Category: Industry
Liquidation Status
Jan 23, 2010 (LBO) – Sri Lanka’s central banks says depositors of several failed financial firms are being settled according to court directions and others could be settled with Treasury bills when assets are identified. (ii) Finance and Guarantee Property Development Company (Pvt.) Ltd. and F&G Real Estate Company Ltd: The Court has directed the […]
Bank Block
WASHINGTON, January 22, 2010 (AFP) – President Barack Obama unveiled plans Thursday to limit the size and scope of US banks and financial firms in a new offensive against Wall Street excesses laid bare by the financial crisis. “Never again will the American taxpayer be held hostage by a bank that is too big to […]
Rate Cut
Jan 22, 2010 (LBO) – Sri Lanka’s central bank said loans given to war torn northern and eastern areas for economic revival under a special scheme would be cut to 9.0 percent from the current 12.0 percent. The central bank said the loans were available from Bank of Ceylon, People’s Bank, Hatton National Bank, Commercial […]
Sri Lanka to sign coal plant deal with India after elections
Jan 21, 2010 (LBO) – The wrapping up of a joint venture deal to build a coal power plant on Sri Lanka’s eastern coast by India’s National Thermal Power Corporation (NTPC) has been put off till presidential polls are over, an official said. The government said a joint venture agreement and a power purchase agreement […]
Sri Lanka JKH hotel unit to raise Rs3.6bn to expand
Jan 21, 2010 (LBO) – The leisure unit of Sri Lanka’s John Keells Holdings group is making a 3. 6 billion rupee cash call to spruce up its hotels and build new ones as the country expects a surge of tourists after the end of a 30-year war. The company said it was issuing 364 […]
Northern Banking
Jan 21, 2010, JAFFNA (LBO) – A bank specializing in lending to Sri Lanka’s war torn north of the island will be set up Central Bank governor Nivard Cabraal told a forum in the island’s Jaffna peninsular. This week Cabraal also opened a branch of DFCC Bank in Jaffna, also a ‘development bank’ at one […]
Coup Claim
January 21, 2010 (AFP) – Sri Lanka’s main opposition said Thursday it feared President Mahinda Rajapakse would use the military to remain in power if he was defeated in next week’s elections. Opposition candidate Sarath Fonseka accused the government of pushing senior army commanders to appear on state-run television to express their public support for […]
Sri Lanka to study nuclear power feasibility
Jan 21, 2010 (LBO) – Sri Lanka is seeking Korean help to study the feasibility of starting a nuclear power plant in the island, power and energy ministry secretary M M C Ferdinando said. “We are discussion with the government of Korea (South) to implement nuclear power in Sri Lanka,” secretary Ferdinando told reporters Wednesday. […]
Sri Lanka exports fall 5.0-pct in November
Jan 20, 2009 (LBO) – Sri Lanka’s exports fell 5.0 percent in December from a year earlier, with industrial exports falling 12.2 percent, though agricultural exports were up 23.7 percent, the Central Bank said. During the 11 months to November exports were down 14.7 percent to 6,361.1 million US dollars, imports were down 31. 9 […]
Sri Lanka to get solar power plant from Korea
Jan 20, 2010 (LBO) – Sri Lanka is getting a 500 kiloWatt solar power plant from Korea which will be built in Hambantota in the south of the island and used to gain more knowledge on operating the technology , officials said. The plant will be run by the Sri Lanka Sustainable Energy Authority, which […]
India, Sri Lanka, Maldives run scrapped by Greek cruise line: report
Jan 19, 2010 (LBO) – Louise Cruises, a Greece based line which started a service running out of India to Sri Lanka and Maldives was pulling out after suffering losses due to high cost of operating out of Indian ports, media report said. The company was laying of 200 or relocating 200 crew hired for […]
Tax Plan
Jan 19, 2010 (LBO) – Sri Lanka is looking to reduce taxes on banks over the next few years allowing banks to generate more funds to recapitalize, as the economy is poised for a growth phase after the end of a 30-year war, an official said. “Over the next five years banks have to devise […]