Author: lbostgadmin
On Target
Oct 08, 2009 (LBO) – Sri Lanka’s state-owned National Savings Bank (NSB) had exceeded its 2009 deposit mobilization target of 30 billion rupees by the end of the third quarter, a senior official said. “So far we have achieved 38 billion rupees and we expect it will exceed 40 billion rupees at year’s end,” H […]
Sri Lankan shares becalmed, foreigners net buyers
Oct 08, 2009 (LBO) – Sri Lankan shares closed flat Thursday as investors took profits on selected counters, while Hatton National Bank (HNB) and Lanka Cement dominated the day’s trade volumes, brokers said. The All Share Price Index closed up 0.02 percent (0.54 points) to end at 3,117.10 while the Milanka index of more liquid […]
Sri Lanka withdraws bonus interest on forex deposits
Oct 08, 2009 (LBO) – The Sri Lankan government has stopped paying bonus interest on the interest earned on foreign currency deposits in banks, the Sri Lanka Banks’ Association said.The Central Bank has withdrawn the payment of bonus interest in rupees on interest paid to foreign currency accounts from October 1, the association said in […]
Sri Lanka delays budget till polls over
Oct 07, 2009 (LBO) – Sri Lanka will delay its budget for next year, usually presented to parliament in November until national polls scheduled for the first quarter of 2010 is over, a government minister said.Deputy finance minister Ranjith Siyambalapitiya said general elections were likely before April and a mini budget or ‘vote on accocunt’ […]
Gold price hits record high on report to ditch dollar
LONDON, October 6, 2009 (AFP) – The price of gold struck an all-time high Tuesday as the dollar fell on a news report of a plan by Gulf states to stop using the greenback for oil trading.Gold hit 1,045.00 dollars per ounce on the New York Mercantile Exchange in late trades. Hours earlier on the […]
Oil Support
Oct 07, 2009 (LBO) – A call for offshore oil field support services by a company exploring for oil in Sri Lanka provides domestic firms the opportunity they have been waiting for, officials said.Oil explorations firms are expected to source some of their requirements from local industry in order to ensure the benefits of oil […]
Britain says Sri Lanka war victims should be freed
October 6, 2009 (AFP) – Britain on Tuesday expressed disappointment with Sri Lanka’s handling of war-displaced civilians and demanded that they be given the freedom to leave state-run camps. “Freedom of movement is critical if a humanitarian crisis is to be averted,” visiting British Development Minister Mike Foster said after touring the camps, where over […]
Sri Lanka LNG power plant push is outside the law: officials
Oct 07, 2009 (LBO) – Attempts to connect a private liquefied natural gas (LNG) power plant to Sri Lanka’s state-run power utility outside a competitive bidding process is not legal under a new public utility regulatory law, officials said.From this October PUC is issuing licenses to the Ceylon Electricity Board, independent power producers and smaller […]
Regional Links
Oct 07, 2009 (LBO) – Sri Lanka’s wireless access provider Lanka Bell said it has reduced call rates to India. The company pays them 50 cents for every minute of incoming IDD calls regardless of the duration, country of origin or the number of calls received for a day. Lanka Bell is the largest CDMA […]
Regaining Confidence
Oct 07, 2009 (LBO) – Sri Lanka needs to introduce restrictions on single-shareholder stakes and multiple ownership of registered finance companies (RFCs) by a single individual or group, RAM Ratings Lanka has said.“However, well-rated and/or prudently managed RFCs had been able to withstand the pressures better than others.Moreover, the timely intervention of the Central Bank […]
Sri Lankan shares fall on profit taking
Oct 07, 2009 (LBO) – Sri Lankan stocks ended a two-week bull-run Wednesday as retail investors took profits from a market that’s heading towards a correction, while John Keells Holdings (JKH) shares were heavily traded today, brokers said. The All Share Price Index closed down 0.35 percent (11.00 points) to end at 3,136.56 while the […]
Australia first advanced economy to lift rates since crisis
SYDNEY, October 6, 2009 (AFP) – Australia on Tuesday became the first advanced economy to raise interest rates since the global financial crisis and promised more rises to come, boldly declaring the risk of recession over. The central bank announced a rise of 25 basis points to 3.25 percent, lifting rates off a 49-year low […]