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Sri Lankan stocks down on travel warning, profit taking
June 29, 2009 (LBO) – Sri Lankan shares closed down on Monday partly owing to the customary month-end profit taking by retailers, while a US government travel warning dampened investor spirits, brokers said.Mahaweli Reach Hotel closed at 19.00 rupees, down 1.00, while The Light House closed at 66.00 rupees, down 2.00. Trans Asia Hotel closed […]
Southern Investment
June 29, 2009 (LBO) – The Sri Lankan government wants to attract investments for ship building, and cement and fertilizer manufacturing at a new port being built in southern Hambantota, a senior official said.Sri Lanka Ports Authority chairman Priyath Wickrama said construction work on the harbour, less than half-an-hour’s deviation from the main shipping route […]
Bank Rating
June 29, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed the national long-term rating of National Development Bank (NDB) at ‘AA(lka)’ with a stable outlook. The agency has also confirmed NDB’s subordinated debentures at ‘AA-(lka)’, Fitch said in a statement. NDB’s ratings are reflective of its continued strong financial profile relative to its […]
Bank Bailout
June 29, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC) may take up the bulk of risk capital in bailing out Seylan Bank, while state-run Bank of Ceylon and National Savings Bank (NSB) may take smaller stakes, a media report said.SLIC was recently returned to state ownership and management following a court order, and a […]
One Entity
June 29, 2009 (LBO) – Sri Lanka’s Sampath Bank said it was merging a fully owned subsidiary dealing in government securities. Samapth Surakum Limited is a primary dealer in government securities licensed by the Central Bank. A series of separate primary dealers were set up a few years ago under a Central Bank to intensify […]
‘s Mahindra Holidays aims for 57 mln dlr IPO
MUMBAI, June 29, 2009 (AFP) – India’s Mahindra Holidays and Resorts Monday said it hoped to raise almost 60 million dollars when it becomes the first firm to float on the country’s capital markets in more than a year. The firm, a subsidiary of the Mahindra group, said it will sell 9.26 million shares through […]
‘s North and the East special economic zones
June 29, 2009 (LBO) – Massive investment is needed in the North and the East to allow these war-torn regions to catch up with the progress they missed because of the LTTE. The likelihood of obtaining these funds from Sri Lankan tax-payers or from foreign donors is not very good. The former because we spend […]
Sri Lanka public enterprises eating development capital: minister
June 29, 2009 (LBO) – Sri Lanka’s state enterprises are eating capital that could have been used for the country’s growth, while some workers are getting a salary and not even reporting to work, a senior government minister said. “For almost 50 years our state enterprises have stolen from the treasury,” deputy finance minister Sarath […]
Railway Deals
June 28, 2009 (LBO) – Sri Lanka’s state-run railways is discussing a deal with Pakistan Railways to rehabilitate track damaged in an internal war and upgrade passenger coaches, a media report said. The state utility is over-staffed and is a big burden on the people who do not use rail, losing 4,553 rupees in 2008, […]
US renews Sri Lanka travel warning
June 28, 2009 (LBO) – The United States has warned its citizens of continued risks of attacks by armed groups and the possibility of foreign nationals of Sri Lankan origin being detained without their embassy being notified.The State Department warned American citizens of a “potential for continued instability, including possible terrorist attacks,” though there were […]
Trouble brewing for Sri Lanka tea farmers
KOTMALE, June 28, 2009 (AFP) – World tea prices have rocketed but along misty tea-growing mountain slopes in Sri Lanka’s central hills, farmers are facing disaster. “Earlier we were concentrating mainly on enhancing yields — drought was not an issue then — but we are now focusing on drought-tolerant varieties,” Gunasekare said. World tea prices […]
‘ll have to learn to drive first
MUMBAI, June 28, 2009 (AFP) – When Ratan Tata, the head of India’s Tata Motors, said the company was planning to build the world’s cheapest car, he could have had in mind Maruti Jaywant Bhandare as his ideal client.The first stop after picking up the car from the dealership will be the nearest temple to […]