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Sri Lanka Allianz unit profit down
Sept 08, 2010 (LBO) – Allianz Lanka, the local unit of Allianz SE, said net profit fell 23 percent to 44.8 million rupees in the July 2010 quarter from a year ago and that it was opening more branches. Its accounts showed net claims rose to 90 million rupees in the period from 56 million […]
Sri Lanka changes constitution, lifts term limits
Sept 08, 2010 (LBO) – Sri Lanka’s parliament has changed the constitution, lifting term limits for the president with 161 votes or 11 seats more than a two-thirds majority with several opposition lawmakers also crossing over. The constitution change which also nullifies an earlier change to improve rule of law with a more independent public […]
Sri Lanka president set to cement grip
September 7, 2010 (AFP) – Sri Lanka’s parliament will vote Wednesday on constitutional reforms enabling President Mahinda Rajapakse to seek a third term, in changes critics say point to the country’s slide into autocracy. Under the proposed amendments, the two-term limit will be scrapped, allowing the populist Rajapakse, who was resoundingly re-elected for the second […]
Sri Lanka Treasuries yields plunge
Sept 07, 2010 (LBO) – Sri Lanka’s one year Treasury bill yield plunged 45 basis points to 7. 42 percent and the 6-month yield fell 52 basis points to 7.28 percent at Wednesday’s auction, the government’s debt office said. There were no sales of 3-month bills. Dealers said the rates fell on expectations of a […]
Sri Lankan stocks close up 0.45-pct
Sept 07, 2010 (LBO) – Sri Lankan stocks recovered Tuesday, from high investor interest on hotel sector shares, while large private deals on John Keells Hotels and Aitken Spence boosted turnover to almost six billion rupees, brokers said. The All Share Price Index closed at 5,884.99, up 0.45 percent (26.45 points) while the more liquid […]
Easier Access
Sept 07, 2010 (LBO) – Sri Lanka’s Customs department has doubled the number of gates at Colombo port to four to ease congestion and speed up the flow of cargo, a Sri Lanka Ports Authority (SLPA) official said. Truckers have had to wait for lengthy periods to move in and out of the port because […]
Shock Absorber
Sept 07, 2010 (LBO) – Sri Lanka will increase minimum capital requirements of banks to increase their resilience to shocks and also require unlisted private banks to list on the Colombo bourse, the Central Bank said. This was to meet “the need for enhancing the ability of banks to raise additional capital in a more […]
Erratic global weather threatens food security: experts
STOCKHOLM , September 7, 2010 (AFP) – The drought in Russia and floods in Pakistan are part of a global trend of unpredictable weather patterns and rainfall that threaten food security, experts gathered in Stockholm said. Pointing out that there have been periods of extreme weather patterns before, he said: “These kinds of fluctuations are […]
India to sell stakes in two energy companies
NEW DELHI, September 6, 2010 (AFP) – India said Monday it aims to sell stakes in two more state-run energy firms as part of its plans to speed reforms and raise funds to combat poverty. The Congress-led government is looking to sell 10 percent of its stake in Indian Oil Corp and a five-percent stake […]
‘s third-term bid
September 7, 2010 (AFP) – Sri Lanka’s Supreme Court has cleared the way for President Mahinda Rajapakse to run for a third term in office, saying the constitution can be changed by a vote in parliament, officials said Tuesday. Rajapakse, who oversaw the defeat of the Tamil Tiger rebels last year after decades of civil […]
Sri Lanka investment agency awaits tax policy in budget
Sept 07, 2010 (LBO) – Sri Lanka’s state investment promotion agency is waiting for the harmonization of a tax regime in the island following a budget later this year and it is also likely to undershoot an investment target for the year, an official said. Sri Lanka has a bloated state sector, with more than […]
Cargo Flows
Sept 06, 2010 (LBO) – Container volumes at South Asia Gateway Terminals (SAGT), an associate of Sri Lankan conglomerate John Keells Holdings, fell in August, the first monthly fall against a year ago since October 2009. SAGT’s cargo volumes were down 2. 3 percent to 159,334 TEUs (twenty-foot equivalent units or containers) in August 2010 […]