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Sri Lanka thump Afghanistan to reach Asia Cup final
DHAKA, March 3, 2014 (AFP) – Four-time champions Sri Lanka thumped newcomers Afghanistan by 129 runs to reach the final of the Asia Cup in Dhaka on Monday.The Islanders scored a challenging 253-6 with in-form Kumar Sangakkara hitting a solid 76 before they bowled their rivals out for a paltry 124 in 38.4 overs. Sri […]
US resolution on Sri Lanka filed at UN – Update
COLOMBO, March 4, 2014 (AFP) – A US-led resolution calling for an international probe into allegations that 40,000 civilians were killed at the end of Sri Lanka’s separatist war has been filed with the UN’s top rights body. The resolution is “totally based on information of questionable veracity”, the monks said in a petition to […]
Free trade deal will open new avenues for BIMSTEC region: Sri Lanka President
Mar 04, 2014 (LBO) – A free trade deal that is being negotiated in countries bordering the Bay of Bengal, will open new avenues for co-operation, Sri Lanka’s President Mahinda Rajapaska said meeting of the regional grouping.ASEAN is usually looked upon as an example of a successful regional organization. ASEAN (the Association of South East […]
Sri Lanka central bank plugs IFRS disclosure hole
Mar 04, 2014 (LBO) – A directive by Sri Lanka’s central bank has plugged a hole in newly introduced International Financial Reporting Standards (IFRS) which made accounts of banks opaque and confused the general public and even analysts. Under IFRS, banks which were earlier disclosing total non-performing loans and deposit with break downs to the […]
Sri Lanka consumer durables group profits plunge in December
Mar 04, 2014 (LBO) – Profits at Singer Sri Lanka Plc, a consumer durables retailer, fell 71 percent to 93 million rupees in the December 2013 quarter from a year earlier, but sales are no longer shrinking, the firm said. The group reported earnings of 74 cents per share. For the full year to December […]
Sri Lanka stocks down 0.4-pct, rupee steady
Mar 03, 2014 (LBO) – Sri Lanka stocks slipped 0.4 percent Monday dragged down by index heavy John Keells Holdings and Dialog, while the rupee ended stronger against the greenback, dealers and brokers said. The benchmark Colombo All Share Index fell 26.3 points to 5,914.01 points and the S&P SL20 Index fell 9.77 points to […]
Merger Plan
Mar 03, 2014 (LBO) – Merchant Bank of Sri Lanka (MBSL), a unit of state-run Bank of Ceylon said it was merging with two subsidiaries and become a finance company, under a regulatory directive. Instead, all three units will merge and operate as a licensed finance company. MBSL will merge with MBSL Savings Bank Limited […]
Credit Trend
Mar 03, 2014 (LBO) – Sri Lanka’s credit from commercial banks to state enterprises surged to 57 billion rupee in December 2013 ending four months of net pay downs of debt official data showed as a drought worsened in the country hitting hydro power. The subsidy deception hurts the poor most – who consume the […]
Lahore longs for international cricket five years after attack
LAHORE, March 3, 2014 (AFP) – For more than fifty years, Haji Basheer has prepared the pitch at Lahore’s Gaddafi Stadium and witnessed some of cricket’s biggest moments including two World Cups.The 74-year-old has been serving at the ground since it hosted the first match in November 1959 but a terrorist attack on the Sri […]
Sri Lanka inflation at 2.5-pct in February by citizen index
Mar 03, 2014 (LBO) – Sri Lanka’s inflation in February 2014 was measured at 2.5 percent by an index compiled by private citizens, coming below the 4.2 percent indicated by the state statistics office.Sri Lanka’s credit growth has been weak in the past year and the Central Bank has also been sterilizing foreign exchange purchases. […]