Category:
Quit Report
Aug 15, 2012 (LBO) – The head of Sri Lanka’s Securities and Exchange Commission is expected to quit this week amid pressure from investors who were being probed for malpractices, a media report said. “I’ll be doing it (quitting) within the course of this week definitely. Definitely before Friday,” SEC chairman Tilak Karunaratne was quoted […]
Sri Lanka extends power cuts as efforts to restore power plant fails
Aug 15, 2012 (LBO) – Sri Lanka has extended the time duration of power cuts to three hours and twenty minutes starting Thursday until a faulty Chinese built coal power plant is fully restored, the ministry of power and energy releasing a statement said. Ekala, Sapugaskanda, Angoda, Thalangama, Koswatta, Weyangoda, Nittambuwa, Yakkala, Malabe road, Athurugiriya, […]
Sri Lanka stocks close up 1.27 pct
Aug 14, 2012 (LBO) – Sri Lanka’s stocks ended a seven day losing streak and closed up 1.27 percent Tuesday with large cap stocks trading on higher prices, brokers said. John Keells Holdings gained 9.30 rupees to close at 190.00 rupees up 5.01percent. Aitken Spence Plc slipped 1.70 rupees to 108.30 down 1.55 percent. AVIVA […]
Bank Net
Aug 14, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon reported profits of 2. 469 billion rupees for the June 2012 quarter up 25 percent from a year earlier with profits boosted by foreign exchange gains. The group reported earnings of 2. 96 rupees for the quarter. In the six months to June group […]
Sri Lanka travel agents upgrade skills
Aug 14, 2012 (LBO) – Sri Lanka’s Travel Agents Association has put their members through a four day training programme aimed at improving skills to better service the island’s booming travel industry, officials said. The four day programme conducted by the International Aviation Academy of Sri Lankan airlines included coaching in team building, training on […]
Sri Lanka should withdraw bank note with malfunctioning Chinese coal plant: legislator
Aug 14, 2012 (LBO) – Sri Lanka should withdraw a currency note bearing the picture of a Chinese built coal plant that was contracted out without open tendering and is now continually breaking down, a legislator has said. Sri Lanka’s central bank placed the picture of a 455 million US dollar coal power plant built […]
US natural lighting company enters Sri Lankan market
Aug 14, 2012 (LBO) – A US based company has introduced a daylight capturing device to the Sri Lankan market that can channel natural light inside buildings through an internal reflective system cutting energy costs and reducing the heat load on air-conditioning, an official said. Solatube says they are eyeing Sri Lanka’s garment factories, manufacturing […]
Sri Lanka stocks down 0.16 pct
Aug 13, 2012 (LBO) – Sri Lanka stocks closed down 0.16 percent Monday with market trading lacking momentum, brokers said. Nation Lanka, Taj Lanka, PCH Holdings, HNB Assurance and Browns Inv were among the top gainers today. PCH Holdings were up 9.9 percent to close at 11.10 rupees, Browns Investments up 7.4 percent to close […]
Financial Access
Aug 13, 2012 (LBO) – Sri Lanka’s efforts to establish banking services in the former war-torn areas included ‘laundering’ soiled money held by displaced persons, Central Bank governor Ajith Nivard Cabral told an international Defence conference in Colombo. “Banks at that time were set up in containers which were at various locations so that people […]
Credit Trend
Aug 13, 2012 (LBO) – Loans from Sri Lanka’s banking system fell to 13. 5 billion rupees in June 2012, from 41.8 billion a month earlier with state credit no longer pressuring the banking system, while private citizens’ credit remained positive, official data showed. Total loans from commercial banks to private borrowers rose 19.0 billion […]
Sri Lanka: What strategies are appropriate for us?
Aug 13, 2012 (LBO) – My book was launched August 6th. My task was to thank people. This was important because the preface of this rushed-to-print book was written solely by my co-author so this was my only opportunity. I began by saying that no creative work was ever done by one person alone. The […]
’s debt-ridden power utility seeks more loans
August 12, 2012 (LBO) – Sri Lanka’s power minister has sought cabinet approval to raise state-run Ceylon Electricity Board’s borrowing limit to 74.2 billion rupees to meet increasing fuel needs, settle debts and pay independent power producers, a report said. Minister Champika Ranawaka told his cabinet colleagues that the state power utility owed 16 billion […]