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Sri Lanka ruling party set for local election win
COLOMBO, March 30, 2014 (AFP) – Sri Lanka’s ruling party was headed for victory in local elections but with smaller than expected margins in a crucial mid-term test for President Mahinda Rajapakse, early results showed Sunday.The ruling party had tried to turn Saturday’s vote into a referendum on a UN Human Rights Council’s resolution last […]
‘s HNB Assurance separates general insurance
Mar 29, 2014 (LBO) – Sri Lanka’s HNB Assurance Plc said it will set up a separate unit to take over its general insurance business under a regulatory decision to split all composite insurers.HNB Assurance is a unit of listed Hatton National Bank. The firm’s shareholders had approved a resolution to transfer assets and liabilities […]
Sri Lanka stocks close down 0.3-pct
Mar 28, 2014 (LBO) – Sri Lanka’s stocks close 0.34 percent lower Friday with tobacco and insurance stocks losing ground amid strong foreign selling, brokers said. Piramal Glass Ceylon closed 10 cents lower at 3.40 rupees and George Steuart Finance closed 16.30 rupees lower at 49.80 rupees, attracting most number of trades during the day. […]
Forex Cover
Mar 28, 2014 (LBO) – BRAC Lanka Finance Plc, said it had hedged the foreign exchange risk of a two million US dollar loan from its parent by creating a forex deposit and borrowing rupees against it.BRAC International Holdings BV has given 3-year 2 million US dollar loan to BRAC Lanka at 7.0 percent a […]
Sri Lanka 700-room hotel chain planned by Best Western
Mar 28, 2014 (LBO) – US based Best Western, is planning a 700-room strong chain partnering with Sri Lanka’s Elyon Hotels as the island draws more visitors after the end of a 30-year civil war, officials said. The firm is expecting regional travellers to make bulk of its bookings in Sri Lanka. “After the war […]
Sri Lanka claims moral victory from war crimes vote
COLOMBO, March 28, 2014 (AFP) – Sri Lanka tried to claim a moral victory Friday and insisted it would push on with reconciliation efforts after being censured by the UN’s top rights body for failing to bring perpetrators of war crimes to justice.The US-initiated resolution was carried at the UN Human Rights Council in Geneva […]
Sri Lanka frees India fishermen after UN vote abstention
COLOMBO, March 28, 2014 (AFP) – Sri Lanka’s president Friday ordered the release of Indian fishermen detained for poaching after New Delhi surprisingly refused to back a US-led censure motion against Colombo at the UN’s top rights body.The exact number of fishermen who were released was not immediately known but several dozens are thought to […]
Sri Lanka EPF 2011 accounts to be tabled in parliament shortly: Central Bank
Mar 27, 2014 (LBO) – Audited 2011 accounts of Sri Lanka’s Employees’ Provident Fund a retirement fund of private citizens, would be presented to parliament shortly, the Central Bank, its manager said.Opposition legislator Harsha de Silva has repeatedly called for the accounts to be presented to parliament and has also said some of its stock […]
Sri Lanka stocks close up 0.7-pct
Mar 27, 2014 (LBO) – Sri Lanka’s stocks close 0.70 percent higher Thursday with diversified John Keells Holdings and Sri Lanka Telecom gaining, brokers said. The Colombo benchmark All Share Price Index closed 41.65 points higher at 5,992.62 up 0.70 percent. The S&P SL20 closed 13.10 points higher at 3,274.15, up 0.40 percent. Turnover was […]
Top Rating
Mar 27, 2014 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of HSBC’s Sri Lanka branch with a stable outlook. HSBC has seen loans growing 6.1 percent in the nine months to September 2013. Large corporate customers made up 64 percent of its rupee loans. Of the retail loan book, 43 percent was from […]
Higher Learning
Mar 27, 2014 (LBO) – Indunil Liyanage, Chief Marketing Officer of state-run Bank of Ceylon has conferred a Doctor of Philosophy (PhD) by Colombo University.His doctoral thesis, on ‘Role Stressors and the Impact of Coping styles on Perceived Job Performance’ was based on 5-years of research. Liyanage already holds a Masters degree in management from […]
Cable Centre
Mar 27, 2014 (LBO) – Sri Lanka Telecom said it is forming a venture with Indian Ocean Cableship (Pvt) Ltd, a Singapore based firm, to set up an undersea cable maintenance base at Hambantota port in the island’s south.The SEA-ME-WE-05 cable, the latest in a series of cables running from South East Asia to Europe […]