Category: Other
More Victims
May 14, 2007 (LBO) – A listed Islamic insurer said it was suspending a proposed bonus issue, while a shipping firm said it had sought legal advice on how to proceed after a new company law made bonus issues redundant. The new law does not recognize bonus issues, and firms that want to issue more […]
Sri Lanka raises fuel prices
May 11, 2007 (LBO) – Sri Lanka has raised fuel prices from midnight Friday with diesel going up by two rupees, petrol by one rupee and furnace oil by three rupees a litre, a Ceylon Petroleum Corporation official said.This would push 90-Octane petrol to 106 rupees and 95-Octane petrol to 109 rupees with standard auto-diesel going […]
World Bank gives Wolfowitz more time
WASHINGTON, May 9, 2007 (AFP) – The board of the World Bank has given an additional week to embattled bank president Paul Wolfowitz to defend himself in a nepotism scandal, the bank said in a statement Wednesday.“The Executive Directors met today to consider a request from the President for additional time to comment on the […]
Another One
May 11, 2007 (LBO) – Chemanex, a listed chemical firm, has postponed a shareholder meeting called to ratify a bonus issue after a new company law came into effect earlier this month, the company said Friday. The company said the Stock Exchange had informed Chemanex that a ‘bonus issue’ declared by the board of directors […]
No Split
May 10, 2007 (LBO) – A listed hotel firm in Sri Lanka has decided not to go ahead with a share split citing provisions in a new company law that came into effect earlier this month. Dividends declarations are subjected to solvency tests under the new law. Associated Hotels, went through a process to split […]
Splitting Hairs
May 9, 2007 (LBO) – Firms that declared a ‘bonus’ issue but have not yet ratified it with a shareholder vote will have to go through a process under the new company law and ‘split’ the shares, officials and legal experts said. A new company law came into effect in Sri Lanka on May 03, […]
Miscreants Beware
May 7, 2007 (LBO) – Sri Lanka’s new Companies Act will force firms to better comply with listing rules and help clean up the ‘Default Board’ of the Colombo Stock Exchange, legal experts and officials said. The new law imposes tougher penalties for non-compliance with disclosure requirements and could have a deterrent effect on listed […]
Tougher Laws
May 07, 2007 (LBO) – Sri Lanka plans to include tough anti-terror financing laws into banking, insurance and securities market, in a bid to crack down on unscrupulous people using the financial system to launder money, officials said Monday. “We are looking at including elements of our anti-money laundering and financial transactions reporting laws into […]
Jakarta Arrest
May 7, 2007 (LBO) – Indonesian police have arrested top operatives of the GoldQuest scheme, while its founder is also wanted by Interpol for his activities in the Philippines, reports said. Quest International (QI) group Chief Executive Vijayeswaran Vijayaratnam, director Joseph Bismark, and two other senior executives, Donna Marie Imson and Tagumpay Kintanar were arrested […]
ADB looks for new role after success in growing Asian prosperity
KYOTO, Japan, May 5, 2007 (AFP) – The Asian Development Bank came under pressure Saturday not to abandon the region’s poorest as it considers a major overhaul in response to warnings that it risks becoming irrelevant. With Asia’s rapid economic growth expected to wipe out widespread absolute poverty in much of the region by 2020, […]
Ultimate Aim
May 5, 2007 (LBO) – An amendment effected to the Monetary Law Act in 2002 requires the Central Bank of Sri Lanka to pursue ˜economic and price stability’ as one of the two core objectives of the Bank. The writer is the Deputy Governor of the Central Bank of Sri Lanka This is somewhat a […]
Sri Lanka tea export earnings boosted by high prices
MAY 3, 2007 (LBO) – Sri Lankan tea exports fell in the first quarter of 2007 but earnings were up because of high prices caused by supply shortages owing to a strike and dry weather, brokers said. Shipments of Ceylon tea in January-March 2007 fell 4% to 74.4 million kg from the record 77.8 million kg […]