Author: lbostgadmin
Fresh Look
May 25, 2006 (LBO) – The Hayleys Group said Thursday that Nirmala Gihan Wickremeratne, Deputy Chairman, will succeed Rajan Yatawara as Chairman of the blue chip conglomerate effective 10th January 2007, on the retirement of the latter after over 40 years of service. Wickremeratne, who joined Hayleys in 1971 and was appointed to the Board […]
Dormant Money
May 25, 2006 (LBO) – Sri Lanka is looking at the possibility of taking over the dormant accounts and property deposited in commercial and specialised banks which have remained unclaimed over a long period of time, banking sources said. The Central Bank is already collecting data on all bank accounts and properties which have not […]
Three die as international concern mounts over Sri Lanka violence
May 24, 2006 (AFP) – Three security personnel died in a mine blast Wednesday, the Sri Lanka military said, as a Norwegian peace envoy arrived to salvage a collapsing ceasefire that has sparked mounting international concern.Oslo’s number two peace emissary, Jon Hanssen-Bauer, arrived Wednesday and will be joined by the country’s top peace envoy Erik […]
Cricket fever taking root across Asia
KARACHI, May 24, 2006 (AFP) – Just a few years ago it was hard to imagine cricket taking root in conservative societies like China and Afghanistan.But the passion shown in countries like India, Pakistan and Sri Lanka has spread like an epidemic, prompting the caretakers of the sport in the region to fast track its […]
Oxfam cries foul over sportswear sweatshops ahead of World Cup
SYDNEY, May 24, 2006 (AFP) – Sportswear manufacturers received a red card from international charity Oxfam Wednesday for failing to stamp out sweatshops in Asia ahead of next month’s football World Cup.Oxfam said while sportswear companies paid millions in sponsorship to the footballers who will star at the tournament in Germany, the workers manufacturing their […]
”s Chery
KUALA LUMPUR, May 24, 2006 (AFP) – Malaysian carmaker Proton said Wednesday it is in talks with Chinese manufacturer Chery on a deal to assemble and distribute Proton and Chery models in China, Malaysia and elsewhere in Southeast Asia.Proton said in a statement that the two firms would work on a feasibility study over the […]
Thai Stock Exchange chief resigns over beer IPO in Singapore
BANGKOK, May 24, 2006 (AFP) – The head of the Stock Exchange of Thailand quit Wednesday after the local stock market failed to list the country’s best-selling brewer, which instead went to Singapore.Kittiratt Na-Ranong resigned and the stock exchange board appointed his deputy, Patareeya Benjapolchai, as the new president, effective from May 31, the Stock […]
Sri Lanka ships more earns more from shipping tea in April
Apr. 26 (LBO) – Sri Lanka shipped 98.65 million kilos of tea in April to overseas buyers higher than 87.96 million kilos reported during the same period 2005, a commodity brokering house said Wednesday. Sri Lanka earned 814 million dollars from tea exports last year, up from 741 million dollars in 2004, Asia Siyaka said. Earnings […]
Steady Progress
May 24, 2006 (LBO) – People’s Bank, Sri Lanka’s second-largest state bank in terms of assets, said group net profits for the three-months to March 31 rose 22.1 percent to 926.23 million rupees. The technically insolvent bank said Wednesday that its net profits were up 14.3 percent to 774.19 million rupees during the period under […]
Step Pyramid
May 24, 2006 (LBO) – Authorities in Sri Lanka are stepping up a campaign against pyramid schemes, after learning that promoters were targeting school leavers and unemployed youth in rural districts. The Central Bank has already started to publish a series of advertisements in the vernacular Sinhalese language newspapers. Officials say the campaign will be […]
Sri Lanka launches an electronic trading platform for government bonds
May 24, 2006 (LBO) – Sri Lanka Wednesday launched an electronic trading platform for government bonds, which will set the tone for a more vibrant debt market to be developed in the future, traders said. “From a primary dealer perspective, transaction costs come down.We are confident that people can trade even with smaller spreads, thereby […]
Dire Straits
May 23, 2006 (LBO) – Cash strapped retail fuel supplier Lanka IOC has put a break on future imports, citing an unpaid 7.44 billion rupee subsidy payment at the centre of a dispute with the government. A unit of the Fortune 500 Indian Oil Corp., Lanka IOC says they have sufficient stocks to cover 43 […]