Author: lbostgadmin
Repair Work
Sept 17, 2009 (LBO) – Sri Lanka’s Colombo Dockyard said it has won repair orders from an Indian tanker owner with the end of the 30-year ethnic war helping to attract new business.The listed shipbuilder said in a statement that Pratibha Shipping Co had sent two tankers for dry-docking repairs in mid-June and early July, […]
Sri Lankan stocks up 2.05-pct for second consecutive day
Sep 17, 2009 (LBO) – Sri Lanka stocks extended gains Wednesday closing 2.05 percent higher, up 95.8 percent over the beginning of the year, while an initial public offer of a power firm was over subscribed, brokers said.Hemas Power which offered 31.3 million shares to raise 626 million rupees has attracted subscriptions valued at over […]
Sri Lanka expands state by 305,000 people since 2004
Sept 16, 2009 (LBO) – Sri Lanka has expanded an already bloated state sector by 305,060 persons since 2004, including 43,981 in 2009, data released by the island’s finance ministry showed.Deputy finance minister Ranjith Siyambalapitiya said the government was continuing to give state jobs and 1,000 people would be absorbed to state-run Bank of Ceylon […]
Top UN official to press Sri Lanka for rights probe
September 16, 2009 (AFP) – A top UN official was expected in Sri Lanka Wednesday to press for a probe into possible rights abuses during the final stages of the military’s victory over Tamil rebels.UN under secretary general for political affairs Lynn Pascoe was sent by UN Secretary General Ban Ki-moon who has voiced concern […]
Sri Lanka Janashakthi Insurance expands in former war zone
Sept 16, 2009 (LBO) – Sri Lanka’s Janashakthi Insurance said it was expanding rapidly in the north and east, setting up branches and hiring more staff in the former zone. Janashakthi last weekend opened two brand new offices in Chavakachcheri and Chunnakam in the northern Jaffna peninsula, it said in a statement. “The two new […]
Done Deal
Sept 16, 2009 (LBO) – The London Stock Exchange (LSE) said it will acquire Sri Lanka’s MillenniumIT for 30 million US dollars (sterling 18 million), with the deal to be completed by mid-October.MillenniumIT, a technology firm which develops securities trading software will replace LSE’s existing trading platform and continue to service its exiting clients. MilleniumIT […]
Learning Experience
Sep 16, 2009 (LBO) – Sri Lanka’s Ceylinco Sussex College, a unit of the troubled Ceylinco Group, is to be managed by Merchant Bank of Sri Lanka (MBSL), which has taken over or is overlooking several troubled firms.More than 5,700 students are at 20 Ceylinco Sussex College branches island-wide, studying for national exams in the […]
Sri Lanka sets minimum hotel rates
September 16, 2009 (AFP) – With tourism booming in Sri Lanka following the end of decades of ethnic conflict, authorities have ordered hotels in the capital to increase room rates and curb an aggressive pricing war.Luxury hotels in Colombo will be forced to charge a minimum of 90 dollars a night, while stays in cheaper […]
Liner Move
Sept 16, 2009 (LBO) – The Sri Lanka Ports Authority (SLPA) said it had held talks with a visiting delegation of senior officials from Emirates Shipping Line which plans to augment and enhance its services in the region.“The delegation had deliberations with SLPA top brass on how to strengthen the partnerships between SLPA and Emirates […]
Canal Conundrum
Sept 16, 2009 (LBO) – Work on the controversial Sethusamudram Ship Canal Project in the Palk Strait between Sri Lanka and India has halted again after the last dredger digging the channel was pulled out of service, a media report said.The project, about which Sri Lanka has expressed reservations, is meant to create a shorter […]
Sri Lankan stocks rebound 1.52-pct
Sep 16, 2009 (LBO) – Sri Lankan shares bounced back Wednesday as investors heavily placed bets on index heavy John Keells Holdings (JKH), Distilleries Company and Commercial Bank, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.65 percent (46.80points) to end at 2,884.79, while the Milanka index of liquid stocks gained […]
Sri Lanka pioneer closed-end fund raises Rs1.0bn
Sep 16, 2009 (LBO) – Sri Lanka’s first listed closed-ended fund, NAMAL Acuity Fund had been oversubscribed on the opening day and managers said an option to issue additional units will be exercised.Its managers said Wednesday it will issue 10 million units to raise 500 million rupees. The firm was planning to issue 10 million […]