Author: lbostgadmin
Sri Lanka bomb kills student, wounds 11: officials
October 2, 2009 (AFP) – An explosion ripped through a school bus in northwestern Sri Lanka on Friday, killing one girl and wounding 11 other students and their driver, police said. The incident took place in Kurunegala district, 100 kilometres (62 miles) north of the capital Colombo, a police spokesman said, adding an investigation was […]
Sri Lanka discharges nearly 25,000 deserters: officials
October 2, 2009 (AFP) – Sri Lanka’s military has formally discharged nearly 25,000 security personnel who deserted the army at the height of fighting with Tamil rebels, officials said Friday.Military officials said some 20,000 troops in the army and about 5,000 from the navy and air force had been taken off the books of their […]
Rural Outsourcing
Oct 02, 2009 (LBO) – Sri Lanka’s rural economy can take a slice of India’s 12 billion dollar Business Process Outsourcing (BPO) industry by catering to the bottom of the pyramid customers who look at costs over optimum service, a foreign investor said. “India does about 12 billion dollars of knowledge base process work; 10 […]
Sri Lankan tea prices fall
Oct 02, 2009 (LBO) – Sri Lankan tea prices fell at this week’s auction, raising concern that plantations corporations may not enjoy the high price levels required to cope with a recent near 40 percent wage hike. Brokers Asia Siyaka Commodities said there was “fair general demand at lower rates” for teas from regional plantations […]
Merchant Reach
Oct 02, 2009 (LBO) – Merchant Bank of Sri Lanka (MBSL) said it had raised its stake in Ceylinco Investment Company, part of the troubled Ceylinco group, to 46 percent, through a five million rupee cash injection.MBSL said in a statement it bought 500,000 shares of Ceylinco Investment Company at 10 rupees a share. MBSL […]
Fresh Capital
Oct 02, 2009 (LBO) – Sri Lanka’s Seylan Bank said its public share issue of 54.29 million shares at 35 rupees a share to raise 1.9 billion rupees has been oversubscribed. “The total capital expected to be generated from both the private placement and public offering will be 3.025 billion rupees,” the bank said in […]
Terminal Trends
Oct 02, 2009 (LBO) – Sri Lanka Ports Authority (SLPA) is in talks with international shipping lines on new services through Colombo port despite the global downturn in trade which has reduced cargo volumes, a senior official said.SLPA chairman Priyath Wickrama said there were signs cargo volumes were picking up as the global economy recovers […]
Sri Lanka stocks hit new high
Sep 02, 2009 (LBO) – Sri Lankan shares closed at a record high Friday, with investors expecting the bull run to continue in the short term with periodical profit taking, while forthcoming quarterly results will point at the bourse’s long term direction, brokers said. Brokers said 18 million Seylan Merchant Bank non-voting shares changed hands. […]
Sri Lanka plantations industry demands former benefits
Oct 01, 2009 (LBO) – Sri Lanka’s plantations industry is demanding the release of funds taken as an export tax and is asking to treated as exporters under the value added tax regime as they were before, to help cope with a recent wage hike to workers. “We’ve got to see where we can get […]
Sri Lanka aims to save last reef on south coast
Oct 01, 2009 (LBO) – A coral reef described as the last remaining living, extensive reef on Sri Lanka’s south coast was cleaned up in an effort where international and local agencies worked together, the ministry of fisheries said.The initiative aims to improve the quality and condition of the Kapparathota coral reef in Weligama Bay, […]
Trading Platform
LONDON, October 1, 2009 (AFP) – Britain’s London Stock Exchange announced Thursday that it is in exclusive talks to buy pan-European electronic trading platform Turquoise.“London Stock Exchange Group plc announces that it has entered into exclusive discussions with Turquoise Trading Limited, which may lead to a transaction,” the LSE said in a brief statement. “A […]
Sri Lanka inflation slows to 0.7 percent in September
Sept 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 0.7 percent in September from a year earlier, down from 0.9 percent in August, the government’s statistics office said.The monetary authority, which keeps the rupee pegged to the US dollar, has relaxed policy rates, but has been engaging in steady “quantity tightening” […]