Author: lbostgadmin
” defeat: minister
March 26, 2009 (AFP) – Tamil Tiger rebels have lost more of their territory in northern Sri Lanka and their total defeat is now “imminent,” a government minister said Thursday.Government troops have confined Liberation Tigers of Tamil Eelam (LTTE) fighters to an area of 21 square kilometres (eight square miles), most of which is a […]
Golden Key
Mar 26, 2009 (LBO) – Sri Lanka’s Ceylinco group chief Lalith Kotelawala has offered to provide assets into a trust to repay 14.5 billion rupees to customers of the collapsed Golden Key Credit Card Company, state lawyers told court.Deputy solicitor general Sarath Jayamanne said Thursday depositors were offered a rate lower than the high rates […]
Quick Access
Mar 26, 2009 (LBO) – The International Monetary Fund has announced changes to itslending framework lowering emphasis on structural adjustments for countries in trouble, offering precautionary lending for country’s who want to be prepared for a crisis. Major structural changes are usually part of Poverty Reduction and Growth Facilities (PRGF) that are designed to push […]
Breathing Space
Mar 26, 2009 (LBO) – Sri Lanka’s The Finance Company, a member of the island’s troubled Ceylinco group, is suspending withdrawals of deposits for three months, while the firm is restructured under new management, officials said. State-run Lankaputhra Development Bank which has been appointed as the firm’s ‘managing agent’ by the Central Bank said interest […]
Big Bank
Mar 26, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon profits have increased 19.2 percent to 3.87 billion rupees in 2008, helped by strong fee income despite interest expenses rising. The bank said its foreign branches in London, Maldives and Indian had performed well in 2008. “Our London branch has come into profits after […]
Sri Lanka share trading boosted by Carson oil palm deals
March 26, 2009 (LBO) – Sri Lankan shares ended almost flat Thursday but turnover was pushed up to 915 million rupees by large transactions in three oil palm companies of the Carson Cumberbatch group, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Extended
Mar 25, 2009 (LBO) – Sri Lanka’s Chevron unit said the island’s government has extended the lease on a land where its blending plant was located for a further five years, ending months of uncertainty. The firm was originally the lubricants division of state-run Ceylon Petroleum Corporation (CPC) which was privatized. Chevron Lubricants Lanka Ltd […]
‘s hideout overrun
March 25, 2009 (AFP) – Sri Lankan government troops have overrun a hideout of the Tamil Tigers’ feared intelligence chief, the defence ministry said Wednesday. But there was no sign of Pottu Amman, who along with Liberation Tigers of Tamil Eelam (LTTE) leader Velupillai Prabhakaran is believed to have either fled the island or else […]
Sri Lanka tea crop recovers, prices head down
March 25, 2009 (LBO) – Sri Lankan tea prices have weakened with the end of the Western quality season, although the better quality offerings still fetched higher prices at the last auction.Brokers said rains have been reported from most tea planting districts and crop intakes have shown a slight increase in certain areas. Supply will […]
Sri Lanka tea industry eyes Chinese market
March 25, 2009 (LBO) – Sri Lankan tea exporters are being encouraged to take part in a forthcoming tea fair in Hong Kong as a means to penetrate the huge Chinese market, in industry officials said.Hasitha de Alwis, director (promotion), Sri Lanka Tea Board, said firms taking part in the tea fair will not only […]
Sri Lanka tea factories clamour for loan concession
March 25, 2009 (LBO) – The Sri Lanka Tea Board has received applications from more than 470 tea factories seeking approval to get government concessions on loans, a senior official said.But the tea companies have complained that they have got no funds yet. Tea Board chairman Lalith Hettiarachchi said the manufacturers are seeking support for […]
Sri Lankan shares up on JKH deal
Mar 25, 2009 (LBO) – Sri Lankan stocks ended higher Wednesday, pushed up after a foreign investment fund divested a five percent stake in the island’s biggest conglomerate John Keells Holdings (JKH) to a local insurance company, brokers said. The All Share Price Index gained 0.72 percent (11.75 points) to end at 1,637.23 while the […]