Category:
Introduction
Oct 01, 2010 (LBO) – Sri Lanka’s Citizens Development and Business Finance, a firm 35 percent owned by Ceylinco Insurance is listing itself to comply with a central bank direction and pave the way for raising capital in the future, officials said. CDB is listing on the ‘diri savi’ board of the Colombo Stock Exchange […]
Harsh Lessons
Oct 01, 2010 (LBO) – A citizen’s group in Sri Lanka has outlined harsh lessons from the island’s post independent history and suggested ways to a regain lost liberties by re-establishing rule of law. The submission of the ‘Friday Forum’ group was made to a state-appointed ‘Lessons Learnt & Reconciliation Commission’ (LLRC) which is looking […]
Dinosaurs taller than thought: study
WASHINGTON, October 1, 2010 (AFP) – Some dinosaurs may have been at least 10 percent taller than previously thought, US paleontologists said Thursday in a study that found the creatures had large amounts of cartilage. The dinosaurs had thick layers of cartilage in their joints that may have added more than a foot (30 centimeters) […]
Sri Lanka eco-friendly apparel making gives edge: Marks & Spencer
Oct 01, 2010 (LBO) – Eco-friendly, energy and material-efficient apparel manufacture is giving Sri Lanka an edge over competition despite the loss of European trade concessions, Marks & Spencer, a UK-based retailer said. M&S sells about 4.0 billion Sterling pounds of clothes a year and 21 percent of its products were bought from Sri Lanka, […]
Sri Lanka, India local currency trade mooted
Oct 01, 2010 (LBO) – Using local currencies to trade between India and Sri Lanka could reduce transaction costs and speed up cargo movements, an expert has suggested. “This could lead to win-win situation for both sides and bring down transaction cost and the time taken.” Under British rule the Indian rupee, then specie based […]
‘s ex-army chief begins jail sentence
September 30, 2010 (AFP) – Sri Lanka’s ex-army chief Sarath Fonseka, who led troops to victory over Tamil rebels to end a decades-long civil war, on Thursday began 30 months in jail after the president confirmed the sentence. Troops escorted the former four-star general to the island’s main Welikada prison, hours after the government announced […]
Sri Lanka stocks world top performer: Bloomberg data
Oct 01, 2010 (LBO) – Sri Lanka’s stocks closed up 2. 1 percent Friday becoming the best performing market in the world, up 110.9 percent so far according to Bloomberg newswires data, beating Mongolia at 109.7 percent. Bangladesh was a distant third at 56.4 percent. Colombo’s benchmark All Share Price Index closed at 7,147, topping […]
Sri Lanka ratings can improve on public sector reforms, lower debt: S&P
Oct 01, 2010 (LBO) – Sri Lanka’s ratings can improve if the government uses its political strength to reform the public and economic policy which would allow public debt to come down, Standard & Poor’s, a rating agency has said. Following recent electoral victories the government no longer depended on the support of “minority extremist […]
Sri Lanka forex liberalization planned for mid-Oct: CB Governor
Sept 30, 2010 (LBO) – A second stage of relaxing foreign exchange controls may take place by mid-October when operating instructions to authorized dealers are fine tuned, central bank Governor Nivard Cabraal said. Sri Lanka’s foreign exchange laws criminalized attempts by citizens to protect the value of their hard earned savings from being destroyed by […]
Sri Lanka stocks close up 0.97-pct
Sept 30, 2010 (LBO) – Sri Lankan shares edged higher Thursday, near the 7,000 point mark on the benchmark index once again, as falling interest rates pushed more money into shares, brokers said. The All Share Price Index closed at 6,997.22, up 0.97 percent (67.31 points) while the more liquid Milanka index rose 2.79 percent […]
Bid Circle
Sept 30, 2010 (LBO) – Sri Lanka has decided to call for fresh tenders to build a section of highway around the capital Colombo as bids from Japanese contractors were too high, an official said. The Outer Circular Highway will be connected to the expressways only by four interchanges at four suburban towns – Makumbura, […]
Deposit Protection
Sept 30, 2010 (LBO) – Sri Lanka’s Central Bank said it will introduce a deposit insurance scheme from October 1 that will help protect small depositors and reduce government liability if a financial institution collapses. Central Bank Governor Nivard Cabraal said that under the scheme, depositors will be compensated up to a maximum of 200,000 […]