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Sri Lanka CB appoints top committee to boost sovereign rating
June 10, 2010 (LBO) – A committee made up of top central bank, finance ministry and private sector representatives had been appointed to develop strategy to push Sri Lanka’s sovereign rating to investment grade, the island’s monetary authority said. The committee is charged with devising a strategy of taking Sri Lanka current speculative B+ (Fitch) […]
Sri Lankan stocks close 0.71-pct up
June 10, 2010 (LBO) – Sri Lankan stocks closed up Thursday from institutional and high net worth interest on selected high value and midcap shares, while retail investors continued to chase after midcap and ‘penny stocks’, brokers said. The All Share Price Index (ASPI) closed at 4,496. 24, up 31.83 points, while the Milanka index […]
Steady Steps
June 10, 2010 (LBO) – Sri Lanka’s Citizens Development Business Finance says it has maintained profitability and managed non performing loans last year in a tough operating environment and is now looking to expand. The firm has changed its financial year from December to March and posted revenues of 1.9 billion rupees for the 15 […]
Education Promises
June 10, 2010 (LBO) – Sri Lanka’s newly appointed higher education ministry has promised better syllabuses, elimination of ‘ragging’ of freshmen and stronger English language skills to boost the employability of graduates from state universities. Dissanayake who is also a state university graduate and former activist, said the current academic syllabus taught at universities will […]
Health Hopes
June 10, 2010 (LBO) – A new hospital in Sri Lanka’s Asiri healthcare group is set to break-even and generate positive cashflows despite overshooting its construction budget by 20 percent, an official said. The Central hospital, which started operations two months ago and cost 5.5 billion to build, is generating enough cash flows to be […]
Sri Lanka plans new tariffs to smoothen power peaks
June 10, 2010 (LBO) – Sri Lanka state-run Ceylon Electricity Board is devising new tariffs with low off peak rates and penal peak rates to smoothen the daily peak load and push some industrial activities to low demand hours, officials said. At the moment industries get subsidized tariffs, while commercial and large households pay higher […]
Sri Lanka Treasuries yields flat
June 09, 2010 (LBO) – Sri Lanka’s Treasury bill yields were steady at Wednesday’s auction, with the government selling more than the maturing volume to raise new money, the government’s debt office said. The debt office sold 1.7 billion rupees in 3-month bills, 4. 7 billion in 6-month bills and 3.9 billion rupees in 12-month […]
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June 09, 2010 (LBO) – Sri Lankan stocks recovered Wednesday with gains in banks pushing the market up and retail investors seen chasing midcap and ‘penny stocks’ with heavy speculative trading on Ceylon Leather Products, brokers said. The All Share Price Index closed at 4,464.41, up 37.14 points, while the Milanka index of more liquid […]
Sri Lanka Confifi Hotel group gets new board
June 09, 2010 (LBO) – Sri Lanka’s Confifi Hotel Holdings which was taken over by Lanka Orix Leasing Company (LOLC) from former owners the Furkhan family, has appointed a new director board from Wednesday, a stock exchange filing said. LOLC now owns 52 percent of Confifi Hotel Holdings and 25.5 percent of Riverina Hotels. Ishara […]
Sri Lanka biodiversity seen under threat
June 09, 2010 (LBO) – Increasing population pressure and human activity are threatening the rich biodiversity in Sri Lanka and a greater focus on habitat protection and conservation is needed, scientists said. Sri Lanka has been recognized as a global biodiversity ‘hotspot’ because of the high number of fauna and flora which are endemic or […]
India car sales rise 30.5 percent in May
MUMBAI, June 9, 2010 (AFP) – Car sales in India jumped 30. 5 percent year-on-year in May, industry data showed on Wednesday, as new launches boosted demand. A total of 148,481 vehicles were sold in May, up from 113,810 a year earlier, data from the Society of Indian Automobile Manufacturers (SIAM) showed. Market leader Maruti […]
Sri Lanka PM says Tamil Tigers re-emerging
June 8, 2010 (AFP) – Tamil Tiger rebels are re-emerging a year after their defeat, Sri Lanka’s prime minister said Tuesday, despite the once-powerful guerrilla force launching no attacks. D. M. Jayaratne told parliament that remnants of the separatist Liberation Tigers of Tamil Eelam (LTTE) were planning a comeback with financial backing from Tamils abroad. […]