Category:
Merchant Reach
Oct 02, 2009 (LBO) – Merchant Bank of Sri Lanka (MBSL) said it had raised its stake in Ceylinco Investment Company, part of the troubled Ceylinco group, to 46 percent, through a five million rupee cash injection.MBSL said in a statement it bought 500,000 shares of Ceylinco Investment Company at 10 rupees a share. MBSL […]
Sri Lankan tea prices fall
Oct 02, 2009 (LBO) – Sri Lankan tea prices fell at this week’s auction, raising concern that plantations corporations may not enjoy the high price levels required to cope with a recent near 40 percent wage hike. Brokers Asia Siyaka Commodities said there was “fair general demand at lower rates” for teas from regional plantations […]
Rural Outsourcing
Oct 02, 2009 (LBO) – Sri Lanka’s rural economy can take a slice of India’s 12 billion dollar Business Process Outsourcing (BPO) industry by catering to the bottom of the pyramid customers who look at costs over optimum service, a foreign investor said. “India does about 12 billion dollars of knowledge base process work; 10 […]
Sri Lanka discharges nearly 25,000 deserters: officials
October 2, 2009 (AFP) – Sri Lanka’s military has formally discharged nearly 25,000 security personnel who deserted the army at the height of fighting with Tamil rebels, officials said Friday.Military officials said some 20,000 troops in the army and about 5,000 from the navy and air force had been taken off the books of their […]
Sri Lanka bomb kills student, wounds 11: officials
October 2, 2009 (AFP) – An explosion ripped through a school bus in northwestern Sri Lanka on Friday, killing one girl and wounding 11 other students and their driver, police said. The incident took place in Kurunegala district, 100 kilometres (62 miles) north of the capital Colombo, a police spokesman said, adding an investigation was […]
Sri Lanka accepts UN criticism of camps: minister
October 1, 2009 (AFP) – Sri Lanka on Thursday said it accepted much of the United Nations’ recent criticism over its handling of 250,000 Tamils detained in camps since the end of the island’s ethnic conflict six months ago. Human Rights Minister Mahinda Samarasinghe pledged the government would address recommendations made by Walter Kaelin, a […]
Sri Lanka budget 2010 likely delayed
Oct 02, 2009 (LBO) – A decision on delaying Sri Lanka 2010 budget and seeking parliamentary approval for spending in the interim, would be made latest by next week, deputy finance minister Ranjith Siyambalapitiya said.But a senior official said a vote-on-account, or a mini budget for a shorter duration than a year could also presented […]
Trading Platform
LONDON, October 1, 2009 (AFP) – Britain’s London Stock Exchange announced Thursday that it is in exclusive talks to buy pan-European electronic trading platform Turquoise.“London Stock Exchange Group plc announces that it has entered into exclusive discussions with Turquoise Trading Limited, which may lead to a transaction,” the LSE said in a brief statement. “A […]
Sri Lanka aims to save last reef on south coast
Oct 01, 2009 (LBO) – A coral reef described as the last remaining living, extensive reef on Sri Lanka’s south coast was cleaned up in an effort where international and local agencies worked together, the ministry of fisheries said.The initiative aims to improve the quality and condition of the Kapparathota coral reef in Weligama Bay, […]
Sri Lanka plantations industry demands former benefits
Oct 01, 2009 (LBO) – Sri Lanka’s plantations industry is demanding the release of funds taken as an export tax and is asking to treated as exporters under the value added tax regime as they were before, to help cope with a recent wage hike to workers. “We’ve got to see where we can get […]
Sri Lanka Treasuries yields fall
Sept 30, 2009 (LBO) – Sri Lanka Treasuries bill yields fell across the board at Wednesday’s auction with the 3-month yield dropping 22 basis points to 9.48 percent, the government’s debt office said. The 6-month yield fell to 09 basis points to 10.63 percent. The 12-month yield fell 08 basis points to 11.09 percent. The […]
Sri Lanka central bank to issue own securities to mop up inflows
Sept 30, 2009 (LBO) – Sri Lanka’s central bank will soon issue its own securities to mop rupee liquidity generated from purchasing foreign exchange, because the monetary authority is about to run out of its Treasury Bills portfolio, Governor Nivard Cabraal said. On Monday the monetary authority’s net Treasury bills position fell to 2.7 billion […]