Indian shares fall 5.19 per cent on opening

Mumbai, (AFP) Indian shares tumbled 5.19 percent within minutes of opening on Monday over fears for the global financial system as the fate of Wall Street giant Lehman Brothers hung in the balance, dealers said.

The BSE benchmark 30 share Sensex index slumped 727.95 points to 13,272.86 in early morning trade. “Reports of weakening US financial markets and the possibility of worse to follow (for some global banks) has clearly spooked investors,” said Apurva Shah, head of research with brokerage Prabhudas Lilladher.

Chamber AGM

The International Chamber of Commerce Sri Lanka (ICCSL) will hold its 42nd Annual General Meeting on September 17 at Hotel Galadari (Saloon Anthuriam).

Central Bank Governor Ajith Nivard Cabraal will be the chief guest who would address the gathering on the “Role of Central Bank in international commerce”.

New GM at Taj Airport

Mathew C. Thomas recently assumed duties as General Manager of the Taj Airport Garden Hotel in Seeduwa, taking over from Sanjay Singh who is moving to India for a new assignment.

LMS vacates SLPA land

LMS has handed over the land to the SLPA on September 10 and has taken all possible steps to remove stocks of oil and lubricants by September 12 in terms of the orders of Court.

However, due to technical reasons the company was unable to remove oil stocks to the value of US$ 184,000 (Rs. 20 million), remaining on the land; and in terms of the Court direction the ownership of which will now accrue to the SLPA.

Accordingly, the Rs. 20,000,000 (Rs. 20 million) loss, consolidated, will add to the financial impacts quantified and announced to date.

Oil stocks to the value of US$ 416,000 (Rs. 45 million) remain in the pipelines, located outside the premises.