Category:
Sri Lanka stocks close 0.34-pct up
Aug 25, 2010 (LBO) – Sri Lankan stocks closed slightly higher Wednesday after rising sharply in early trade with some interest seen in financial sector shares, brokers said. Ceylon Leather Products, an ERI group firm, closed at 233. 60 rupees, down 22.90 or 8.93 percent. The All Share Price Index closed at 5,582. 87, up […]
Small Lender
Aug 25, 2010 (LBO) – Sri Lanka’s Sanasa Development Bank (SDB), a small lender from the co-operative movement, has retained its ‘BBB’ local long term rating with a stable outlook, RAM Ratings Lanka said. “Despite its high-risk target market, SDB has been able to maintain its better-than-industry asset quality, supported by its stringent credit evaluation […]
Sri Lanka urged to lift land controls by World Bank
Aug 25, 2010 (LBO) – A World Bank study has called on Sri Lanka to loosen controls on land ownership and use, saying restrictions tend to keep poor farmers poor. “Land-development ordinances that regulate the use and transfer of land keep a larger proportion of people dependent on agriculture,” the report said. “They also keep […]
Nail Torture
Aug 25, 2010 (LBO) – A Sri Lankan woman working as a domestic aide in Saudi Arabia has had 24 flaming nails driven in to her foot and a needle into her forehead by her employers, a rights body has said. Several hundred thousand Sri Lankan women work in Middle Eastern countries. The rights body […]
Sri Lanka revenue soars after vehicle import tax cut: official
Aug 25, 2010 (LBO) – Sri Lankan government tax revenues have risen sharply after import duties on vehicle imports were slashed, a senior finance ministry official said. The government earned 1,700 million rupees in July alone on vehicle import tax revenue after import taxes were slashed in June, S R Attygalle, director-general of fiscal policy […]
Lifting Boost
Aug 24, 2010 (LBO) – The Sri Lanka Ports Authority is to borrow 62. 5 million US dollars from the state-owned Bank of Ceylon to fund the acquisition of new cargo handling cranes from China, a statement said. The SLPA statement said it will buy one crane of 50 tonne capacity, two cranes of 41 […]
Detained
VANCOUVER, August 24, 2010 (AFP) – Canada’s independent Immigration and Refugee Board on Monday ordered the continued detention of all 443 adult Tamil asylum seekers who arrived August 13 aboard the cargo ship MV Sun Sea. Adjudicators agreed with government requests for more time to analyze the migrant’s identity documents. With the 380 men and […]
Sri Lankan stocks becalmed
Aug 23, 2010 (LBO) – Sri Lankan stocks closed flat Monday, as investors adjusting to the 10 percent trade margin took defensive positions looking for shares that offered bargains, while punters continued to chase after ‘penny’ stocks, brokers said. The All Share Price Index closed at 5,563.99, up 0.02 percent (0.99 points) while the Milanka […]
Gainful Moves
Aug 23, 2010 (LBO) – A planned expressway between Sri Lanka’s capital Colombo and Kandy in the central hills will significantly reduce transport costs and connect under-developed regions with developed ones, a new World Bank study said. “Islandwide expenditure on transport will decline from 155 million rupees a day to 127 million rupees, a reduction […]
New Entrant
Aug 23, 2010 (LBO) – PC House, a tech company which completed an Initial Public Offering earlier this month, is to start trading on August 26, 2010, a stock exchange filing said. PC House will be listed under the main board of the Colombo Stock Exchange and will be classified under the IT (information technology) […]
” recovery
NEW DELHI, August 23, 2010 (AFP) – India announced new stimulus measures Monday worth 225 million dollars to help garment, leather and handicraft exporters during the “fragile” global economic recovery. The country’s export growth slowed sharply in July on weakening demand from Western markets and the government has warned that the pace could slacken further […]
Indian carmaker signs preliminary deal to buy Ssangyong
SEOUL, August 23, 2010 (AFP) – India’s leading sports utility vehicle maker Mahindra and Mahindra signed a preliminary agreement Monday to take over bankrupt South Korean carmaker Ssangyong Motor, Ssangyong said. Ssangyong announced the signing of the memorandum of understanding in a regulatory filing to the Seoul stock exchange, but no figures for the deal […]