Author: lbostgadmin
Credit Enhancement
NEW YORK, June 3, 2010 (AFP) – Credit rating agencies came under fire for their role in the global financial crisis Wednesday, as US investigators grilled senior industry figures, including mega-investor Warren Buffett. Answering allegations that rating firms helped propel the sale of risky investments that poisoned the global financial system, senior officials from Moody’s […]
Sri Lankan stocks close up 0.74-pct, banks gain
June 03, 2010 (LBO) – Sri Lankan stocks closed at a new high Thursday, boosted by gains in financial sector shares while the Furkhan family sold remaining stakes in Confifi Hotels to Lanka Orix Leasing Company (LOLC), brokers said. The All Share Price Index (ASPI) closed at 4,332.29, up 31.90 points, while the Milanka index […]
Sri Lanka to remove tax on foreign currency note imports: minister
June 03, 2010 (LBO) – The Sri Lankan government is to remove taxes totaling up to 22 percent on import of foreign currency notes in an effort to curb black market trade, a senior minister said. “With these taxes removed, they (black market) will find it hard to compete with government approved institutions,” Rambukwella said […]
Oberoi urges film world not to skip Sri Lanka Bollywood Oscars
June 1, 2010 (AFP) – Bollywood actor Vivek Oberoi on Tuesday urged the Indian film fraternity to attend the annual awards festival in Sri Lanka despite protests from pro-Tamil rebel lobbies. “Come to Colombo. I don’t believe in boycotting the awards. Bollywood films are about building bridges, not putting up walls against people,” Oberoi told […]
Sri Lanka power utility to lose Rs40bn in 2010
June 02, 2010 (LBO) – Sri Lanka’s state-run power utility Ceylon Electricity Board is expected to lose 40 billion rupees (350 million US dollars) in 2010 and short term debt is mounting but there are plans to turn the utility around, officials said. The CEB is expected to earn 120 billion rupees as revenue in […]
India, Indonesia worst for red tape in Asia: survey
SINGAPORE, June 2, 2010 (AFP) – India, Indonesia and the Philippines have Asia’s most inefficient bureaucracies, with red tape a constant blight to citizens and deterrent to foreign investment, a survey said Wednesday. Regional financial centres Singapore and Hong Kong have the most efficient bureaucracies, according to the survey of expatriate business executives by the […]
Retail Focus
June 02, 2010 (LBO) – Sri Lanka’s Richard Pieris and Company said it plans to expand its network of ‘Arpico’ shopping malls in its retail business which is considered the group’s main engine of growth. Chairman and chief executive Sena Yaddehige said the retail sector has been one of the most “growth-oriented” arms of the […]
Bank Sale
June 02, 2010 (LBO) – A 9.8 percent slice of Sri Lanka’s Commercial Bank of Ceylon was sold by 30 percent shareholder DFCC Bank to a foreign buyer for 5.8 billion rupees, brokers said. The 9.988 percent stake in Commercial Bank falls short of the 10 percent regulatory limit on bank shareholding set by the […]
Cash Flow
June 02, 2010 (LBO) – Sri Lanka’s The Finance Company (TFC) cash flows have turned positive after a run on deposits in early 2009 and its real estate business has returned to profitability on higher sales, a senior official “The company has returned to normal and has a positive cash flow now,” Kamal Yatawara, chief […]
Sri Lanka shares rise on interest in banks
June 02, 2010 (LBO) – Sri Lankan stocks closed higher Wednesday, with a big stake in Commercial Bank being sold to a foreign buyer and speculation high effective tax on banks could be cut following an import duty reduction, brokers said. Charith Kamaladasa of Lanka Securities said the foreign buying into Commercial Bank was “positive […]
Sri Lanka T-bill yields steady
June 02, 2010 (LBO) – Sri Lanka’s Treasury bill yields were steady at this week’s auction with the 3-month yield edging 02 basis points lower to 8. 08 percent and the 12-month yield flat at 9. 26 percent, the government’s debt office said. The six month yield edged 01 basis point lower, to 8. 90 […]
Tamils protest as Bollywood goes to Sri Lanka
MUMBAI, June 1, 2010 (AFP) – Bollywood goes to Sri Lanka later this week for its glitzy annual awards ceremony, but the decision to hold the event in the capital Colombo has sparked a backlash from minority Tamils in India. The International Indian Film Academy (IIFA), which has been held overseas every year since 2000, […]