Author: lbostgadmin
Behaviour Code
January 05, 2007 (LBO) – Sri Lanka’s securities regulator will include a revised corporate governance code into the Colombo bourse’ listing requirements, making it mandatory for quoted companies to adopt the rules from April onwards. Drawn up by the Securities a& Exchange Commission of Sri Lanka (SEC), the Institute of Chartered Accountants of Sri Lanka […]
Fresh Face
Dec 05, 2007 (LBO) – Sri Lanka’s Postal Department is expanding its high value stamp range with a 200 rupee issue later this year and is also seeking public views to issue personalised stamps for private entities. Stamp values currently vary from 50 cents and to 1,000 rupees. “For persons or companies who want commemorative […]
New Business
January 05, 2007 (LBO) – The long-awaited restarting of Pramuka Bank as the Sri Lanka Savings Bank will get underway soon, with the new entity due to begin banking operations in January. The new bank will be the second fully government owned savings bank after National Savings Bank, which was established in 1972. At the […]
Cheap Deals
KUALA LUMPUR, Jan 5, 2007 (AFP) – AirAsia X, a new long-haul, low-cost carrier, will take off in July with flights to Britain for as little as 9.99 ringgit (2.84 dollars), Malaysian aviation tycoon Tony Fernandes said Friday. AirAsia X will service other destinations in Europe as well as China and India, said Fernandes, the […]
Little Choice
January 05, 2007 (LBO) – Sri Lanka’s clothing exporters are protesting against shipping lines’ decision to increase fees for handling goods out of the island by as much as 35 percent. Starting January 1, the Terminal Handling Charge or THC for a 20 foot container goes up from 115 dollars to 155 dollars, while 40 […]
Costly Ride
January 4, 2007 (LBO) – Gasoline prices in Sri Lanka will go up by 5-percent, to keep pace with rising world oil prices that are currently hugging the 60 dollars a barrel mark, the government said Thursday. A net oil importer, Sri Lanka’s fuel bill climbed up to around to 2.2 billion dollars last year, […]
Automated Shares
Jan 04, 2007 (LBO) – Sri Lanka’s Millennium Information Technologies says they have designed an implemented an automatic stock trading system for the Tanzanian Stock Exchange within a record two months. The new Automated Trading System and the Central Depository System (CDS) moved the Dar es Salaam Stock Exchange’s (DSEs) trading from an open outcry […]
Sri Lanka heads for record tea export growth despite estate worker strikes
January 4, 2007 (LBO) – Sri Lanka shipped a record 28 million kilos of tea in November 2006, amidst weeks’ long trade union action that cost over a billion rupees, commodity brokers Asia Siyaka said Thursday. Despite strike action by unions demanding a wage to cope with a soaring costs of living Sri Lanka exported a […]
Thin Frames
SYDNEY, Jan 4, 2007 (AFP) – Asian airlines will likely reap reduced profits in 2007 as increased competition offsets gains in passenger and freight traffic, a global aviation body said Thursday. The International Air Transport Association (IATA) predicted that the sector would see total profits for Asia plummet from around 1.7 billion US dollars in […]
Fitch gives A+(lka) for Sampath Bank debentures
January 4, 2007 (LBO) – Sri Lanka’s Sampath Bank Thursday secured a A+(lka) rating from Fitch Ratings Lanka for its upcoming four year 300 million rupee debenture issue. The rating reflects Sampath’s relatively good profitability, improving asset quality, enhanced provision coverage and resulting good solvency, Fitch said. Sampath’s capitalisation levels have decreased due to loan […]
” measure in March
January 03, 2007 (LBO) – Sri Lanka will withdraw from March 31, a controversial cash deposit requirement aimed at limiting imports, which drew censure from the International Monetary Fund as an exchange control measure, a top official said. A 50 percent margin requirement was imposed on a set of goods defined as ‘luxury’ by bureaucrats […]
Tech Unsavvy
Jan 03, 2007 (LBO) – Sri Lanka’s ministry of education says more than 60 percent of the teachers in Sri Lanka lack computer and English literacy skills that are needed in a modern teaching environment. The Ministry of Education says a new government survey shows that only a third of the teachers or (32.5 percent) […]