Author: lbostgadmin
Inflated Fines
June 07, 2007 (LBO) – Sri Lanka’s capital markets watchdog is planning to impose stiffer penalties as part of an overall revamp of key statutes governing the Securities Exchange Commission (SEC), a top official said. The authorities have recently introduced a new company law and new corporate governance rules are being made mandatory for listed […]
Clipped Wings
June 7, 2007 (LBO) – DFCC Bank has been asked to cut its 28.98 percent stake in Commercial Bank to 15 percent under Sri Lanka’s banking laws, the development financier said. Commercial Bank of Ceylon has informed DFCC Bank that if the stake was not cut by October 23, 2008, DFCC its voting rights would […]
Sri Lankan commercial bank widens reach of hedging products
June 06, 2007 (LBO) – The Commercial Bank of Ceylon says it is broadened the availability of forex hedging products, allowing even individuals to use them in addition to large corporates and small and medium businesses. These products will also help customers to diversify their cash investment portfolios, Commercial Bank’s Head of Global Treasury, Dula […]
Sri Lanka finance ministry, auditor-general in row over revenue losses
June 06, 2007 (LBO) – Sri Lanka’s Finance Ministry has disputed a report by the auditor-general that weak collections led to a revenue loss of 360 billion rupees. The loss, it said in its annual report for 2006, was not more than 6.2 billion rupees of which half related to the VAT refund fraud which […]
Divine Intervention
June 6, 2007 (LBO) – Sri Lanka’s state electricity utility warned that power cuts would be imposed if monsoon rains do not come in the next two weeks to boost its hydro storage capacity. It engineers have warned the media last month that another unsuitable 300 MegaWatt thermal plant is being forced on the utility […]
Train blast in Sri Lanka wounds four
June 6, 2007 (AFP) – A bomb exploded under a passenger train in Sri Lanka’s embattled east on Wednesday, wounding at least four people, military officials said.A mine buried along the track went off as the train was at Navaladi in the the coastal district of Batticaloa, a military official in the area said by […]
Think tank IPN calls writers for a free society to participate in the Bastiat Prize
June 06, 2007 (LBO) – The international Policy Network (IPN), a London based think tank, is calling for writers who promote institutions for free society to take part in their annual competition. IPN’s Bastiat Prize for Journalism had been inspired by the 19th-century French philosopher and journalist Frédéric Bastiat. Last year writers from 49 countries […]
Sri Lankan Red Cross stops work for slain colleagues
June 6, 2007 (AFP) – Red Cross offices across Sri Lanka stopped work Wednesday as a mark of respect for two colleagues gunned down last week.Sri Lankan Red Cross workers Sinnarasa Shanmugalingam and Karthekesu Chandramohan were abducted in Colombo on Friday and murdered by armed men claiming to be police. They were working in the […]
‘s Dilshan stars in Asia XI win
BANGALORE, India, June 6, 2007 (AFP) – Sri Lankan Tillakaratne Dilshan hit an unbeaten 47 to guide Asia XI to a six-wicket victory over Africa XI in the one-off Twenty20 cricket match here on Tuesday.The Asian team were struggling at 34-3 before surpassing their opponents’ modest total of 109-8 with more than four overs to […]
Sri Lanka checks out another Aussie coach: report
SYDNEY, June 6, 2007 (AFP) – Australian provincial coach Trevor Bayliss will fly to Sri Lanka next week to be interviewed for the vacant national coach’s position, it was reported Wednesday.. The Sydney Morning Herald said New South Wales state coach Bayliss was a candidate for the position vacated by fellow countryman Tom Moody, who […]
Air force officer takes over as Sri Lanka manager
June 6, 2007 (AFP) – A senior Sri Lankan air force officer has been appointed as the new manager of the national cricket team, replacing Michael Tissera, a Sri Lanka Cricket official said Wednesday.Air Vice Marshal Sriyan Samararatne, a strict disciplinarian, was picked after facing an interview panel Wednesday by Sri Lanka Cricket, the governing […]
China central bank on guard over inflation in food prices
BEIJING, June 6, 2007 (AFP) – China’s central bank is on guard against the recent rise in food prices and might consider an interest rate hike to cool rising inflation, state media said Wednesday, citing the central bank chief. In a report to clients, Goldman Sachs forecast late last month that the rise in pork […]