Category:
Bank Buy
Mar 25, 2010 (LBO) – Sri Lankan government controlled funds bought chunks of Hatton Nation Bank on the Colombo bourse Thursday increasing their stake in the private listed bank to 25 percent of its voting rights, brokers said. “Now the government owns 25 percent of HNB,” the spokesman from Capital Trust Securities said. Sri Lanka […]
Top Marks
Mar 25, 2010 (LBO) – Commercial Bank has been declared Sri Lanka’s best bank in 2010 for the 12th year running by Global Finance magazine, the bank said in a statement. The US-based financial publication’s latest listing of the ˜Best Emerging Markets in Asia’ is to published in its May issue. The report covers the […]
‘s cancelled concert
March 25, 2010 (AFP) – Sri Lanka lost a “priceless” promotional opportunity by banning the US star Akon from performing at a concert in Colombo following protests from Buddhist monks, the tourism minister said Thursday. The rapper’s concert on April 24 was blocked after monks complained about his “Sexy Bitch” music video featuring women in […]
Sri Lanka builds to lure business visitors
Mar 25, 2010 (LBO) – Sri Lanka is building more convention centres amid fears of a shortage of accommodation following a flood of tourists with the end of its war and temporary closure of a big conference hall. Tourist industry officials said they are promoting MICE tourism, as travel abroad for Meetings, Incentives, Conventions and […]
Sri Lanka launches new tea certification scheme
Mar 25, 2010 (LBO) – Sri Lanka has introduced a quality certification programme for tea exports to ensure cleaner teas are sent to overseas markets, devoid of stones and other contamination now found during pre-export screening, officials said. Random test will be done on products to ensure they conform to the standards after certification is […]
Disappearing island solves India-Bangladesh dispute
KOLKATA, March 25, 2010 (AFP) – A tiny island at the centre of a territorial dispute between India and Bangladesh has disappeared beneath the waves due to rising sea levels and erosion, scientists say. At its height, it was never more than two metres (about six feet) above sea level. Hazra said a larger island, […]
Sri Lanka Treasuries yields edge up
Mar 24, 2010 (LBO) – Sri Lanka’s 3-month Treasury bill yields moved up 05 basis points to 8. 45 percent at Wednesday’s auction, the government’s debt office said. The 6-month yield moved up 05 basis points to 9. 19 percent while the 12-month yield stayed flat at 9.47 percent. The government’s debt office said it […]
Sri Lanka warned against excessive foreign reserves
Mar 24, 2010 (LBO) – Holding large foreign exchange reserves could actually be a burden for Sri Lanka’s government and deny funds from badly needed infrastructure and health care, a senior corporate executive has said. Sanjoy Ray, Finance Director of Finlays Colombo said that while foreign exchange reserves could act as a buffer against emergencies, […]
Sri Lankan stocks close 0.21-pct down
Mar 24, (2010) – Sri Lankan shares closed down Wednesday as retail investors remained cautious, while a large deal on index heavy John Keells Holdings (JKH) and Distilleries Company of Sri Lanka boosted turnover, brokers said. JKH closed at 171.00 rupees, up 1.00 with 5.43 million changing hands, brokers said. Hayleys closed flat at 225.00 […]
Finance Issue
Mar 24, 2010 (LBO) – An initial public offer of shares by Sri Lanka’s Vallibel Finance is seen as being priced to a discount to market given its immediate earnings record, Capital Alliance, the issue’s placement agent, said. Vallibel Finance seeks to raise 114.4 million rupees by selling 5.2 million shares at 22 rupees each. […]
Sri Lanka mulls aviation complex in former Tiger jungle airstrip
Mar 24, 2010 (LBO) – A makeshift airstrip built by Tamil Tiger separatists in the jungles of northern Sri Lanka is to be turned into an aviation complex under government post-war reconstruction plans, an official said. L H Indrasiri, director, geographical information systems of the Urban Development Authority, said the proposal was part of a […]
Prerequisites for making Sri Lanka an energy hub
Mar 24, 2010 (LBO) – Sri Lanka is to become a “Naval, Aviation, Commercial, Energy and Knowledge hub.” Of the five hub visions, this is the longest shot. But not impossible, especially if combined with the plan for a shipping hub (I assume the intention was talk about civilian shipping, and not about ships with […]