Lanka stocks fall 4.4-pct
Oct 12, 2010 (LBO) – Sri Lanka’s benchmark share index plunged 4.4 percent Tuesday wiping out 95 billion rupees off stock values in a steep correction amid some margin calls on retail investors brokers said. The index is now down 8.5 percent from an October 01 peak of 7,147 points. Sri Lanka is still the […]
Sri Lanka fund manager sells capital protected plan
Oct 12, 2010 (LBO) – Sri Lanka’s largest fund management firm is selling an investment plan which allows cautious savers participate in a stock market upside but be protected from a steep fall by putting the bulk of the money in debt. “If you are an investor who wants higher returns (because interest rates are […]
Sri Lanka to shift away from quantity targets: CB Governor
Oct 11, 2010 (LBO) – Sri Lanka is “unlikely” to announce direct targeting of reserve money next year and will rely more on “traditional instruments” as the country moves gradually to target inflation directly with rates, central bank Governor Nivard Cabraal said. But under such a framework interest rates can be volatile, because the quantity […]
‘s IPL
BANGALORE, October 10, 2010 (AFP) – Rajasthan Royals and Kings XI Punjab have been thrown out of the Indian Premier League over ownership issues, tournament organisers said on Sunday. The governing council of the cash-rich Twenty20 event, owned by the Board of Control for Cricket in India (BCCI), also issued notices to the new Kochi […]
Tertiary Plans
Oct 11, 2010 (LBO) – Sri Lanka is offering free land and tax breaks for top ranked foreign universities to start branches in the island with the end of a state monopoly in awarding degrees, the island’s higher education minister said. “We are planning to bring higher education institutions ranked among the top 1,000 in […]
Sri Lanka Jetwing plans hotel in former Jaffna war zone
Oct 11, 2010 (LBO) – Sri Lanka’s Jetwing group plans to build a hotel in the northern Jaffna peninsula, part of the former war zone which is recovering after the end of the island’s ethnic war, an official said. Hiran Cooray, chairman of Jetwing, said the hotel was part of the group’s expansion plan to […]
Better Outlook
Oct 11, 2010 (LBO) – The outlook on Sri Lanka’s stat-run Bank of Ceylon, the island’s largest commercial bank by assets, has been lifted to ‘positive’ from ‘stable’ after a lifting of the sovereign rating increased the capacity of the state to support it, Fitch Ratings said. But Fitch said it considered the absolute capitalisation […]
Transport Options
Oct 11, 2010 (LBO) – Sri Lanka’s logistics and transport bottlenecks will come under scrutiny at an international conference this week where partnerships between the public and private sectors will also be considered, officials said. The island now has an opportunity to rebuild its transport infrastructure which was neglected or destroyed during the 30-year ethnic […]