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Sri Lanka factory occupied over govt takeover plan
November 4, 2011 (AFP) – Government supporters in Sri Lanka have stormed and occupied a private sugar company earmarked for nationalisation under a controversial law, owners said on Friday. Sri Lanka has been trying to woo investors after defeating Tamil Tiger rebels in 2009 and declaring an end to nearly four decades of ethnic violence […]
Sri Lanka bank tax savings mooted to help revive tea industry
Nov 04, 2011 (LBO) – Savings made by Sri Lankan banks after tax cuts that government ordered be set aside for investments could be used to revive the ailing tea industry, a top exporter has suggested. Government support is needed in long-term financing and regulatory changes to “re-align” the traditional tea sector and help it […]
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Nov 04, 2011 (LBO) – Sri Lanka’s lawyers have called for the withdrawal of a secretly hatched draft law to expropriate assets of citizens which is being rushed to parliament next week as an ‘urgent bill. ‘ The draft bill seeks to expropriate assets of three dozen ventures including two listed companies, violating the property […]
India court bails Satyam fraud accused
NEW DELHI, November 4, 2011 (AFP) – India’s Supreme Court on Friday granted bail to the former chairman of Indian outsourcing giant Satyam, B. Ramalinga Raju, who is accused of one of the country’s biggest corporate frauds. The court allowed bail for Raju, 57, his brother B. Rama Raju and the company’s former internal auditor […]
Sri Lanka Hayleys Knitting Mills in Sept quarter loss
Nov 04, 2011 (LBO) – Sri Lanka’s Hayleys MGT Knitting Mills (HMGT) made a loss of 1.7 million US dollars in the September 2011 quarter compared with a 486,095 dollar profit a year ago. The firm, part of the Hayleys group, said in a stock exchange filing that sales fell 19 percent to 15.5 million […]
Sri Lanka university deal to CATIC
Nov 04, 2011 (LBO) – Sri Lanka has given an 89. 55 million deal to build a technology school to China National Aero Technology Import and Export Corporation (CATIC) after larger hotel deal was cancelled over land sale dispute. CATIC was given the contract to re-located the Institute of Technology of Sri Lanka’s Moratuwa University […]
Sri Lanka Marxists oppose expropriation law in historic move
Nov 04, 2011 (LBO) – In a bizarre development, Sri Lanka’s Janatha Vimukthi Peramuna, a Marxist opposition party has opposed a state plan to expropriate assets of private citizens, contrary to the original teachings of a German theoretician. The state has been accused by the main opposition of using the laws to wrest land belonging […]
Sri Lanka rejects all bids at Treasures auction
Nov 03, 2011 (LBO) – Sri Lanka’s state debt office rejected all bids at a Treasuries auction Wednesday after rates rose for several weeks running. Outright rejections of bids have in the past coincided with tight liquidity coming from defence of a dollar peg. LBO’s economics columnist fuss-budget recently warned the market to expect entire […]
Sri Lanka stocks end down 0.9-pct
Nov 03, 2011 (LBO) – Sri Lankan stocks slumped Thursday, a day after being pushed up almost three percent on news a regulator who had been cracking down on fraud had been removed, brokers said. The main All Share Price Index fell 0.85 percent (55.09 points) to 6,397.19, while the more liquid Milanka index fell […]
Merger Watch
Nov 03, 2011 (LBO) – Fitch Ratings Lanka said it is maintaining Merchant Credit of Sri Lanka’s (MCSL) National Long-Term ‘BBB(lka)’ rating on ‘Rating Watch Evolving’ (RWE) pending a merger. MCSL is a registered finance company (RFC) that accounted for 1.9 percent of total RFC assets at end-2010. It has a network of 11 branches. […]
Share Issue
Nov 03, 2011 (LBO) – A 70 million US dollar initial public offer of shares by Sri Lanka’s People’s Leasing Company was oversubscribed on the opening day Thursday itself and would close in the afternoon, a stock exchange filing said. People’s Leasing Co., the island’s largest leasing company, offered 390 million shares at 18 rupees […]
Wake Up
Nov 03, 2011 (LBO) – Sri Lanka’s banking regulator has urged bank directors to be more diligent and use their skills to ensure the health of their own institutions and that of the financial system. Central bank governor Nivard Cabraal said that although the economy was growing fast with the end of the island’s 30-year […]