Author: lbostgadmin
Risky Voyage
RIYADH, August 2, 2010 (AFP) – A Saudi insurance company is to pay Somali pirates a 20-million-dollar ransom to free a hijacked ship and its 14-member crew held hostage for five months, a newspaper reported on Monday. “The owner of the Al-Nisr Al-Saudi ship, which was hijacked by Somali pirates, said the insurance company has […]
Sri Lanka stocks weaken
Aug 03, 2010 (LBO) – Sri Lankan stocks weakened Tuesday, interrupting a bull-run as the regulator suspended trading in several speculative shares that brokers said might hit market sentiment. The All Share Price Index closed at 5,148. 34 down 0.67 percent (34.51 points) while the more liquid Milanka index eased 0. 86 percent (50.87 points) […]
Sri Lanka gets US help for business in former war zone
Aug 02, 2010 (LBO) – The United States aid agency has tied up with Sri Lankan businesses to set up clothing, construction and computing ventures that will create employment in the island’s north, a statement said. The US Agency for International Development (USAID) said US government support is expected to create 10,000 full-time jobs in […]
US, Russia, China, Israel stay out of cluster bomb treaty
GENEVA, August 1, 2010 (AFP) – A landmark international treaty to ban cluster munitions took effect on Sunday, requiring signatories to stop the use, production and transfer of the deadly weapons. Pope Benedict XVI hailed the ban and joined calls for all countries to sign up to the deal that also obliges those that have […]
Business Guidance
Aug 02, 2010 (LBO) – Sri Lanka’s Lanka Orix Leasing Company (LOLC) and a micro financier attached to a charity are teaching relatives of foreign migrant workers to set up and run small income generating businesses. “People themselves hand carry or they send through their friends and family members,”Nanayakkara said. “So what happened is the […]
Credit Trends
Aug 02, 2010 (LBO) – The number of credit cards issued by Sri Lanka’s banks picked up slightly in May 2010 from the previous month but total credit contracted as banks remained cautious, latest data showed. Total credit given through cards fell to 29.9 billion rupees in May 2010 from 30.2 billion in April 2010 […]
Rights Issue
Aug 02, 2010 (LBO) – People’s Leasing Finance Company wants to raise 568 million rupees via a one-to-one rights issue to meet capital adequacy requirements, a stock exchange filing said. The 22.7 million rights issue will be priced at 25 rupees per share, to raise 568 million rupees to boost the firm’s core capital. “The […]
Bank Rating
Aug 02, 2010 (LBO) – Fitch Ratings Lanka said it has downgraded Commercial Bank’s National Long-term rating to ‘AA(lka)’ from ‘AA+(lka)’ and its individual rating to ‘D/E’ from ‘D’ with a stable outlook. The agency has also downgraded the rating on the bank’s subordinated debentures to ‘AA-(lka)’ from ‘AA(lka)’ and simultaneously confirmed its Support rating […]
Bank Numbers
Aug 02, 2010 (LBO) – Sri Lanka’s Commercial Bank net profit for the June 2010 quarter rose 7. 5 percent to 1.2 billion rupees from a year ago with a sharp fall in interest expenses, a stock exchange filing said. Total income was down 10 percent to 9. 9 billion rupees in the quarter, the […]
Sri Lanka stocks up, blue chips in demand
Aug 02, 2010 (LBO) – Sri Lankan shares continued last week’s bull-run Monday, as investors continued to buy despite some strategic profit taking, while large private deals on selected blue chips boosted turnover, brokers said. The All Share Price Index closed at 5,178. 47, up 17.29 points, while the more liquid Milanka index gained 0. […]
Sri Lankan, Hawaiian sites added to world heritage list
BRASILIA, July 31, 2010 (AFP) – A region of mountainous forests in Sri Lanka and an isolated archipelago off Hawaii have been added to UNESCO’s World Heritage list, officials of the UN cultural and scientific body said Saturday. The World Heritage Committee of the United Nations Educational, Scientific and Cultural Organization decided to add the […]
Call Charges
Aug 01, 2010 (LBO) – Sri Lanka Telecom has changed its tariff plans for new ‘Citylink’ fixed wireless telephone connections with a rate of one rupee a minute for outgoing calls within its own network for prepaid subscribers. SLT said in a statement the charges for the CDMA (Code Division Multiple Access) fixed wireless telephone […]