Author: lbostgadmin
Fined
May 30, 2008 (LBO) – Sri Lanka securities watchdog said Nawaloka director Jayantha Dharmadasa has been fined over a price manipulation case involving the shares of a hospital firm. The Securities and Exchange Commission said in a notice that Dharmadasa had been fined 3.3 million rupees following a request to ‘compound’ a case a under […]
Housing Woes
May 30, 2008 (LBO) – Sri Lanka’s Housing Development and Finance Corporation’s (HDFC’s) profits fel 90 percent in the March quarter amid rising interest expenses and a fall in other income, the group’s interim results showed. The group after tax profit dropped to 11.38 million rupees in the quarter ended March 2008, from a previous […]
Sri Lanka relaxes entry rules for foreign bond buyers
May 30, 2008 (LBO) – Sri Lanka has removed foreign funds investing in government bonds from the scrutiny of the country’s securities watchdog, the island’s central bank said.Foreign hedge funds bought into Sri Lanka government securities heavily in the first part of 2007. But turmoil in global credit markets had made conditions in international markets […]
Top Sri Lanka official says freezing prices an economic crime
May 29, 2008 (LBO) – A top official of a government body said freezing prices of government output was an ‘economic crime’ because the popular concept of ‘government bearing the burden’ had no factual basis. “Suppressing prices and freezing them is an economic crime,” head of Sri Lanka Railways Lalithasiri Gunaruwan told reporters. “It is […]
Sri Lankan media groups slam govt attempt to muzzle journalists
May 28, 2008 (LBO) – Sri Lankan journalists’ unions and media rights groups Wednesday condemned government attempts to prevent those in the state media from criticising the government. Five media groups in a letter to defence ministry secretary Gotabhaya Rajapaksa deplored comments by him and another senior government official that journalists working in the state […]
Journalist hacked to death in Sri Lanka: rights group
May 29, 2008 (AFP) – A Sri Lankan journalist working in the war-torn northern region and his friend have been hacked to death, a media rights group said Thursday.P. Devakumar, 36, a correspondent for the privately-run Sirasa television, was murdered on Wednesday, the influential Free Media Movement (FMM) said. Devakumar is the ninth media worker […]
Shift in Asian currency strategy to fight inflation: report
May, 2008 (AFP) – Export-driven Asian economies are shifting away from a strategy of keeping currencies weak against the US dollar in an indication of troubling times for the region, a US think tank said Wednesday. Central banks in Indonesia, the Philippines, Taiwan and South Korea on Tuesday reportedly began selling dollars to shore up […]
‘s Tata Motors slip
May 29, 2008 (AFP – India’s top vehicle maker Tata Motors reported a slight fall in annual profit on Wednesday as it announced a capital raising plan to fund its purchase of British luxury icons Jaguar and Land Rover. The company, part of the steel-to-tea Tata Group conglomerate, reported net profit fell to 21.67 billion […]
Slowdown looms for Indian economy: analysts
May 29, 2008 (AFP) – A slowdown looms for India’s economy amid global financial turmoil even though it may post better-than-expected growth for last year in official data due on Friday, economists say. Just as positive global factors supported India’s expansion earlier, “negative global factors,” such as surging commodity prices and growing investor risk aversion, […]
‘s king packing belongings: newspaper editor
Nepal’s ousted king Gyanendra is packing his belongings and planning to leave his palace in Kathmandu on Friday in line with a two-week deadline, a prominent newspaper editor told AFP Thursday. “According to our sources, the King is packing up his personal belongings to move out of the palace,” Kishore Shrestha, editor of the Nepali-language […]
Sri Lanka business chamber launches e-commerce portal
May 29, 2008 (LBO) – The Ceylon Chamber of Commerce said Thursday it had activated an electronic commerce web portal this week that would help Sri Lankan business to trade internationally. Website visitors have free search facilities to find reliable companies that meet procurement needs and service requirements, and are able to browse through detailed […]
Value Billing
May 29, 2008 (LBO) – Sri Lanka mobile operator TIGO, a unit of Millicom International Cellular says it’s per second billing and lifetime bonus schemes have helped win consumer loyalty for the brand. In Sri Lanka it shares the market with Dialog Telekom, Mobitel and Hutch. “We will never cheat on our consumers, so that’s […]