Category:
Sri Lanka Softlogic buys insurer
Aug 12, 2011 (LBO) – Sri Lanka’s Softlogic Holdings group today brought a 73.5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, at 120 rupees per share. Softlogic Holdings said in an earlier filing that it wanted buy 53. 16 percent of Asian Alliance held by Asia Capital PLC and […]
Sri Lanka sells US$166mn floating rate bonds
Aug 11, 2011 (LBO) – Sri Lanka sold 166 million US dollars of bonds based on 6-month London Interbank Offered rate extending tenors up to 5-years mainly targeting resident investors, the government’s debt office said. Called ‘development bonds’ the floating rate debt is sold mostly to domestic banks and investors allowed to have foreign exchange […]
Sri Lanka tourist arrivals up 32-pct in July
Aug 11, 2011 (LBO) – Sri Lanka’s tourist arrivals rose 32 percent to 63,339 in July 2011 with visitors in the first seven months rising 36 percent to 465,324 data from the tourist promotions office showed. Pakistani arrivals surged 130 percent to 2,040 and visitors from the Maldives rose 38 percent to 3,336. Western European […]
Lawlessness
Aug 11, 2011 (LBO) – Friday Forum, a Sri Lankan citizens group fighting to re-establish rule of law and liberal democracy, has raised fresh concerns about lawlessness in the island’s north after an elderly Tamil journalist was brutally assaulted. A 30-year war in the island’s north and east ended two year ago. Local elections were […]
Death Sentence
NEW DELHI, August 11, 2011 (AFP) – India’s president has rejected mercy pleas from three men convicted of the 1991 assassination of then prime minister Rajiv Gandhi, paving the way for their execution, an official told AFP on Thursday. “The rejection (of the clemency petitions) happened last week after the president returned from a foreign […]
Sentencing Plea
Aug 11, 2011 (LBO) – Lawyers for Raj Rajaratnam, a Sri Lanka born fund manager convicted of insider trading, said he should be dealt leniently because of his failing health, the state exaggerated his crimes and his good deeds. US prosecutors had demand a maximum sentence of 24.5 years and described him as the ‘modern […]
Sri Lanka urban agency plans Colombo JV development
Aug 11, 2011 (LBO) – Sri Lanka’s Urban Development Authority will call proposals for a joint venture commercial development in a nine acre state land in the capital Colombo, chairman Janaka Kurukulasuriya said. “We need the money urgently but we also need money in the long term to sustain,” he said. The agency has more […]
Sri Lanka US$400mn lakefront mall by India group
Aug 11, 2011 (LBO) – Indocean Developers (Pvt) Ltd, a firm backed by an Indian property group, will build a 400 million US dollar shopping and residential complex in a prime lakefront in Sri Lanka’s capital Colombo, officials said. Janaka Kurukulasuriya, chairman of Sri Lanka’s Urban Development Authority said the Indian promoters had paid 23 […]
Sri Lanka Treasuries yields flat
Aug 10, 2011 (LBO) – Sri Lanka’s Treasuries yields were flat at Wednesday’s auction with 3-month bills fetching 7. 11 percent at Wednesday’s auction, the government’s debt office said. The 6-month bills were also flat at 7. 19 percent and 12-month bills were flat at 7.25 percent. The debt office, which is a unit of […]
Sri Lanka stocks rebound 1.03 percent
Aug 10, 2011 (LBO) – Sri Lankan stocks closed up 1.03 percent Wednesday in a retail driven rally anticipating a relaxation of margin buying rules with property stocks being pushed further up, brokers said. Seylan Developments closed at 18.90 rupees up 1.70 rupees or 9.8 percent, with 13.5 million shares traded for 254 million rupees. […]
Auto Profits
Aug 10, 2011 (LBO) – Sri Lanka’s Diesel and Motor Engineering Company, an auto importer and distributor said net profits in the June 2011 quarter rose 321 percent to 636 million rupees with revenues growing 112 percent to 7.2 billion rupees. Sri Lanka’s vehicle imports are seeing a boom after taxes were cut on cars […]
Sri Lanka eastern farmers to grow sea bass, mussels, oysters: USAID
Aug 10, 2011 (LBO) – Farmers in Trincomalee in eastern Sri Lanka are growing sea bass in cages as part of a larger aquaculture project involving 1,300 people who will also grow mussels and oyster, with help from the US Agency for International Development (USAID). The US embassy in Colombo said over 50 percent of […]