Category:
Sri Lanka power IPO hits Rs28 on opening day
Oct 08, 2009 (LBO) – Sri Lanka’s Hemas Power hit a high of 28 rupees when it began trading Thursday, but ended at 24 rupees, 20 percent up on its issue price of 20 rupees, brokers and analysts said. The share opened at 26 rupees, a 30 percent gain on its issue price, and traded […]
” by regulations
Oct 08, 2009 (LBO) – Sri Lanka’s private sector is being strangled by a plethora of regulations and corrupt and inefficient bureaucrats and politicians that stifle entrepreneurship, a top company executive has said.The public sector, through the finance ministry and the central bank, have to manage effectively the budget deficit, the money supply, the foreign […]
Sri Lankan shares fall on profit taking
Oct 07, 2009 (LBO) – Sri Lankan stocks ended a two-week bull-run Wednesday as retail investors took profits from a market that’s heading towards a correction, while John Keells Holdings (JKH) shares were heavily traded today, brokers said. The All Share Price Index closed down 0.35 percent (11.00 points) to end at 3,136.56 while the […]
Regaining Confidence
Oct 07, 2009 (LBO) – Sri Lanka needs to introduce restrictions on single-shareholder stakes and multiple ownership of registered finance companies (RFCs) by a single individual or group, RAM Ratings Lanka has said.“However, well-rated and/or prudently managed RFCs had been able to withstand the pressures better than others.Moreover, the timely intervention of the Central Bank […]
Regional Links
Oct 07, 2009 (LBO) – Sri Lanka’s wireless access provider Lanka Bell said it has reduced call rates to India. The company pays them 50 cents for every minute of incoming IDD calls regardless of the duration, country of origin or the number of calls received for a day. Lanka Bell is the largest CDMA […]
Sri Lanka LNG power plant push is outside the law: officials
Oct 07, 2009 (LBO) – Attempts to connect a private liquefied natural gas (LNG) power plant to Sri Lanka’s state-run power utility outside a competitive bidding process is not legal under a new public utility regulatory law, officials said.From this October PUC is issuing licenses to the Ceylon Electricity Board, independent power producers and smaller […]
Britain says Sri Lanka war victims should be freed
October 6, 2009 (AFP) – Britain on Tuesday expressed disappointment with Sri Lanka’s handling of war-displaced civilians and demanded that they be given the freedom to leave state-run camps. “Freedom of movement is critical if a humanitarian crisis is to be averted,” visiting British Development Minister Mike Foster said after touring the camps, where over […]
Oil Support
Oct 07, 2009 (LBO) – A call for offshore oil field support services by a company exploring for oil in Sri Lanka provides domestic firms the opportunity they have been waiting for, officials said.Oil explorations firms are expected to source some of their requirements from local industry in order to ensure the benefits of oil […]
Gold price hits record high on report to ditch dollar
LONDON, October 6, 2009 (AFP) – The price of gold struck an all-time high Tuesday as the dollar fell on a news report of a plan by Gulf states to stop using the greenback for oil trading.Gold hit 1,045.00 dollars per ounce on the New York Mercantile Exchange in late trades. Hours earlier on the […]
Sri Lanka delays budget till polls over
Oct 07, 2009 (LBO) – Sri Lanka will delay its budget for next year, usually presented to parliament in November until national polls scheduled for the first quarter of 2010 is over, a government minister said.Deputy finance minister Ranjith Siyambalapitiya said general elections were likely before April and a mini budget or ‘vote on accocunt’ […]
Sri Lankan shares close up; stock values top Rs1,003bn
Oct 06, 2009 (LBO) – Sri Lankan stocks closed at a new all time high with stock values topping 1,000 billion rupees, and the market up 108.1 percent from the beginning of the year, according to Colombo Stock Exchange data. The All Share Price Index closed up 29.3 points to end at 3,124.87 while the […]
Container Trade
Oct 06, 2009 (LBO) – A Colombo port container terminal in which Sri Lanka’s John Keells Holdings group has a majority stake said volumes rose to a record high in August 2009, the fourth straight monthly rise. Colombo is south Asia’s hub port, where cargo is shipped on feeder vessels to and from smaller ports […]