All Blogs
Canada seeks to curb human smuggling
OTTAWA, June 16, 2011 (AFP) – A Canadian minister on Thursday unveiled measures to curb human smuggling, calling it a “despicable crime” that abused country’s “generosity” towards immigrants and refugees. The proposed law is in response to a wave of arrivals in Canada aboard rickety cargo ships that has weakened public support for the country’s […]
Sri Lanka stocks close down 1.0-pct
June 16, 2011 (LBO) – Sri Lanka stocks fell by nearly one percent Thursday to a fresh three-month low with continued massive forced selling of popular stocks of margin traders, brokers said. The main All Share Price Index closed at 7,015.71, down 0.95 percent (67.34 points) while the more liquid Milanka index fell 1.02 percent […]
Freight Cost
June 16, 2011 (LBO) – Container shipping line CMA CGM has announced a freight rate increase from July 1 including on cargo loaded from Sri Lanka, joining other lines that are trying to raise rates. CMA CGM, the Marseilles-based line that is the world’s third largest container shipping line, said it planned to hikes rates […]
Islamic Banking
June 16, 2011 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said it is starting an alternative banking services compliant with Islamic Sharia law, with a three member committee of scholars to ensure compliance. “As one of Sri Lanka’s largest private banks it is our obligation to ensure that the services the unit provides are […]
Sri Lanka poultry firm to build Rs360mn broiler farm
June 16, 2011 (LBO) – Sri Lanka’s Bairaha Farms, a poultry firm said it is building a 360 million rupee modern broiler farm in the northwestern Puttalam district to increase its production by 15 percent over the next three years. In 2010 prices surged. “Being of a cyclical nature, the poultry business is characterised by […]
India hikes interest rates by 25 basis points
MUMBAI, June 16, 2011 (AFP) – India’s central bank on Thursday raised its key short-term interest rates by 25 basis points — its 10th hike in 16 months — in a bid to tame high inflation stuck at “uncomfortable levels.” The Reserve Bank of India raised its repo rate — at which it lends to […]
Sri Lanka wind power firm buys Gamesa turbines
June 16, 2011 (LBO) – Sri Lanka’s Pawan Danavi (Pvt) Ltd, a unit LTL Holdings a power generating group will buy turbines from Gamesa Wind Turbines, the Indian arm of Spain’s Gamesa Corp Tecnologica, reports said. Pawan Danavi plant will run a wind farm with a capacity of 10. 2 MegaWatts with will have 12 […]
Sangakkara ready for final captaincy tilt
SOUTHAMPTON, June 15, 2011 (AFP) – Former skipper Kumar Sangakkara admitted he was a reluctant captain of Sri Lanka heading into the third and final Test against England at the Rose Bowl. Sangakkara, who stepped down as skipper after Sri Lanka’s World Cup final defeat by India in Mumbai in April, found himself back at […]
Sri Lanka state enterprises need urgent action: report
June 16, 2011 (LBO) – Some state owned enterprises (SOEs) in Sri Lanka that made losses, violated policies and were a drain on taxes and growth, needed immediate action to fix them, the finance ministry has said. “Lack of good corporate practices and management lapses have resulted in compromising the SOEs ability to manage risks […]
Sri Lanka Lighthouse in Rs300mn expansion
June 15, 2011 (LBO) – Listed Lighthouse Hotel, a unit of Sri Lanka’s Jetwing leisure group, is planning a 300 million rupee expansion and upgrade to target up market niche travelers. Built in Galle in Sri Lanka’s south in 1996 the hotel says it conforms to standards conforming to Small Luxury Hotels of the World, […]