Author: lbostgadmin
Merchant Cover
April 08, 2009 (LBO) – The Merchant Bank of Sri Lanka (MBSL) said it has bought full ownership of ABC Insurance Company under a share transfer agreement entered with the shareholders of the company.The insurance firm is part of Sri Lanka’a ABC group which has a strong presence in the shipping industry. MBSL, which is […]
Cash Call
April 08, 2009 (LBO) – HSBC, Europe’s biggest bank, said it had completed its 12.5-billion-pound rights issue with the sale of the remaining 3.4 percent of shares not taken up by existing shareholders, AFP news agency reported. The British banking giant said Sunday it had a 96.6 percent take-up of the record rights issue, which […]
Sri Lankan shares becalmed
Apr 08, 2009 (LBO) – Sri Lankan stocks closed flat Wednesday as early gains were eroded by late selling pressure on Sri Lanka Telecom (SLT) and Hatton National Bank (HNB) in low volume deals driven by retailers, brokers said. Analyst said companies engaged in construction related businesses will benefit from infrastructure projects expected to start […]
Sri Lanka has space for monetary easing: Central Bank
April 07, (LBO) – Sri Lanka has space for easing policy with inflation coming down, Central Bank governor Nivard Cabraal said, as the monetary authority sounded strong warnings against runaway government spending.“What we like to say is when inflation comes down there is more space to relax monetary,” Cabraal told reporters Monday.“We cannot give amounts […]
Sri Lanka to lose aid from Netherlands: report
April 07, 2009 (LBO) – The Netherlands will stop giving aid to Sri Lanka due to an internal conflict, ending a longstanding partnership which had given 30 to 40 million Euros each year to the island, a media report said. A web report of the British Broadcasting Corporation’s Sinhala Service said the Netherlands government had […]
Scuffles as British police end all-night Tamil demo
LONDON, April 7, 2009 (AFP) – British police moved in Tuesday to end an overnight protest by Tamils over alleged rights abuses in Sri Lanka, triggering brief scuffles, an AFP reporter said. Four lifeboats were scrambled after some of the protestors reportedly threatened to throw themselves into the nearby River Thames. One person did enter […]
Sri Lanka truce urgent, says Britain
April 07, 2009 (LBO) – Britain has renewed its call for a humanitarian ceasefire in Sri Lanka and urged Tamil Tiger rebels to release civilians being held as a human shield. Foreign Secretary, David Miliband, has commented on the situation in Sri Lanka following worrying reports of fighting in civilian concentrated areas within the country, […]
Sri Lankan stocks close up
Apr 07, 2009 (LBO) – Sri Lankan shares closed up on Monday, driven by index-heavy Sri Lanka Telecom (SLT) which moved up on speculation of a possible sell-down of a government stake in it, brokers said. Diversified Hayleys gained 2.50 rupees to close at 89.50. Chevron Lubricants gained 2.75 rupees to close at 109.75. The […]
Telco Trim
April 07, 2009 (LBO) – Sri Lanka’s top celco, Dialog Telekom says it had offered a voluntary retirement scheme to employees as part of a broader cost-cutting exercise, but the total costs were not known as yet. Dialog Telekom, a unit of Telekom Malaysia, as well as other operators have had revenues and profits hit […]
Green Commerce
April 07, 2009 (LBO) – New technology that allows multiple telecom services to be delivered over a single network can sharply lower costs and make commerce greener, Hans Wijayasuriya, the head of Sri Lanka’s biggest mobile firm said. Wijayasuriya was addressing a Next Generation Networks (NGN) standardization forum in Colombo organised by the Telecommunications Regulatory […]
Sri Lanka firms get no relief in tax refund delays
April 07, 2009 (LBO) – Sri Lanka’s cash-strapped government has been unable to offer relief to the private sector over lengthy delays in getting value-added tax (VAT) refunds.Private sector officials said companies were facing cash-flow problems owing to the delays in VAT refunds on the part of the Inland Revenue Department. Tax department officials said […]
Sri Lanka central bank urges curbs on state recruitment
April 07, 2009 (LBO) – Sri Lanka’s central bank has urged the government to curb recruitment into the hugely over-staffed and inefficient state sector, given the difficulties caused by economic slowdown.The government has said it expects growth to be boosted by an economic revival in the north and east, which has been cleared of Tamil […]