Author: lbostgadmin
Who Did It?
A Sri Lankan magistrate Thursday gave police permission to examine three private bank accounts amid allegations that Prime Minister Mahinda Rajapakse helped himself to foreign aid meant for tsunami survivors.A Sri Lankan magistrate Thursday gave police permission to examine three private bank accounts amid allegations that Prime Minister Mahinda Rajapakse helped himself to foreign aid […]
Tea prices expected to grow
Weekly tea prices are slowly edging up, with this weeks auction pushing the monthly average to Rs. 188.43, up from Rs. 181.24 in late August. The annual average however is only some 45 cents higher from late August at Rs. 180.45. Industry watchers say prices will improve further in the coming weeks, especially with the […]
Tax Watcher
The Finance Ministry on Thursday appointed former Supreme Court Judge Maxwell Parakrama Paranagama as Sri Lanka’s first tax ombudsman.The Finance Ministry on Thursday appointed former Supreme Court Judge Maxwell Parakrama Paranagama as Sri Lanka’s first tax ombudsman. A Ministry statement said the appointment was in keeping with the 2005 budget proposal to appoint an independent […]
No Thanks
Sri Lankans are increasingly bombarded with a plethora of financial products and services, but locals still shy away from the capital markets for their monetary needs, a Central Bank led consumer finance survey has highlighted.Sri Lankans are increasingly bombarded with a plethora of financial products and services, but locals still shy away from the capital […]
Sri Lanka rate hike not enough to boost rupee
Sri Lanka’s central bank sent a powerful message to the local markets Tuesday when it hiked interest rates unexpectedly to keep rising inflation from skyrocketing out of control.Sri Lanka’s central bank sent a powerful message to the local markets Tuesday when it hiked interest rates unexpectedly to keep rising inflation from skyrocketing out of control. […]
Losing Interest
Power generation company Lakdhanavi Limited will de-list from the Colombo Stock Exchange, after it listed four years ago to be eligible to bid for a power project. A fully owned subsidiary of Lanka Transformers, Lakdhanavi says its shares have not been traded since and its shareholders no longer want it to be publicly held. “We […]
Safe Landings
Domestic airlines will raise fares to Jaffna by Rs.2000, as almost all international airlines flying out of Colombo also slap on further fuel surcharges on Thursday.Domestic airlines will raise fares to Jaffna by Rs. 2000, as almost all international airlines flying out of Colombo also slap on further fuel surcharges on Thursday. Local airline regulator, […]
Ceylinco Developers hunts for Rs. 100 mn
Ceylinco Developers Ltd, promoters of the Millennium City township development project, is raising Rs. 100 million in debt to meet its ongoing expansion plans. Ceylinco Developers Ltd, promoters of the Millennium City township development project, is raising Rs. 100 million in debt to meet its ongoing expansion plans. The unsecured, unquoted subordinated three-year issue comes […]
‘s upcoming debenture gets AA (sri) rating
Sri Lanka’s Commercial Bank’s upcoming billion rupee debenture issue secured an AA (sri) rating from Fitch Ratings Lanka, the agency said Wednesday.Sri Lanka’s Commercial Bank’s upcoming billion rupee debenture issue secured an AA (sri) rating from Fitch Ratings Lanka, the agency said Wednesday. The bank initially plans to raise Rs.1.0 billion with an option to […]
Sri Lankan presidential poll turns into vote on peace process: analysts
Pre-poll pacts by the prime minister have effectively turned Sri Lanka’s presidential vote into a referendum on Norway’s peace bid and cast doubts on a 3.2 billion dollar foreign aid package for tsunami recovery, analysts said. Pre-poll pacts by the prime minister have effectively turned Sri Lanka’s presidential vote into a referendum on Norway’s peace […]
Four men shot dead outside Colombo
Four men were shot dead today and their bodies dumped in a car parked inside a cemetery just outside the capital Colombo, police said. Four men were shot dead today and their bodies dumped in a car parked inside a cemetery just outside the capital Colombo, police said. The bodies were found at Dompe, about […]
Explosions at Sri Lanka fireworks factory kill three
At least three workers were killed Tuesday in explosions at a fireworks factory outside the Sri Lankan capital Colombo, police said.At least three workers were killed Tuesday in explosions at a fireworks factory outside the Sri Lankan capital Colombo, police said. Fire engines were rushed from the nearby international airport to douse the flames, said […]