Category:
Sri Lanka Hemas to build hydro power plant in Africa
Nov 10, 2010 (LBO) – Sri Lanka’s Hemas Holdings plans to build a hydro power plant in an African country, making use of existing company expertise, as part of an overseas diversification, its chief executive Husein Esufally said. The group’s Hemas Power subsidiary has two mini hydro plants operating right now with a third under […]
Windies hope Sri Lanka tour will restore pride
November 9, 2010 (AFP) – West Indies skipper Darren Sammy said Tuesday he hopes his team will perform well during their Sri Lankan tour, restoring pride and passion to the once mighty Caribbean side. West Indies will play three Tests, five one-dayers and a Twenty20 international on the Sri Lanka trip, which begins with a […]
Sri Lanka tightens grip on foreign aid workers: officials
November 10, 2010 (AFP) – Sri Lanka’s government said Wednesday it had ordered foreign and local aid workers to register with the defence ministry in a move to put them under greater state control. The government information department said there were 250 international and some 1,000 domestic aid agencies working in Sri Lanka, which would […]
Sri Lanka passes gaming law
Nov 10, 2010 (LBO) – Sri Lanka passed a gaming law which allowed casinos to be set up in areas designated by a minister, legalizing an activity that has anyway operated as clubs with members earlier. The bill was labeled by Sri Lanka’s main opposition United National Party as a move that will hurt “the […]
World moving towards new monetary system: Zoellick
SINGAPORE, November 10, 2010 (AFP) – The global economy is moving towards a new monetary system with gold emerging as a preferred alternative to existing asset, World Bank president Robert Zoellick said Wednesday. “So in relative terms, gold is appealing to people who ask ‘where should I put my money’…. it’s a hedge on uncertainty.” […]
Sri Lankan shares close 0.7-pct down
Nov 09, 2010 (LBO) – Sri Lankan stocks closed down Tuesday as investors stayed out expecting further falls in future following a ban on stock brokers extending credit beyond January 01, 2011, brokers said. The Colombo All Share Index was down 0.72 percent (47.81 points) to 6,592.38 points, while the Milanka Index of more liquid […]
Lower Revenues
Nov 09, 2010 (LBO) – Sri Lanka’s DFCC Bank’s net profits were down 36 percent to 823 million rupees in the September 2010 quarter from a year earlier amid lower interest rates and profits of Commercial Bank, an associate, no longer being consolidated. Group gross loans and advances were flat at 54. 5 billion rupees […]
Scorned
November 9, 2010 (AFP) – Newspaper editors in Sri Lanka on Tuesday refused to publish pictures of men and women who are wanted by police for appearing on porn websites in the country. Under a crackdown on pornography on the Indian Ocean island, police are trying to trace local men and women pictured in compromising […]
Telecom Tower
Nov 10, 2010 (LBO) – Sri Lanka will start building a 350-metre telecom tower in the capital Colombo in December and intends to sell shares to the public in a firm to be set up to operate it, an official said. Television broadcasters, radio stations and telephone operators will be able to use the tower […]
Broad Spread
Nov 09, 2010 (LBO) – Sri Lanka Telecom, the island’s largest fixed access operator said it had added 80,000 new broadband customers in 2010 and its base of 200,000 customers was 70 percent of the market. About 20 percent of the operator’s wireline customers were now using its ADSL (asymmetric digital subscriber line) services, the […]
Bangladesh plans mass privatisations to cool stock market
DHAKA, November 8, 2010 (AFP) – Bangladesh will offload stakes in dozens of state-owned enterprises as part of a major government effort to cool down the country’s overheated stock exchange, its finance minister said Monday. Eight state-owned firms, including major energy and power firms, which are already listed will be made to sell more shares, […]
” by RAM
Nov 08, 2010 (LBO) – Sri Lanka’s state-run National Insurance Trust Fund has been given a ‘claims paying ability’ rating of ‘AAA’ with a ‘stable’ outlook by RAM Ratings on the strength of state ownership and government related business. NITF had an expense ratio of 11.09 percent in 2009 which was the lowest in the […]