Category:
Sri Lanka DSI group expands hydro investments
Jan 16, 2013 (LBO) – Sri Lanka’s DSI Holdings group, which has interests in footwear and rubber products, is investing 350 million rupees in a two Mega Watt mini-hydro plant, Fitch Ratings said.Earlier reports said that the total cost of the plant built by Werapitiya Hydro Power (Pvt) Ltd would be around 450 million rupees […]
Sri Lanka growth to pick up to 6.8-pct in 2013: World Bank
Jan 16, 2013 (LBO) – Sri Lanka’s economic growth will pick up to 6.8 percent in 2013 helped renewed external demand, better agriculture output, the World Bank said in a report on global economic prospects. Energy subsidies were also high in India. India’s rupee weakened over the past year amid central bank intervention. Large volumes […]
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Jan 15, 2013 (LBO) – Sri Lanka’s DSI Holdings, which has market leadership in footwear helped by import protection has been downgraded one level to ‘BBB+(lka)’ with a negative outlook by Fitch. The rating agency said the company’s leverage had remained at levels more in line with ‘BBB+(lka)’ rated firms. The negative outlook indicated that […]
Sri Lanka stocks flat, rupee weaker
Jan 15, 2013 (LBO) – Sri Lanka stocks closed flat Tuesday and the rupee weakened on importer demand in late trading, brokers and dealers said. The Colombo All Share Index closed at 5,750.24 points 0.07 percent higher and the S&P SL20 Index closed at 3,134.32 up barely 0.01 percent. Turnover was 727 million rupees. Ceylon […]
Eastern Expansion
Jan 15, 2013 (LBO) – Sri Lanka’s Amana Bank, which operates on Islamic financial principles said it has expanded its branches in the Eastern province, a former war zone to six.The new branch was opened in Nintavur, adding to Kattankudy, Kalmunai, Oddamavadi, Sammanthurai and Akkaraipattu. “We want to have a strong presence in the Eastern […]
Credit Trend
Jan 15, 2013 (LBO) – Sri Lanka’s commercial banks loaned 24.1 billion rupees to business in November 2012, with the state also borrowing another 18.8 billion rupees, official data showed. A balance of payments crisis is triggered in the monetary system by injecting large volumes of central bank credit (printed money) in the banking system […]
Sworn In
Jan 15, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa had sworn in Mohan Peiris, a former Attorney General as Chief Justice amid heavy security around the capital’s main courts complex.Dissenting lawyers have said they will petition court challenging the appointment of a new chief justice. The state information office said Peiris was sworn in […]
Legal Office
Jan 15, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa is expected to appoint a new Chief Justice later Tuesday amid fresh controversy with a group of lawyers said they will seek a court order declaring the appointment illegal. Former Attorney General Mohan Peiris is tipped to be sworn in as Chief Justice. The Lawyers […]
Sri Lanka imports fish from China for canning, more factories ahead: report
Jan 14, 2013 (LBO) – Sri Lanka is to set up another plant to can fish while existing tax protected factories are importing raw fish from China to prevent extinction of some species, a media report said.Sri Lanka’s The Sunday Times newspaper said a new factory was planned with possible Chinese investment in Galle in […]
Ordered Out
Jan 13, 2013 (AFP) – Sri Lankan President Mahinda Rajapakse on Sunday sacked the chief justice by ratifying a controversial parliamentary vote, defying international calls for restraint and plunging the country into a constitutional crisis. A spokesman for Bandaranayake confirmed that she received the letter sacking her on Sunday, but declined comment.No replacement has been […]
Quit Notice
Jan 13, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa had served a notice on Chief Justice Shirani Bandaranaike to quit her post Sunday, following the passage of an impeachment vote by parliament.The state information office said notice was served on the Chief Justice “informing her of the removal from the post.” The impeachment of […]
Concern
Jan 13, 2013 (LBO) – Commonwealth Secretary-General Kamalesh Sharma has urged Sri Lanka’s ruling administration to “pause” a controversial impeachment of the Chief Justice saying the organization profoundly concerned.“The impeachment of a Chief Justice is a very serious matter.In this particular case, it has called into question aspects of the Constitution of Sri Lanka,” Commonwealth […]