Category:
Lessons
Dec 19, 2011 (LBO) – Sri Lanka has to re-build an independent public service and restore rule of law to give freedom to citizens, a commission of inquiry on lessons learnt and reconciliation following the end of a 30-year civil war has said. “A democracy must assure a fair system of governance under the Rule […]
Sri Lanka approves US$1.8bn in tourism projects
Dec 18, 2011 (LBO) – Sri Lanka’s tourism development office has approved 1. 8 billion dollars of investment proposals to build hotels deputy economic development minister Lakshman Abeywardene said. A ‘one stop unit’ at the tourism development office which was set up in November 2010 had received 189 applications by October 2011 of which 73 […]
India probes stock price-rigging
NEW DELHI, Asia Pulse (LBO) – India’s market watchdog is probing the role of at least 25 newly-listed firms, which includes the holding company, certain brokers and merchant bankers. The Securities and Exchange Board of India (Sebi) is also probing the possibility of cartelisation among the company promoters, brokers and merchant bankers for rigging the […]
‘s Jetwing managed hotel opens in Laos
Dec 17, 2011 (LBO) – Xiengthong Palace, a hotel in Luang Prabang, Laos, managed by Jetwing a Sri Lanka based group has officially opened targeting luxury travel, a media report said. The Island newspaper said the hotel, which had a soft opening in October and its architecture conformed to the style of the ancient city, […]
‘s Colombo night race first night-in pictures
Dec 17, 2011 (LBO) – Sri Lanka’s Colombo night race flagged off Friday in practice runs and trials as fans lined the streets to watch as drivers became familiar with the track and sought places for Saturday.
Sri Lanka to promote tea brand in key markets
Dec 17, 2011 (LBO) – Sri Lanka will register its ‘Ceylon tea’ brand and seven growing regions in 25 key markets next year, using intellectual property law to protect its main agricultural export, officials said. Registration under the GI law, although costly, provides protection for the trade marks and prevents the names being false used […]
Sri Lanka policy rates kept steady, market rates up: CB
Dec 16, 2011 (LBO) – Sri Lanka’s active polity rate at which cash is injected to the market would be maintained at 8.50 percent, the Central Bank said, as defence of a dollar peg pushed market rates up. The central banks said the trade deficit was higher this year. The central bank said there would […]
Sri Lanka money rates spike
Dec 16, 2011 (LBO) – Sri Lanka’s overnight money rates spiked Friday amid liquidity shortages from peg defence and seasonal demand, prompting a 10 billion rupee cash auction by monetary authorities, dealers said. Overnight gilt backed repos rose as much as 8.35 percent and eased to 7.75/8.00 percent levels after a cash injection through a […]
Sri Lanka stocks slide 0.8-pct
Dec 16, 2011 (LBO) – Sri Lankan stocks sagged further Friday in a deepening slide that saw the main index dip below 5,900 points in thin turnover, brokers said. The main All Share Price Index fell 0.82 percent (48.63 points) to 5,892.69, while the more liquid Milanka index fell 1.08 percent (56.29 points) to close […]
Terminal Work
Dec 16, 2011 (LBO) – Construction work has begun on the first deep-water container terminal in a new harbour being built next to Sri Lanka’s Colombo port that will be owned and operated by a Chinese-led consortium. The 500 million US dollar South Container Terminal is to be built and operated by Colombo International Container […]
Implied Support
Dec 16, 2011 (LBO) – Fitch Ratings Lanka has confirmed Singer Finance (Lanka) Plc’s (SFL) national long-term rating at ‘BBB+(lka)’ with a stable outlook. SFL’s rating reflects Fitch’s expectation that support would be forthcoming from the parent, Singer (Sri Lanka) (SSLP) which is rated ‘A(lka)’, given the strategic importance of SFL, a statement said. In […]
Lower Outlook
Dec 16, 2011 (LBO) – Fitch Ratings has lowered the outlook on the ‘BB+(lka)’ rating of Sri Lanka’s Union Bank of Colombo to negative from stable on operational risks from its information technology system and weak branch procedures. The rating agency said loan growth was high at 56.5 percent but the bank did not have […]