Category: Industry
Recommendation
July 18, 2009 (LBO) – Court appointed accountants probing a failed financial firm in Sri Lanka’s Ceylinco group have recommended that its chairman directors “bring in” an additional 13 billion rupees to start repaying depositors. The Golden Key Credit Card Company collapsed with debts of 26 billion of which 12.7 billion is capital and 13.2 […]
Joint Fight
July 17, 2009 (LBO) – The Financial Intelligence Unit (FIU) of Sri Lanka’s Central Bank has signed Memoranda of Understanding (MOU) with FIUs of the Philippines and Nepal, a bank statement said. FIUs have been established in more than 130 countries as dedicated institutions to fight against money laundering, terrorist financing and other unlawful activities. […]
Market Links
July 17, 2009 (LBO) – Sri Lanka’s private sector has been told a host of investment opportunities have emerged in rebuilding transport infrastucture in the north and east, much of which was destroyed or neglected owing to war.Transport specialist Rohan Abeywickrema said there were opportunities to create facilities to link farmers and factories in the […]
Umbilical Link
July 17, 2009 (LBO) – A proposal to build a bridge linking Sri Lanka and Indian across the Palk Straits is to be discussed at a meeting of south Asian transport ministers in Colombo, a senior official said.Amal Kumarage, chairman of the island’s National Transport Commission, said the bridge will help Sri Lanka regain its […]
Liquid Option
July 16, 2009 (LBO) – Depositors of a collapsed Sri Lankan financial firm should seek its liquidation under civil law to realize assets while criminal proceedings may put pressure on directors surrender other assets, a senior lawyer has said. “But in my view there is a limit to what could be realized and in my […]
Permit Fever
July 16, 2009 (LBO) – Private bus operators in Sri Lanka are clamouring for permits to ply the northern Jaffna route with the end of a drawn out civil conflict, Amal Kumarage, chairman of the island’s National Transport Commission said. Government forces defeated the Tamil Tiger rebels in May after a lengthy military campaign and […]
Sri Lankan stocks close down 0.2-pct
July 16, 2009 (LBO) – Sri Lankan shares closed down on Thursday, as retail investors took profits on mid cap stocks and index heavy blue chips, brokers said. The benchmark Colombo All Share Price Index closed down 0.27 percent (6.30 points) to end at 2,366.74, while the Milanka index of liquid stocks gained 0.61 percent […]
‘s triumphant Sangakkara takes nothing for granted
July 15, 2009 (AFP) – Kumar Sangakkara on Wednesday celebrated victory over Pakistan in his first series as Sri Lanka’s captain with a warning to team-mates to guard against future setbacks. “It’s true you have got to enjoy the good times, but you need to make sure that the team is prepared to face the […]
Network Move
July 15, 2009 (LBO) – Aepona, a global provider of telecoms software products and services headquartered in Belfast, Northern Ireland, said it has bought Valista, and will expand operations in Sri Lanka. It enables mobile and broadband operators to treat their network and informational assets as marketable resources that can be made available to third […]
Virgin Market
July 15, 2009 (LBO) – Sri Lanka’s National Development Bank (NDB) said it has launched its Bangladesh joint venture investment bank, NDB Capital Limited, positioning the group to be able to expand in a bigger market. “It’s a virgin market where professional investment banking services are currently not available,” Vajira Kulatilaka, chief executive of NDB […]
Refugee Fund
July 14, 2009 (LBO) – Sri Lanka’s Central Bank said it has opened an account to receive contributions from the public for the welfare and resettlement of people displaced by the ethnic war.It said in a statement all contributions to the account, set up in response to public inquiries about making contributions, are exempted from […]
Pakistan in deep trouble after batting collapse
July 14, 2009 (AFP) – Sri Lanka engineered a spectacular Pakistan batting collapse on the third day to wrest control of the second Test at the P. Sara Oval here on Tuesday. The last three batsmen were leg-before in quick succession. The dramatic collapse undid Pakistan’s remarkable fightback in the match after they were shot […]