Category:
Recovery Road
Mar 25, 2011 (LBO) – Fresh capital will soon be given to the remaining Sri Lankan finance companies that got into trouble two years ago, prompting intervention by the banking regulator, senior central bank officials said. “It has taken over two years but was much quicker than the liquidation process.” Strategic investors have been found […]
Credit Access
Mar 25, 2011 (LBO) – Sri Lanka’s NDB Bank has joined a World Bank credit scheme to channel low cost loans to small and medium enterprises (SMEs) through eight lending institutions. SMEs with an annual turnover of less than 300 million rupees operating in a large number of sectors are eligible to apply under concessionary […]
Exposure Limits
Mar 25, 2011 (LBO) – Sri Lanka’s banking regulator plans to limit exposure of banks to the stock market to prevent the risk of a downturn in equities affecting the financial sector, a senior central bank official said. Samarasiri, who spoke at a public forum on how the central bank revived finance companies that collapsed […]
Sri Lanka rubber prices rebound
Mar 25, 2011 (LBO) – Sri Lankan rubber prices have recovered after a temporary fall triggered by overseas demand and supply factors, and look set to stay strong on rising global tire demand, trade officials said. Natural rubber prices at the Colombo auctions hit record highs in February and then slumped sharply after increased supply […]
Emissions Testing
Mar 25, 2011 (LBO) – Laugfs Eco Sri, a unit of Sri Lanka’s listed Laugfs gas which tests vehicle emissions for the government, says it is expanding in to the north and the east of the country and is also mulling an initial public offer. Laugfs group chief W K H Wegapitiya said the firm […]
Sri Lankan exporters rewarded
Mar 25, 2011 (LBO) – Sri Lanka’s commerce ministry has paid almost 500 million rupees to 76 exporters in the final payment under a scheme to reward them for maintaining exports during the 2008 recession. Despite numerous challenges faced by the government, the government tried its best to fulfil its commitments to the export community,” […]
” arrested
ISLAMABAD, March 25, 2011 (AFP) – A “terrorist” suspected of planning to attack the cricket World Cup has been arrested after help from authorities across South Asia including in Pakistan, Interpol chief Ronald Noble said. Pakistan was initially meant to be one of the World Cup co-hosts. But the country lost that right when gunmen […]
India end Australia reign, set up Pakistan showdown
NEW DELHI, March 24, 2011 (AFP) – India swept three-time defending champions Australia out of the World Cup on Thursday to set up a semi-final showdown against bitter rivals Pakistan and heap more pressure on Ricky Ponting. India’s five-wicket triumph in Ahmedabad means they will tackle Pakistan, who reached the last four with a crushing […]
Sri Lanka shares close up 0.13-pct
Mar 24, 2011 (LBO) – Sri Lankan shares closed higher Thursday with the sale of a controlling stake in a sugar plantations firm boosting turnover and dominating the day’s trade, brokers said. The All Share Price Index closed at 7,216. 75, up 0.13 percent (9.65 points) while the more liquid Milanka index rose 0. 26 […]
Galleon Case
NEW YORK, March 23, 2011 (AFP) – Goldman Sachs boss Lloyd Blankfein on Wednesday testified at the biggest Wall Street insider trading trial in years about how a former director at the storied bank broke confidentiality rules. Blankfein said former Goldman director Rajat Gupta broke the firm’s internal regulations in 2008 by giving hedge fund […]
Niche Target
Mar 24, 2011 (LBO) – Sri Lanka’s information technology and business process outsourcing sector is positioning itself as a niche player targeting finance and accounting, telco, travel and aviation sectors, an official said. “We will focus on SMEs (small and medium enterprises), more that 90 percent of us are working with SMEs in other countries,” […]
‘s wealthy for charity
NEW DELHI, March 24, 2011 (AFP) – Two of the world’s richest men, Bill Gates and Warren Buffett, took their charity roadshow to New Delhi on Thursday where they hope to coax their Indian peers to part with some of their wealth. Buffett, 80, and Gates, 55, who are close personal friends, were to meet […]