Author: lbostgadmin
New Charge
July 13, 2010 (AFP) – Sri Lankan police have filed a new case against former army chief and defeated presidential candidate Sarath Fonseka for allegedly employing military deserters, his party said Tuesday. Fonseka led the Sri Lankan army to a spectacular victory against Tamil Tiger rebels in May last year, ending the island’s 37-year separatist […]
Credit Trends
July 13, 2010 (LBO) – Sri Lanka’s loans to private borrowers rose by 7. 7 billion rupees in May 2010 but the state borrowed more than double that amount from commercial banks to support its deficit spending, official data showed. Excessive state borrowing that appropriates people’s savings at high rates has been the most important […]
Credit Support
July 13, 2010 (LBO) – Sri Lanka’s finance companies which are facing liquidity shortages will get new credit under a central bank guarantee scheme with the first facility going to a firm this week, the regulator said. “Through the resumption and revival of their normal business, the RFCs are expected to be able to meet […]
Sri Lankan stocks close up 0.48-pct
July 13, 2010 (LBO) – Sri Lankan shares closed up Tuesday as investor interest on midcap stocks pushed the market up, while high volume trading on John Keells Holdings (JKH) boosted turnover, brokers said. The All Share Price Index closed at 4,555.83, up 21.88 points, while the Milanka index of more liquid shares rose 0.63 […]
South Korea presses for IMF reforms
Daejeon, KOREA July 12, 2010 (LBO) – The finance minister of South Korea, which is hosting an International Monetary Fund conference on Asia, pressed for reforms of the multi-lateral institution and its support to prevent destabilizing capital flows. “Up until now, it seems the IMF has not fully assumed its role of ensuring macro-economic stability […]
Asia must brace for choppy capital flows: IMF warns at Korea forum
Daejeon, KOREA July 12, 2010 (LBO) – Asian economies must prepare to face huge and highly volatile capital flows and possibly more economic shocks given recent problems in Europe, the International Monetary Fund has warned. The sharp rebound in capital inflows, and related risks of overheating and credit and asset bubbles, remain key challenges for […]
Bangladesh police bust extortion town
DHAKA, July 12, 2010 (AFP) – Bangladesh’s elite security forces said Monday they had made a major breakthrough in the fight against extortion with a raid on town where nearly every resident was involved in racketeering. A series of raids on Lundhi, 90 kilometres (60 miles) south of the capital Dhaka and home to 2,000 […]
Sri Lanka Spence to put US$78mn in hotels
July 12, 2010 (LBO) – Sri Lanka’s Aitken Spence group is planning to put 78 million US dollars in to the leisure sector after a war ended in Sri Lanka with new hotels in the south western coast being started first, an official said. “We envisage a post-war investment around 9. 0 billion rupees (78 […]
Sri Lanka Jetwing upgrading two hotels, mulling new ones
July 09, 2010 (LBO) – Sri Lanka’s Jetwing leisure group has is spending 1. 3 billion rupees to expand and upgrade two hotels during this year and is evaluating other projects to meet a tourism boom after the end of a 30-year war, an official said. He said the group had 30 projects in a […]
Sri Lankan stocks recover
July 12, 2010 (LBO) – Sri Lankan stocks closed up Monday as midcap and index heavy stocks made gains, while keen investor interest on Lanka Hospitals pushed its share price by over 50 percent, brokers said. Conglomerates, Aitken Spence closed at 1,563.00 rupees, up 62.75 on thin trading volumes, Hayleys closed flat at 300. 00 […]
‘s captain
July 11, 2010 (AFP) – Sri Lanka’s captain Kumar Sangakkara has urged world cricket chiefs to win back fans to Test and one-day games with a balanced international calendar that gives equal opportunities to all teams. Sangakkara said global viewership of the sport had dwindled over the past year, despite a packed schedule of Tests, […]
Sri Lanka Continental Hotel in US60mn expansion
July 11, 2010 (LBO) – Continental Hotel, the oldest 5-star rated property in Sri Lanka’s capital Colombo will spend 60 million US dollars to expand and refurbish to cater to an expected influx of tourists after the end of a long running war, an official said. Sri Lanka’s listed Hayleys group bought a 51 percent […]