Author: lbostgadmin
Sri Lanka stocks close 0.20-pct up
Aug 26, 2010 (LBO) – Sri Lankan stocks closed slightly higher Thursday in somewhat choppy trading with some interest seen in financial sector shares and poultry firms, brokers said. Company earnings have improved in post-war Sri Lanka and leasing and motor firms are seen doing better as demand for vehicles increase while poultry firms are […]
Sri Lanka revenue soars after vehicle import tax cut: official
Aug 25, 2010 (LBO) – Sri Lankan government tax revenues have risen sharply after import duties on vehicle imports were slashed, a senior finance ministry official said. The government earned 1,700 million rupees in July alone on vehicle import tax revenue after import taxes were slashed in June, S R Attygalle, director-general of fiscal policy […]
Nail Torture
Aug 25, 2010 (LBO) – A Sri Lankan woman working as a domestic aide in Saudi Arabia has had 24 flaming nails driven in to her foot and a needle into her forehead by her employers, a rights body has said. Several hundred thousand Sri Lankan women work in Middle Eastern countries. The rights body […]
Sri Lanka urged to lift land controls by World Bank
Aug 25, 2010 (LBO) – A World Bank study has called on Sri Lanka to loosen controls on land ownership and use, saying restrictions tend to keep poor farmers poor. “Land-development ordinances that regulate the use and transfer of land keep a larger proportion of people dependent on agriculture,” the report said. “They also keep […]
Small Lender
Aug 25, 2010 (LBO) – Sri Lanka’s Sanasa Development Bank (SDB), a small lender from the co-operative movement, has retained its ‘BBB’ local long term rating with a stable outlook, RAM Ratings Lanka said. “Despite its high-risk target market, SDB has been able to maintain its better-than-industry asset quality, supported by its stringent credit evaluation […]
Sri Lanka stocks close 0.34-pct up
Aug 25, 2010 (LBO) – Sri Lankan stocks closed slightly higher Wednesday after rising sharply in early trade with some interest seen in financial sector shares, brokers said. Ceylon Leather Products, an ERI group firm, closed at 233. 60 rupees, down 22.90 or 8.93 percent. The All Share Price Index closed at 5,582. 87, up […]
Sri Lanka Treasuries yields slip
Aug 25, 2010 (LBO) – Sri Lanka’s Treasuries yield slipped between 10 to 19 percent on Wednesday, auction results released by the government’s debt office showed, following a 50 basis point rate cut on August 25. The 3-month yield fell 12 basis points to 7.28 percent, the 6-month yield fell 19 basis points to 3.1 […]
Detained
VANCOUVER, August 24, 2010 (AFP) – Canada’s independent Immigration and Refugee Board on Monday ordered the continued detention of all 443 adult Tamil asylum seekers who arrived August 13 aboard the cargo ship MV Sun Sea. Adjudicators agreed with government requests for more time to analyze the migrant’s identity documents. With the 380 men and […]
Lifting Boost
Aug 24, 2010 (LBO) – The Sri Lanka Ports Authority is to borrow 62. 5 million US dollars from the state-owned Bank of Ceylon to fund the acquisition of new cargo handling cranes from China, a statement said. The SLPA statement said it will buy one crane of 50 tonne capacity, two cranes of 41 […]
Sri Lanka IMF programme on track, to get next tranche: official
Aug 23, 2010 (LBO) – An International Monetary Fund (IMF) mission to Sri Lanka said the island’s programme with the fund is on track with the government being able to meet the budget deficit target of eight percent of Gross Domestic Product. “End-June performance criteria on domestic budget borrowing, reserve money, and net reserves have […]
‘s investment debate
Aug 23, 2010 (LBO) – An interesting public debate has sprung between the Central Bank and an opposition parliamentarian on the suitability of Bank’s investing EPF moneys in the shares of commercial banks. While the Central Bank is defending its action tooth and nail (http://www.cbsl.gov.lk/htm/english/02_prs/p_1.asp?yr=2010: Accessed on 22.8.2010), the opposition is charging that the Bank’s […]
Indian carmaker signs preliminary deal to buy Ssangyong
SEOUL, August 23, 2010 (AFP) – India’s leading sports utility vehicle maker Mahindra and Mahindra signed a preliminary agreement Monday to take over bankrupt South Korean carmaker Ssangyong Motor, Ssangyong said. Ssangyong announced the signing of the memorandum of understanding in a regulatory filing to the Seoul stock exchange, but no figures for the deal […]