Author: lbostgadmin
Treasury Case
Aug 03, 2009 (LBO) – Sri Lanka’s former Treasury chief P B Jayasundera is to file a confidential affidavit in an application to release him from an undertaking given to Supreme Court not to hold public office, lawyers said.The bar on public office came following an order to reverse the sale of land and a […]
No Variation
Aug 03, 2009 (LBO) – Several applications asking to vary orders made following a landmark judgment which reversed a transfer of state land to build a golf course were refused by Sri Lanka’s Supreme Court, lawyers said.Court was also asked to award compensation by others who had bought land in a related project. The next […]
Sri Lanka Kelani Valley almost out of the red
Aug 03, 2009 (LBO) – Sri Lanka’s Kelani Valley Plantations (KVPL) said it made a net profit of 41 million rupees in the June 2009 quarter, down 37 percent from a year ago, enabling it to almost erase losses in the previous quarter.Sales in the June 2009 quarter fell 18 percent to 674 million rupees […]
Sri Lanka Tata tea unit June net falls 37-pct
Aug 03, 2009 (LBO) – Sri Lanka’s Watawala Plantations said net profit in the June 2009 quarter fell 37 percent to 37 million rupees from a year ago with the bottom line buoyed by palm oil and retail marketing earnings. Sales rose three percent to 1.1 billion rupees in the period, the company, a unit […]
Slow Quarter
Aug 03, 2009 (LBO) – Sri Lanka’s DFCC Bank group said June 2009 quarter net profit fell 6.38 percent to 507.1 million rupees from a year ago owing to lower fee-based income, foreign exchange losses and weak returns from strategic investments. DFCC Group’s provisions for bad and doubtful debts had gone up 8.25 percent to […]
Fresh Capital
Aug 03, 2009 (LBO) – Sri Lanka’s Seylan Bank said it plans to issue 86 million ordinary shares at 35 rupees each in a one-for-two public offering to existing shareholders and a private placement with two state-run financial institutions.The current stated capital of Seylan Bank is 2.5 billion rupees comprising of 43.56 million ordinary shares, […]
Trade Links
Aug 03, 2009 (LBO) – A professional body representing Sri Lanka’s transport and logistics sector said it plans to get industry professionals together to lobby for better connectivity and less red tape. “With the end of 30 years of turmoil we’re now in a position to contribute significantly to develop many areas affected by war.” […]
Sri Lankan stocks close down
Aug 03, 2009 (LBO) – Sri Lankan shares closed down Monday as investors became defensive, hoping the market to pick-up in the medium term, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.54 percent (13.55 points) to end at 2,512.15 Monday, while the Milanka index of liquid stocks lost 0.61 percent […]
‘s military deserters
August 2, 2009 (AFP) – Sri Lanka has offered an amnesty to tens of thousands of soldiers who deserted the army, a spokesman said Sunday, under reforms following the end of the war with separatist Tamil rebels. Brigadier Udaya Nanayakkara said troops who were absent without leave could report back to their units and be […]
Baltic states need not devalue; monetary policy consistent with pegs: Steve Hanke
Aug 02, 2009 (LBO) – The Baltic states of Latvia, Estonia and Lithuania are running monetary policy consistent with maintaining their currency pegs, and should adopt the Euro rather than give into devaluation calls, a top monetary economist has said. Some US economists including Paul Krugman and Nouriel Roubini are predicting another wave of defaults […]
Wider Spread
Aug 02, 2008 (LBO) – Sri Lanka’s Sampath Bank is expanding to the island’s north and the east helping boost an economic revival in the areas after the end of war three decade war, an official said. Sampath sees more potential in area as already business volumes are moving up. “In the eastern region pawning […]
Port View
Aug 02, 2009 (LBO) – The recession that triggered a steep slump in shipping may throw up opportunities for Sri Lanka’s Colombo port, a senior official of a company that has bid for a terminal in the harbour said. Dr Parakrama Dissanayake, chairman, Aitken Spence Maritime, part of the Aitken Spence conglomerate, said the recession […]