Author: lbostgadmin
Sri Lanka seeks help for 90,000 war widows: minister
September 29, 2010 (AFP) – Sri Lanka is seeking foreign help to care for nearly 90,000 women who have been widowed due to the island’s Tamil separatist war which ended last year, a minister said Wednesday. Child Development and Women’s Affairs Minister M. L. A. M. Hizbullah told reporters some 12,000 war widows were below […]
Sri Lanka inflation accelerates to 5.8-pct in September
Sept 30, 2010 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 5. 8 percent in September from a year earlier, accelerating from 5.0 percent in August, the government’s statistics office said. “What is important here is that we have not only been able to deal with inflation, but we have also been able […]
Sri Lanka president confirms 30 month jail for ex-army chief
September 30, 2010 (AFP) – Sri Lanka’s president has confirmed the 30-month jail term imposed on former army chief Sarath Fonseka following his conviction by a military court, an official said Thursday. He has said the government is seeking revenge for his decision to stand against the president and wants to keep him from speaking […]
Value Symbol
Sept 30, 2010 (LBO) – Less than half of Sri Lanka’s listed companies comply with a voluntary good corporate governance code developed by regulators and the body representing chartered accountants, an official said. “We have less than 50 percent of companies not complying with a code that’s not that stringent compared with global codes. “That’s […]
Ad Award
Sep 30, 2010 (LBO) – Ranil de Silva founder of Sri Lanka’s Leo Burnett advertising agency has been awarded a ‘Global Medal of Merit’ by New York based, International Advertising Association. De Silva said he had been overwhelmed and touched by the gesture. “It is the first time ever that someone had recognized my commitment […]
Sri Lanka Aitken Spence in resort deal with Six Senses
Sept 30, 2010 (LBO) – Six Senses Resorts & Spas is to set up their first property in Sri Lanka in a joint venture with Aitken Spence conglomerate and the Favourite Group, a statement said. The project, worth 35-40 million US dollars, will comprise a resort and spa and beach front residential villas on a […]
Standard Rating
Sept 30, 2010 (LBO) – Sri Lanka’s Standard Chartered Bank (SCB) branch has been rated at ‘AAA’ by RAM Ratings Lanka, with the assessment driven mainly by the credit profile of the parent Standard Chartered Bank Plc, the rating agency said. It has also been given a ‘P1’ short term rating on RAM’s rating scale. […]
Capital Cushion
Sept 30, 2010 (LBO) – Sri Lanka’s Central Bank has decided to reduce the general provision on performing loans of banks to 0.5 percent by December 31, 2011 from the current one percent, governor Nivard Cabraal said. “We believe our economy does not now need provisioning as high as one percent and it will be […]
Deposit Protection
Sept 30, 2010 (LBO) – Sri Lanka’s Central Bank said it will introduce a deposit insurance scheme from October 1 that will help protect small depositors and reduce government liability if a financial institution collapses. Central Bank Governor Nivard Cabraal said that under the scheme, depositors will be compensated up to a maximum of 200,000 […]
Bid Circle
Sept 30, 2010 (LBO) – Sri Lanka has decided to call for fresh tenders to build a section of highway around the capital Colombo as bids from Japanese contractors were too high, an official said. The Outer Circular Highway will be connected to the expressways only by four interchanges at four suburban towns – Makumbura, […]
Sri Lanka stocks close up 0.97-pct
Sept 30, 2010 (LBO) – Sri Lankan shares edged higher Thursday, near the 7,000 point mark on the benchmark index once again, as falling interest rates pushed more money into shares, brokers said. The All Share Price Index closed at 6,997.22, up 0.97 percent (67.31 points) while the more liquid Milanka index rose 2.79 percent […]
Sri Lanka forex liberalization planned for mid-Oct: CB Governor
Sept 30, 2010 (LBO) – A second stage of relaxing foreign exchange controls may take place by mid-October when operating instructions to authorized dealers are fine tuned, central bank Governor Nivard Cabraal said. Sri Lanka’s foreign exchange laws criminalized attempts by citizens to protect the value of their hard earned savings from being destroyed by […]