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Sri Lanka Insurance Corp gets new board
June 26, 2009 (LBO) – Sri Lanka’s Supreme Court has approved eight people drawn from the private and public sectors as directors of Sri Lanka Insurance Corporation which it recently ordered returned to state ownership.Lawyers said the eight directors named by court are Pradeepa Kariawasam, Anura Meddegoda, R A Jayatissa, Chithral Amaratunga, Nalaka Godahewa, Ravi […]
Sri Lanka arrests astrologer for gloomy predictions
June 26, 2009 (AFP) – Sri Lankan police say they have arrested an astrologer after he predicted serious political and economic problems for the government of President Mahinda Rajapakse.Chandrasiri Bandara, who writes an astrology column for a pro-opposition weekly, was taken in on Thursday, police spokesman Ranjith Gunasekara said. “The CID (Criminal Investigations Department) is […]
Sri Lanka to extend services of sovereign rating agencies
June 26, 2009 (LBO) – Sri Lanka will extend the contracts of Standard and Poor’s (S&P) and Fitch Rating, the two agencies that are issuing the country’s sovereign rating, the government’s information office has said. The cabinet of ministers had empowered the central bank to sign fresh agreements with the two rating agencies for three […]
Sri Lanka to buy back debt
June 25, 2009 (LBO) – Sri Lanka’s public debt office has announced a ‘reverse auction’ to retire a part of the bonds maturing in August, which would help reduce bunching up of maturities, dealers said. The banking system is also flushed with liquidly from central bank dollar purchases.The government is offering to buy back 7.6 […]
Sri Lanka to plans high yield forex securities for expat workers
June 25, 2009 (LBO) – Sri Lanka’s government is planning a new high yield retail foreign exchange denominated security that will pay an attractive premium over London benchmark rates, targeting expatriate workers.“India did a successful issue of that nature some time ago, and we are studying it,” Central Bank governor Nivard Cabraal said. “We want […]
Sri Lanka Treasuries yields fall across the board
June 25, 2009 (LBO) – Sri Lanka’s Treasuries yields fell across the board at an Auction Wednesday and the government raised 11.6 billion from an original offer to sell only 9.0 billion rupees of bills, the debt office said.The 3-month yield fell 15 basis points to 11.41 percent; the 6-month yield fell 53 basis points […]
Sri Lankan stocks down on profit taking
June 25, 2009 (LBO) – Sri Lankan shares closed 0.7 percent lower Thursday as investors continued to take profits from last three weeks bull-run, despite retail interest, brokers said. The benchmark Colombo All Share Price Index closed down 0.72 percent (17.57 points) to end at 2,422.37 while the Milanka index of liquid stocks fell 0.73 […]
Forex Loss
June 25, 2009 (LBO) – Sri Lanka’s Nations Trust Bank which had uncovered a forex loss in its books said the losses would be offset “to a great extent” by other operations of its Treasury. NTB said its June quarter financials will be published as early as possible in July. “The Bank has discovered a […]
Banking Services
June 25, 2009 (LBO) – Sri Lanka’s state run Bank of Ceylon has expanded its services inside camps housing nearly 280,000 refugees in the north of the island, adding mobile computerized branches housed in shipping containers. Last week the bank added four retail units to its existing branch in the Manik Farm refugee camp complex […]
Health Needs
June 25, 2009 (LBO) – The World Bank said it has approved a 24 million dollar loan to support Sri Lanka’s state health services mainly in former war-zones in the North and the East of the country. The credit from the International Development Association (IDA), the World Bank™s concessionary lending arm, has 20 years to […]
Global Tie
June 25, 2009 (LBO) – Sri Lanka’s financial intelligence unit (FIU), said it had joined the Egmont group, a global association of agencies that combat money laundering and terrorist financing. The 116 member group was established in 1995, Sri Lanka’s FIU which functions under the central bank said. The Egmont Group membership will allow Sri […]
Outsourced Skills
June 25, 2009 (LBO) – A Sri Lankan accountants’ body and the software industry said they have joined hands to promote the island as a business processing outsourcing (BPO) centre for finance and accounting.The drive to promote the BPO industry is being done by the Chartered Institute of Management Accountants (CIMA), Sri Lanka division and […]