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Sri Lanka JKH ups stake in Union Assurance to 80-pct
May 05, 2009 (LBO) – Sri Lanka’s John Keells Holdings (JKH) said it had increased its stake in insurer Union Assurance by a further 2.52 percent after an offer to buy out remaining shareholders which ended Monday.JKH deputy chairman Ajit Gunewardena said at the time the move was aimed at consolidating the conglomerate’s position in […]
Sri Lanka cricketers get pay hike
May 05, 2009 (LBO) – Sri Lanka has raised salaries of cricketers and doubled the number of players under contract, an official said. Sri Lanka A Squad: Muthumudalige Pushpakumara, Tharanga Paranavithana, Malinga Bandara, Rangana Herath, Dammika Prasad, Chamara Silva, Mahela Udawatte, Gihan Rupasinghe, Suranga Lakmal, Kaushal Silva, Chanaka Welegedara, Isuru Udana, Chaminda Vidanapathirana, Dinesh Deshapriya […]
Sri Lanka banks asked to cut lending rates, says Central Bank
May 5, 2009 (LBO) – Sri Lanka’s central bank said it had asked banks to cut interest charged on loans which remain high despite policy rate cuts, while its grip on overnight is also tenuous due to quantity restrictions on discount windows.The Central Bank said it has “informed the licensed banks to take appropriate measures […]
Canada ups relief aid for Sri Lanka
OTTAWA, May 4, 2009 (AFP) – Canada’s Minister of International Cooperation Beverley Oda announced Monday an increase in humanitarian aid for civilians displaced by ongoing civil war in Sri Lanka.Ottawa will provide three million dollars (2.5 million US) to the International Committee of the Red Cross, Doctors Without Borders (MSF), the World Food Programme and […]
Sri Lanka shares buoyed by institutional buying
May 04, 2009 (LBO) – Sri Lankan shares ended firmer Monday, lifted by investments from institutional investors taking a long-term view as the rupee remained becalmed around 120.00 – 120.10 against the dollar, brokers and dealers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All […]
Shorter Deadline
May 04, 2009 (LBO) – Sri Lanka’s central bank which is collecting information on assets of Golden Key Credit Card, a collapsed financial firm, said its officials and past officials should declare assets by May 05. The Central Bank brought forward the deadline following a court order on April 27 which required information to be […]
‘s call for ceasefire: ministry
May 4, 2009 (AFP) – Sri Lanka on Monday rejected a Canadian call for a ceasefire in the military campaign against cornered Tamil Tiger guerrillas in the island’s northeast, the foreign ministry said.Sri Lanka’s Foreign Minister Rohitha Bogollagama told the visiting Canadian Minister for International Cooperation Beverly Oda that a previous unilateral truce by the […]
Sri Lanka HNB Assurance March profit up 12-pct
May 04, 2009 (LBO) – Sri Lanka’s HNB Assurance said March quarter after tax profit rose 12 percent to 15.9 million rupees from a year ago helped by a sharp increase in earnings from investments. Gross written premium rose 12 percent to 457 million rupees, the company said in a stock exchange filing of its […]
Jayawardene leads Punjab to last-over win over Kolkata
PORT ELIZABETH, May 3, 2009 (AFP) – Mahela Jayawardene struck an unbeaten 52 to guide Kings XI Punjab to a nail-biting six-wicket victory over Kolkata Knight Riders in the Indian Premier League here on Sunday. The Sri Lankan batsman hit seven fours in his 41-ball knock as Punjab surpassed Kolkata’s competitive 153-3 in a last-ball […]
‘s main line railway
May 4, 2009 (LBO) – “You never want a serious crisis to go to waste.”– President Obama’s Chief of Staff Rahm Emanuel Without question, Sri Lanka is in the thrall of multiple crises. In the short-term, the government is almost on the verge of inflicting a decisive military defeat on the LTTE, but is being hamstrung […]
Sri Lanka business told to watch out for bad debt
May 04, 2009 (LBO) – Sri Lankan businesses should be more cautious and assess customer creditworthiness more often, when doing business during a recession, a senior corporate executive said. They should watch out for bad debts as during such times previously solvent customers can quickly become insolvent, says Chemanex chief executive Preethi Jayawardena who was […]
Bitter with West, Sri Lanka turns East for cash and support
May 4, 2009 (AFP) – The Sri Lankan government is increasingly tilting towards Iran, Libya and China for foreign aid as its traditional Western allies ramp up their criticism of the war against Tamil rebels. Many Western nations have outlawed the Tamil Tigers and cut off their funding networks, but the Colombo administration is deeply […]