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Canada suspends Commonwealth funding over Sri Lanka rights abuses
OTTAWA, April 14, 2014 (AFP) – Canada’s government announced Monday the suspension of funding to the Commonwealth over rotating chair Sri Lanka’s alleged rights abuses.While Sri Lanka remains chair of the 53-member bloc, Canada’s Can$10 million (US$9 million) annual contribution to the Commonwealth Secretariat will instead go for two years toward combatting the practice of […]
Cricket stars among team owners in new India football league
NEW DELHI, April 13, 2014 (AFP) – Cricket stars Sachin Tendulkar and Sourav Ganguly and leading Spanish club Atletico Madrid are among the owners of teams in a new India football league set to start this year, organisers said Sunday.The Indian Super League, featuring foreign and Indian talent in teams based in eight cities, is […]
Sri Lanka cautioned on rising renewable energy costs
Apr 14, 2014 (LBO) – Sri Lanka’s central bank has sounded a note of caution of caution over the rising burden of renewable power on consumers as the proportion of non-conventional renewable power (NCRE) increases in the grid.Mini-hydro feed in tariffs are among the cheapest.Almost all sources non-conventional of renewable power except waste heat are […]
‘s English county stint
LAHORE, April 12, 2014 (AFP) – Pakistan off-spinner Saeed Ajmal’s stint with English county Worcestershire may be set for a shorter duration to compensate for his country’s hastily-arranged Test and one-day series against Sri Lanka. “We are still discussing how much time he (Ajmal) can be away as we now have a scheduled series in […]
Sri Lanka firms short of workers, over 10,000 working on tourist visas: President
Apr 13, 2014 (LBO) – Sri Lankan firms are asking to employ more foreign workers to fill labour shortfalls, with over 10,000 working in the country on tourist visas, President Mahinda Rajapaksa said.“Some companies come and say, allow us to bring workers from abroad, from India,” President Rajapaksa told a business forum where the annual […]
Private Equity
Apr 12, 2014 (LBO) – International Finance Corporation, a World Bank arm said it will invest 10 million US dollars in Emerald Sri Lanka Fund I, a 50 million US dollar private equity fund focused on the island.The fund will be run NDB Zephyr Partners, a joint venture between by New York based Zephyr Management […]
Settlement
Apr 12, 2014 (LBO) – Sri Lanka Telecom Plc, said it will pay Just In Time Holdings (Pvt) Ltd, which had supplied IPTV equipment, 673 million rupees, which includes legal costs and 171 million rupees in interest.Sri Lanka Telecom will make an immediate payment of 502 million rupees for set top boxes and legal costs, […]
Sri Lanka shoemaker downgraded after VAT
Apr 11, 2014 (LBO) – Sri Lanka’s DSI Holdings Plc, which owns a tariff protected shoe business has been downgraded to ‘BBB(lka)’ from ‘BBB+(lka)’ weaker cashflows after the imposition of value added tax on retail sales. At the new level, which is still in the investment grade, the outlook was stable, Fitch said. “DSIHL’s leverage […]
Sri lanka Softlogic Holdings downgraded by Fitch
Apr 11, 2014 (LBO) – Sri Lanka’s Softlogic Holdings Plc, has been downgraded by one notch from ‘A-(lka)’ to ‘BBB+(lka)’ which is still in the investment grade, with a ‘stable; outlook by Fitch. “The downgrade reflects Fitch’s expectation of a sustained weakness in SHL’s financial profile at the holding company level, primarily because of debt-funded […]
Sri Lanka stocks close up 0.3-pct
Apr 11, 2014 (LBO) – Sri Lanka’s stocks close up 0.28 percent higher with index heavy stocks gaining amid net foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 17.29 points higher at 6,092.34 up 0.28 percent. The S&P SL20 closed 1.92 points higher at 3,346.92, up 0.06 percent. Turnover was 540.86 […]
Winners
Apr 11, 2014 (LBO) – York Street Partners (Pvt) Ltd, a Sri Lanka based boutique investment advisory firm had won a competition held by Harvard Business School, leading the region.In this journey, York Street Partners has succeeded in attracting and unifying Sri Lankan talent with international capital market experience working in organizations such as Goldman […]
Atoll Exit
Apr 11, 2014 (LBO) – Sri Lanka’ National Development Bank Plc said it sold out of Maldives Finance Leasing Company for 1.1 million US dollars. NDB itself is curently in talks to merge with DFCC Bank, another Sri Lanka based lender. A 35 percent stake in the firm had been sold to Tree Top Investments […]