Category: Industry
Sri Lanka Janashakthi Insurance gets Rs800mn in subscriptions
June 17, 2008 (LBO) – An initial public offer of Janashakthi Insurance has so far received 5,500 applications worth 800 million rupees, an official said after closing the issue on the opening day yesterday. Ceylinco Insurance, a listed insurance firm, is hoping to raise 1.4 billion rupees through a follow on offer of non-voting shares […]
Leasing Funds
June 17, 2008 (LBO) – Sri Lanka’s People’s Leasing Company (PLC), a unit of state-run People’s Bank, will sell a 200 million rupee 12-month debenture, Fitch Ratings, which gave the issue an ”F1(lka)’ rating, said. A ‘F1(lka)’ national short-term rating indicates the strongest capacity for timely payment of financial commitments relative to other issuers or […]
China begins sensitive Xinjiang torch relay leg
URUMQI, June 17, 2008 (AFP) – China Tuesday kicked off the Olympic torch relay’s sensitive leg through Xinjiang, a largely Muslim western region where Beijing acknowledges there are ethnic tensions. Under sunny skies, the regional capital Urumqi was largely shut down with police checkpoints restricting movement throughout the normally bustling city as the relay got […]
Sri Lanka power utility engineers seek ouster of chairman
June 17, 2008 (LBO) – Sri Lanka powerful electricity engineers’ union has started a work-to-rule campaign ahead of a full blown trade union action demanding the ouster of the state-run utility’s chairman, a union official said. The Ceylon Electricity Board Engineers’ Union (CEBEU) had decided to start the work-to-rule campaign at a special general meeting […]
‘ review system
NEW DELHI, June 16, 2008 (AFP) – An experimental rule allowing players to seek a second opinion on umpiring decisions will be put on trial during India’s upcoming series in Sri Lanka, officials said on Monday. The rule says a batsman or fielding captain may request the review of any decision taken by on-field umpires […]
Sri Lanka exports up on commodity boom
June 16, 2008 (LBO) – Sri Lanka’s exports grew 14.7 percent helped by strong prices for tea, while apparel exports grew by a slow 5.3 percent and the trade deficit expanded 92 percent on higher oil and capital goods imports, official data showed. The Central Bank said April export earnings increased 14.7 percent to 610 […]
Good Behaviour
June 16, 2008 (LBO) – Sri Lanka’s Central Bank said it has prepared a draft code of corporate governance for registered finance companies, based on the directions issued to licensed banks, that will come into effect from January 2009. It said in a statement that the draft took into consideration the views expressed by the […]
Harbour View
June 16, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) is getting ready to make commercial use of its vast landholdings around the harbours in the island, some of which are now considered prime property. “We’ve structured a framework agreement by which we can use the land for public-private partnership projects,” SLPA chairman Saliya […]
Cash strapped Sri Lanka Cricket sinks deeper into debt: report
June 15, 2008 (LBO) – Sri Lanka Cricket, the island’s richest sporting body, is currently surviving on a 7.5 million dollar overdraft, a media report said. The triangular series had been due to take place in August 2006 between the hosts, South Africa and India. India stayed to play Sri Lanka, but rain disrupted the […]
Smoking Out
June 14, 2008 (LBO) – Laugfs Eco Sri, a unit of Sri Lanka’s Laugfs gas distributor, plans to launch a sample testing centre next month to test vehicle exhaust emissions ahead of the imposition of new emission standards. The government has said vehicles that do not meet proposed exhaust emission standards will not be given […]
Jumbo Release
UDAWALAWE, June 14, 2008 (AFP) – Sri Lanka on Saturday released eight orphaned baby elephants into the jungle after rescuing them from near certain death, wildlife officials said.Many of those elephants cared for by the wildlife officials have been injured after being struck by trains or shot by farmers. Others are rescued from pits into […]
From Johnson to Munich, scandal and tragedy has marked Olympics
PARIS, June 13, 2008 (AFP) – Planning and staging an Olympics has never been an easy task and the chances are that Beijing 2008 will have its share of problems before it all ends for another four years.However it will have to go some way to surpass several previous Olympics. From the humiliating spectacle of […]