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Sri Lanka apologises to Indian PM over caricature
COLOMBO, August 1, 2014 (AFP) – Sri Lanka extended an “unqualified apology” to Indian Prime Minister Narendra Modi Friday over an article and uncomplimentary illustration of the leader and a regional Tamil politician published on a government website. The Sri Lankan defence ministry said it had taken down the offending caricature of Modi and the […]
‘s UDA to sell Rs30bn listed debt
Aug 01, 2014 (LBO) – Sri Lanka’s Urban Development Authority is planning to sell up to 30 billion rupees of Treasury guarantee listed debt in three tranches, Chairman Nimal Perera said.The cash will used to build 30,000 houses he said. The sale will be managed by state-run People’s Bank. The agency wants to first sell […]
Sri Lanka stocks close lower
Aug 01, 2014 (LBO) – Sri Lanka’s stocks closed 0.06 percent lower with Ceylon Tobacco Company losing ground amid net foreign selling, brokers said. The Colombo benchmark All Share Price Index closed 3.77 points lower at 6,810.13, down 0.06 percent. The S&P SL20 closed 13.09 points lower at 3,759.42, down 0.35 percent. Turnover was 775.04 […]
Growth Path
Aug 01, 2014 (LBO) – Profits at Sri Lanka’s National Development Bank rose 5.6 percent from a year earlier to 843 million rupees, helped by higher net interest income, amid falling interest expenses, interim accounts showed. The bank reported earnings of 10.50 rupees per share. In the half year to June the group reported earnings […]
Sri Lanka stocks close up 0.2-pct
July 31, 2014 (LBO) – Sri Lanka’s stocks closed 0.18 percent higher Thursday amid strong foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 12.06 points higher at 6,813.90, up 0.18 percent. The S&P SL20 closed 4.33 points higher at 3,772.51, up 0.11 percent. Turnover was 1.05 billion rupees, up from 973.71 […]
Banking Plan
July 31 2014 (LBO) – Sri Lanka’s state-run Bank of Ceylon, a major lender to the state and state enterprises will boost customer service and attract more private clients officials said, as the bank celebrates 75 years.“Our bankers are the best in the country but our outlook we must change,” Bank of Ceylon Chairman Harsha […]
Japan airline hit by Abenomics money printing
TOKYO, July 31, 2014 (AFP) – Airbus on Thursday said its decision to cancel a .2 billion jet order from Skymark Airlines was final, rejecting the Japanese carrier’s suggestion that talks were still ongoing.The European aircraft maker said this week it had informed Skymark that its purchase of six A380 superjumbos “has been terminated”, just […]
‘s Union Assurance to sell general insurance to Canada firm
July 31, 2014 (LBO) – Union Assurance Plc, a unit of Sri Lanka’s John Keells Holdings said it had struck a deal to sell 78 percent of its general insurance business valued at 4.5 billion rupees to Fairfax Asia. Union Assurance said it will continue to fully own the life insurance business. Fairfax Asia was […]
Sri Lanka inflation accelerates to 3.6-pct in July
July 31, 2014 (LBO) – Sri Lanka’s consumer prices rose 3.6 percent in the 12 months to July 2014, with inflation accelerating from 2.8 percent in June, official data showed.The International Monetary Fund said yesterday credit has been slow, but inflation has to be watched and the Central Bank should be prepared to raise rates […]
Sri Lanka launches dollar mutual fund to draw foreign investors
July 30, 2014 (LBO) – Ceylon Asset Management (CAM) has launched a dollar denominated mutual fund that will invest in sovereign debt and securities issued by rated banks and firms in Sri Lanka.CAM Managing Director Dulindra Fernando said the fund expects to draw foreign investors with a target return of over 4 percent a year. […]