Author: lbostgadmin
Audit Query
June 02, 2009 (LBO) – The auditors of Sri Lanka’s Seylan Bank have qualified its 2008 accounts over related party transactions and flagged overdue loans as the regulator looks for a strategic partner to bring in new capital. KPMG Ford, Rhodes, Thornton & Company said they could not confirm the completeness of the related party […]
Rough Seas
June 02, 2009 (LBO) – Sri Lanka’s Mercantile Shipping Company said it made a loss in the 2008-09 financial year during which it sold off old ships and firmed up orders for new ones. The company said a voluntary retirement was offered in the March quarter and that based on the number of applications and […]
Sri Lankan stocks down as investors pause
June 02, 2009 (LBO) – Sri Lankan stocks fell 1.1 percent Tuesday as investors took a breathe, halting a two-week bull run, while the rupee remained firmly fixed to the greenback, brokers and dealers said. The spot dollar was trading at 114.80/90 in late afternoon trade, after expansionary central bank interventions ended, dealers said. The […]
Sri Lanka rejects rights probe
May 31, 2009 (AFP) – Sri Lanka on Sunday rejected growing calls to probe human rights violations amid allegations that thousands of civilians perished in the final battle against Tamil separatists. A report in the Times of London newspaper on Friday citing confidential UN reports said that more than 20,000 non-combatants were killed by Sri […]
Sri Lankan media rights activist beaten: colleagues
June 1, 2009 (AFP) – A Sri Lankan media rights activist was hospitalised Monday after being beaten by unidentified attackers near the capital Colombo, a doctor and journalists said.Poddala Jayantha, secretary of the Sri Lanka Working Journalists’ Association, was abducted near his home and was severely attacked with sticks and later dumped in a suburb […]
Sangakkara learning to live with Lahore memories
LONDON, June 1, 2009 (AFP) – Sri Lanka captain Kumar Sangakkara said that while life for his side would not be the same after the attack on their team bus in Pakistan it would not stop them from playing international cricket. Sangakkara’s men have arrived in England for the ICC World Twenty20 after a particularly […]
Indian exports dive for seventh month
NEW DELHI, June 1, 2009 (AFP) – India’s exports of jewelry, garments and other goods slid 33 percent in April, shrinking for the seventh straight month, hit by a demand slump in major global markets, official data showed Monday. Exports slumped to 10.74 billion dollars in April from 16.08 billion dollars a year ago as […]
Fake Battle
June 01, 2009 (LBO) – Coats Thread Lanka (CTL) says it is battling counterfeiting of its brands by taking legal action against sellers of fakes and taking and has asked retailers to be careful when buying stock. “We have been vigilant and working with the law enforcement authorities to counter this threat by organizing periodic […]
Key Decisions
June 01, 2009 (LBO) – Sri Lanka’s Supreme Court has appointed a chief executive, an auctioneer and auditors to the collapsed Golden Key Credit Card Company to liquidate assets and pay back depositors, lawyers said. In another development, Supreme Court has asked Finance and Guarantee Company, a regulated firm, and two related unregulated real estate […]
Savvy Credit
June 01, 2009 (LBO) – Sri Lanka’s DFCC Vardhana Bank said it had launched a credit card targeting high-end customers and to improve access despite difficult market conditions owing to lower consumer spending and high taxes.“We’re now moving towards a cashless society and the bank has started by introducing credit cards,” DFCC group chairman Rajan […]
Sri Lanka shares weaken
June 01, 2009 (LBO) – Sri Lankan shares ended weaker Monday as investors took profits after last week’s sharp rise on euphoria that followed a military victory over the Tamil Tigers, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index fell […]
Sri Lanka g-secs see foreign interest trickling in
June 01, 2009 (LBO) – Sri Lanka’s government securities market has seen a trickle of foreign investment as the country is slowly emerged from a balance of payments crisis, official data showed. The central bank said the volume of Treasury bonds held by foreign investors increased by about 1,500 million rupees (about 10 million US […]