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June 06, 2011 (LBO) – Fitch Ratings Lanka has upgraded Sri Lanka Insurance Corporation’s (SLIC) National Long-Term rating and National Insurer Financial Strength (IFS) rating to ‘AA(lka)’ from ‘AA-(lka)’ with stable outlooks. “The ratings reflect SLIC’s improved risk-based capital position over the last two years, benefited by the improved operating and macro-economic environment as well […]
Sri Lanka Kuruwita Textile slips back into the red
June 06, 2011 (LBO) – Sri Lanka’s Kuruwita Textile Mills slipped back into the red in the financial year to March 2011 with sales also down and a new managing director being hired to turn the company around. The company, which is part of the Brandix apparel export group, said in a stock exchange filing […]
Sri Lanka Emagewize buys into hydro firm
June 6, 2011 (LBO) – Emagewize (Pvt) Ltd, has bought 77 million shares in Panasian Power, a mini hydro firm for 6. 00 rupees a share, director Dilith Jayaweera said, in a deal valued at 460 million rupees. Emagewize has recently bought into Colombo Land, the owners of a shopping complex. It also controls Citrus […]
Sri Lanka state fisheries firm lose Rs59mn
June 05, 2011 (LBO) – Sri Lanka’s Ceylon Fisheries Corporation, a state enterprise that retails fish has lost 59 million rupees in 2010 and has to better manage assets such as cold stores and freezer trucks, a finance ministry report said. The firm had the challenge of playing a ‘market stabilizer’ role with a market […]
Bangladesh paralysed by opposition strike
DHAKA, June 5, 2011 (AFP) – Thousands of riot police and elite paramilitary forces were deployed in the Bangladeshi capital Sunday after violence ahead of a nationwide strike to protest changes to the country’s electoral system. At least 12 buses were set on fire overnight and 40 people were arrested, police said, just hours before […]
Sri Lanka skipper Dilshan defies England
LONDON, June 4, 2011 (AFP) – Sri Lanka captain Tillakaratne Dilshan led from the front with an unbeaten century as the tourists fought back against England on the second day of the second Test at Lord’s here Saturday. At stumps, Sri Lanka were 231 for one, 255 runs behind England’s first innings 486. Dilshan, who […]
Property Potential
June 04, 2011 (LBO) – Sri Lanka’s John Keells Holdings is expanding its property business with the acquisition of a six-acre site in a suburb on a key road to the international airport north of the capital Colombo. The conglomerate said it wants to expand its land bank by acquiring sites with a “high development […]
Blanket Cover
June 4, 2011 (AFP) – Sri Lanka’s military tightened security ahead of the funeral Saturday of a protester killed while demonstrating against a controversial pensions bill earlier in the week, officials said. Authorities blocked large gatherings of mourners at the home of slain factory worker Roshen Ratnasekera, witnesses said, adding that troops had also shifted […]
Sri Lanka under renewed pressure over war crimes
June 4, 2011 (AFP) – The United States said Saturday it remained “deeply concerned” about alleged Sri Lankan war crimes as it distanced itself from a junior US military officer who questioned the credibility of the accusations against the island. The US government, along with other Western nations, rejected an invitation to attend a seminar […]
Sri Lanka state withdraws controversial pension bill
June 03, 2011 (LBO) – Sri Lanka minister of labour has withdrawn a proposed law to build a third state controlled pension fund from the salaries of private sector workers, following protests that left at least one worker dead. Sri Lanka’s labour minister Gamini Lokuge has formally withdrawn the bill, the department of labour said […]