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Sri Lanka new gilt-edged fund eyes small investors
Nov 30, 2010 (LBO) – Ceybank Asset Management (CAM), Sri Lanka’s largest unit trust fund manager, has launched an open ended gilt-edged fund aiming to attract small investors especially in rural areas, officials said. The ‘Ceybank Surakum’ fund will invest in government Treasury bills and bonds and other government-backed securities but not in equities and […]
Sri Lanka stocks close up 2.8-pct
Nov 30, 2010 (LBO) – Sri Lanka stocks closed sharply higher Tuesday, bouncing back a day after the regulator extended a deadline for brokers to clear credit given to clients, brokers said. The All Share Price Index closed at 6,434.85, up 2.8 percent (177.84 points) while the Milanka index of liquid stocks rose 2.50 percent […]
Sri Lanka commodity export tax seen hitting grower income
Nov 30, 2010 (LBO) – An increase in tax on Sri Lanka’s bulk tea exports is likely to reduce prices paid by buyers although it had no immediate impact owing to prevailing strong demand, brokers said. The cess on all other value added tea products will remain at 7. 50 rupees a kilo. “The 3.50 […]
Sri Lanka turns former Tiger hideout into wildlife sanctuary
Sri Lanka turns former Tiger hideout into wildlife sanctuary November 30, 2010 (AFP) – Sri Lanka is to turn a vast jungle area that was a base for the separatist Tamil Tiger rebels into a wildlife sanctuary, 18 months after the end of island’s bloody civil war, the government said Tuesday. The jungles of Mullaittivu, […]
India economy grows by forecast-beating 8.9 percent
NEW DELHI, November 30, 2010 (AFP) – India’s economy grew a forecast-beating 8. 9 percent year-on-year in July-September, data showed Tuesday, underscoring the country’s brisk recovery from the global financial crisis. The healthy numbers brought temporary cheer to the Congress-led government, buffeted by a string of scandals including a damaging telecom corruption scam which could […]
Sri Lanka Malaysia hydro firm in Rs600mn IPO
Nov 30, 2010 (LBO) – Panasian Power Limited, a unit of Malaysian based Majulia group is selling 200 million shares to raise 600 million rupees in an initial public offering which will open on December 07, officials said. Majulia owns the firm through its energy unit, Power Hub International (PHI). Panasian Power owns a 2.0 […]
Sri Lanka trade needs more govt co-ordination: official
Nov 30, 2010 (LBO) – Sri Lanka’s government agencies involved in exports and imports need to co-ordinate better to minimise delays and smoothen trade, said Sarath Jayatilake, former Director General of Sri Lanka Customs. Export consignments already checked by one agency are sometimes inspected again by a different agency, he told a stakeholders meeting on […]
Sri Lanka hires Chime group for Games bid
Nov 30, 2010 (LBO) – Sri Lanka has hired public relations firm Bell Pottinger and other units of Chime Communications marketing group as advisors in its bid to host the 2018 Commonwealth Games, a statement said. PwC firms provide industry-focused assurance, tax and advisory services. The team is led by pmplegacy, a global sporting events […]
Sri Lanka approves budget with huge majority
November 29, 2010 (AFP) – Sri Lanka’s parliament approved the country’s first fully-fledged post-war budget on Monday with a two-thirds majority, officials said. Rajapakse, who has a strong grip on power in Sri Lanka after overseeing the defeat of Tamil Tiger rebels in May last year, raised taxes on casinos, alcohol and international phone calls. […]
Sri Lanka inflation accelerates to 7.0-pct in November
Nov 30, 2010 (LBO) – Sri Lanka’s inflation in November 2010 rose 7. 0 percent from a year earlier up from 6. 6 percent in October amid a pick-up in credit growth with prices rising 1. 1 percent during the month. The clothing and footwear subcategory rose 1.7 percent in November and was up 9.4 […]
Influence Tussle
Nov 29, 2010 (LBO) – Indian investors will be encouraged to invest in southern Sri Lanka where China has built a new port, according to remarks by India’s foreign minister, as both countries vie for influence on the island. Visiting Indian Minister of External Affairs S M Krishna said India’s decision to set up a […]
Steady State
Nov 29, 2010 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) ‘A (lka)’ long term rating has been confirmed with a ‘stable’ outlook, Fitch Ratings Lanka said. Fitch has also confirmed an ‘A(lka)’ on a 500 million senior debenture and an ‘A-(lka)’ rating on a billion rupees subordinated debenture. The banks loans books contain a […]