Author: lbostgadmin
Banking Bent
Mar 26, 2010 (LBO) – Sri Lankan banks will shift focus towards small and medium enterprises as well as the former north-east war zone while consolidation is needed to control costs and expand assets, a report said. “Banks to watch out for are those where management is forward thinking and empowered to mix traditional banking […]
Transition
Mar 26, 2010 (LBO) – Sri Lanka’s NDB Bank has got a new chief executive, with the former being nominated as an opposition lawmaker and three directors expected to be replaced by nominees from government which now owns a big stake. It said this is “to enable certain shareholder interest to be represented on the […]
Sri Lanka stocks close 1.16-pct up, foreigners keep selling
Mar 26, 2010 (LBO) – Sri Lankan stocks closed up Friday on big price gains on blue chip stocks, while high interest on John Keells Holdings (JKH) helped turnover levels to pass a billion rupees, brokers said. Hayleys closed at 225.50 rupees, up 50 cents, and Hemas Holdings closed at 121.00 rupees, up 3.25. Commercial […]
Disappearing island solves India-Bangladesh dispute
KOLKATA, March 25, 2010 (AFP) – A tiny island at the centre of a territorial dispute between India and Bangladesh has disappeared beneath the waves due to rising sea levels and erosion, scientists say. At its height, it was never more than two metres (about six feet) above sea level. Hazra said a larger island, […]
Sri Lanka launches new tea certification scheme
Mar 25, 2010 (LBO) – Sri Lanka has introduced a quality certification programme for tea exports to ensure cleaner teas are sent to overseas markets, devoid of stones and other contamination now found during pre-export screening, officials said. Random test will be done on products to ensure they conform to the standards after certification is […]
Sri Lanka builds to lure business visitors
Mar 25, 2010 (LBO) – Sri Lanka is building more convention centres amid fears of a shortage of accommodation following a flood of tourists with the end of its war and temporary closure of a big conference hall. Tourist industry officials said they are promoting MICE tourism, as travel abroad for Meetings, Incentives, Conventions and […]
‘s cancelled concert
March 25, 2010 (AFP) – Sri Lanka lost a “priceless” promotional opportunity by banning the US star Akon from performing at a concert in Colombo following protests from Buddhist monks, the tourism minister said Thursday. The rapper’s concert on April 24 was blocked after monks complained about his “Sexy Bitch” music video featuring women in […]
Top Marks
Mar 25, 2010 (LBO) – Commercial Bank has been declared Sri Lanka’s best bank in 2010 for the 12th year running by Global Finance magazine, the bank said in a statement. The US-based financial publication’s latest listing of the ˜Best Emerging Markets in Asia’ is to published in its May issue. The report covers the […]
Bank Buy
Mar 25, 2010 (LBO) – Sri Lankan government controlled funds bought chunks of Hatton Nation Bank on the Colombo bourse Thursday increasing their stake in the private listed bank to 25 percent of its voting rights, brokers said. “Now the government owns 25 percent of HNB,” the spokesman from Capital Trust Securities said. Sri Lanka […]
Sri Lankan stocks close up 0.21-pct
Mar 25, 2010 (LBO) – Sri Lankan stocks closed higher Thursday pulled up by gains in index heavy John Keells Holdings (JKH), while a large deal on Hatton National Bank (HNB) pushed turnover to over five billion rupees, brokers said. The All Share Price Index closed at 3,730.43, up 7.71 points, while the Milanka index […]
Sri Lanka retirement fund gives 10-pct return for 2009
Mar 25, 2010 (LBO) – Sri Lanka’s Employees’ Provident Fund gave members a real rate of interest of 10.01 percent in 2009 with annual average inflation falling to 3.4 per cent, the Central Bank said. It said in a statement the fund, which it manages, has declared the highest-ever rate of interest of 13.75 per […]
Sri Lanka businesses told: be prepared, watch warning signs
Mar 24, 2010 (LBO) – Sri Lankan businesses should be prepared for economic downturns and watch for warning signs from other economies to avoid being hurt during crises, Central Bank governor Nivard Cabraal said. “The first lesson is, strengthen yourself in good times,” he said, recalling how the central bank prepared to face the global […]