Category:
Finance Watch
July 22, 2010 (LBO) – Sri Lanka’s government is to set up a dedicated authority to regulate micro-finance institutions to make their supervision more effective, a government minister said. A previous effort to regulate micro-finance institutions in 2006 through the central bank was abandoned because a separate, independent authority was considered more appropriate. Micro finance […]
Sri Lanka Amaya Reef sold to public
July 22, 2010 (LBO) – Sri Lanka’s Amaya Reef, a listed company, has been spun off by its parent Amaya Leisure at prices of up to 5.00 rupees a share, but will continue to be managed by the group, an official said. “This will be the first fully publicly owned company under Amaya management,” Nimal […]
Sri Lanka June tea crop hits new high
July 22, 2010 (LBO) – Sri Lanka’s tea output rose sharply in June from a year ago, hitting a new production peak as the crop continued to recover from the year before, the Tea Board and brokers said. “If this trend continues, we are likely to match up to the all-time record crop achieved in […]
IP Rights
July 22, 2010 (LBO) – A Sri Lankan software industry group cracking down on piracy has warned that foreign companies in the island cannot assume they are covered by software licences held by their overseas parents. The Business Software Alliance (BSA), a global trade association representing the software industry, said it had entered into a […]
Remote Services
July 22, 2010 (LBO) – Sri Lanka’s PC House is planning a 100 seat business process outsourcing centre in the island’s northern Jaffna peninsular to provide accounting and back office services to the international market, an official said. It already has a 200 seat BPO processing documents for the Sri Lanka government. Though Sri Lanka […]
‘s Muralitharan bows out with 800 Test wickets
GALLE, July 22, 2010 (AFP) – World bowling record holder Muttiah Muralitharan was given a presidential send-off on Thursday after he retired with 800 wickets in the bag. Sri Lankan President Mahinda Rajapakse flew in from the capital, Colombo, to the southern coastal town of Galle to briefly watch the first Test against India and […]
798-wicket Murali puts India on defensive
GALLE, July 21, 2010 (AFP) – Hosts Sri Lanka were well-placed to win the first Test against India after spin wizard Muttiah Muralitharan wreaked havoc in his final match on Wednesday. The world’s leading wicket-taker grabbed 5-63 in the first innings as India were forced to follow on after being shot out for 276 on […]
US urges Sri Lanka to improve rights, media freedom
July 21, 2010 (AFP) – The United States pressed Sri Lanka on Wednesday to improve human rights and media freedoms amid charges that security forces committed war crimes during the last days of the island’s civil war. During a one-day visit, US Assistant Secretary of State Robert Blake said reconciliation must play a key role […]
Sri Lanka shares head higher in record territory
July 21, 2010 (LBO) – Sri Lankan stocks edged higher into record territory Wednesday with investor sentiment buoyed by improved company earnings and private deals in Hatton National Bank boosting trading turnover, brokers said. The All Share Price Index closed at 4,857.57, up 1.06 percent (51.14 points) while the more liquid Milanka index rose 0. […]
River Yard
July 21, 2010 (LBO) – Sri Lankan ship builder Colombo Dockyard has begun building a ferry for passengers in the former northern war zone using a new yard on a river close to Colombo port, a statement said. The 100-passenger launch is being built for the state-owned Road Development Authority and will be used to […]
Margin Growth
July 21, 2010 (LBO) – Sri Lanka’s Seylan Bank group net profit shot up 66 percent to 312 million rupees in the June 2010 quarter from a year ago as interest margins improved, a stock exchange filing said. Deposits and performing loans grew slightly and the bank managed to reduce bad loans. Interest income fell […]
Equity Fund
July 21, 2010 (LBO) – New York based Logan Rockefeller Global (LR Global) is planning to invest 20 million US dollars in Sri Lanka through a newly set up local unit, which itself is planning a public listing as early as next year, officials said. “We are looking at Sri Lanka as a market that […]