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Sri Lankan stocks up 0.22-pct
Aug 26, 2009 (LBO) – Sri Lankan shares closed up on Wednesday as investors eyed selected blue chip and hotel counters looking to profit from a possible resurgence in the medium term, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 0.22 percent (5.59 points) to end at 2,553.03 while the Milanka […]
Ship Arrest
Aug 26, 2009 (LBO) – An Indian-owned container vessel arrested by Sri Lankan port authorities for non-payment for fuel supplies has been released after the owners paid the supplier. The High Court of Colombo ordered the arrest of MV Gati Pride on August 14 after ship fuel supplier Lanka Maritime Services sought its detention saying […]
Sister Ship
Aug 26, 2009 (LBO) – Sri Lanka’s Mercantile Shipping Company, a listed ship owner, said it will take delivery of its second newly built cargo ship in November.The first of a pair of new cargo ships built by a Dutch yard and named Mercs Uva was delivered last month and has already been charted out, […]
‘s Aitken Spence eyes health tourism, new resorts
Aug 26, 2009 (LBO) – Sri Lanka’s Aitken Spence Hotels is expanding the profitable health tourism business and plans new resorts on prime beach properties kept dormant during the ethnic war, a senior official said. “The Maldives as a whole has experienced a downturn because of the global economic turmoil.But we’re seeing a recovery and […]
Big Deal
Aug 26, 2009 (LBO) – The acquisition of a big stake in Sri Lanka Telecom, the island’s dominant fixed-line operator, by Malaysia’s Global Telecommunications Holdings NV has been nominated for a global mergers and acquisition award. The nomination has been made under the Media, Entertainment or Telecom Deal of the Year category of the awards […]
‘s rare double
August 26, 2009 (AFP) – New Zealand captain Daniel Vettori became only the eighth player ever to achieve the double of 3,000 runs and 300 wickets as Sri Lanka groped for runs in the second Test on Wednesday. The left-arm spinner, who has scored 3,329 runs, claimed his 300th wicket when he had his Sri […]
Sri Lanka frees priests from war camps
August 26, 2009 (AFP) – Sri Lanka on Wednesday freed nearly 600 Hindu and Catholic priests who were held in internment camps with ethnic Tamils displaced by fighting between troops and separatist rebels, officials said.The clergy were allowed to leave the camps in the northern district of Vavuniya, where 300,000 inmates are detained under tight […]
Sri Lanka pro-poor effort hit by political interference: ADB
Aug 26, 2009 (LBO) – Political interference and overlapping functions of government agencies have seriously weakened Sri Lanka’s efforts to help the poor and might even perpetuate poverty, a new Asian Development Bank report says. The public sector is too big, confused and lacks accountability, the report on ‘Poverty and human development in Sri Lanka’ […]
Sri Lanka draws Japanese investor interest
Aug 26, 2009 (LBO) – A 40-member Japanese trade and investment mission is due to visit Sri Lanka in November 2009 following the end of the island’s 30-year ethnic war, the Ceylon Chamber of Commerce said.Members of the mission during their visit will take part in the Japan – Sri Lanka Business Co-operation Committee meeting […]
Sri Lanka firms told socially responsible investing does pay
Aug 25, 2009 (LBO) – Companies should look closely at socially responsible business practices as they are more profitable and opens the door to alternative investments, a senior official from the Securities Exchange Commission (SEC) said. “Socially responsible investment advocates argue that screening helps eliminate companies that have risks that are generally not recognized by […]
Sri Lanka central bank domestic assets fall
Aug 25, 2009 (LBO) – Treasury bills, a key domestic asset component at Sri Lanka’s central bank, plummeted following an unusual deal with a US fund manager which effectively swapped them for hard currency. According to official data released Monday the Central Bank’s Treasury bills stock which represented money printed for the government during a […]
Bank Capital
Aug 25, 2009 (LBO) – Sri Lanka’s Seylan Bank said the Colombo stock exchange has approved its application to list new ordinary shares in an effort to raise fresh capital.Seylan Bank was brought under the supervision of the banking regulator, the Central Bank, after it faced a run following the collapse of an unlisted Ceylinco […]