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”s fourth-quarter profit dives 31%
NEW DELHI, May 5, 2011 (AFP) – India’s top mobile phone firm Bharti Airtel said Thursday its fiscal fourth-quarter net profit tumbled 31 percent from a year earlier, weighed by costs from its new Africa acquisition. Net profit fell to 14.01 billion rupees ($314.3 million) in the three months to March from 20. 44 billion […]
SriLankan Airlines to get new chief executive
May 05, 2011 (LBO) – Kapila Chandrasena, current chief executive of Sri Lanka’s state-run budget carrier Mihin Lanka, is to be the new chief executive of the national carrier SriLankan Airlines. He will assume the role of chief executive from August 01, 2011 after the term of office of the current chief executive Manoj Gunawardena […]
Sri Lanka Islamic insurer hit by lack of compliant investments, bad weather
May 05, 2011 (LBO) – Amana Takaful, a Sri Lanka based insurer operating on Islamic Shariah principles said it lost less money in 2010 despite higher claims, but was hamstrung by the lack of compliant instruments to generate higher investment income. In 2010 gross written premium was flat at 1.17 billion rupees. The group had […]
‘s rise: ADB
HANOI, May 4, 2011 (AFP) – Reducing corruption and improving government accountability are the greatest challenges to making Asia the world’s wealthiest region by 2050, the Asian Development Bank said Wednesday. The continent is undergoing a historic transformation, according to a study for the bank unveiled at its annual meeting in Vietnam. “If it continues […]
Sri Lanka Treasuries yields steady
May 04, 2011 (LBO) – Sri Lanka’s Treasuries yields were steady at Wednesday’s auction with the government rolling over a 10 billion rupee stock of maturing bills, according to data released by the government’s debt office. The 3-month yield rose 01 basis point to 7. 05 percent, the 6-month yield rose 01 basis point to […]
Sri Lanka stocks close 0.7-pct lower
May 04, 2011 (LBO) – Sri Lanka stocks closed 0.7 lower, falling for the fourth straight day as credit tightened and a recently listed stock slumped its initial offer price in intra-day trade, brokers said. Commercial Bank non-voting shares closed down 3.70 at 175, while its voting shares were flat at 265 and PABC Bank […]
Sri Lanka stocks end down 0.79-pct
May 04, 2011 (LBO) – Sri Lanka stocks closed 0. 7 percent lower, falling for the fourth straight day as credit tightened and a recently listed stock slumped to its initial offer price in intra-day trade, brokers said. Diesel and Motor Engineering closed 27.60 rupees lower at 1,475.30 weighed down by hiked taxes on imported […]
Sri Lanka stock market seen as funding option for hotels
May 04, 2011 (LBO) – Sri Lanka’s hotels, enjoying a boom after the end of a war, can seek expansion funds from the stock market, with banks having difficult history of lending to the sector, a report said. However, unlisted firms which form the bulk of the hotels, may face difficulties in using the stock […]
”, GI tea logos
May 04, 2011 (LBO) – Sri Lanka has launched new logos for Ceylon tea to protect the island’s best known brand under the Geographical Indicators (GI) international trade regime and promote it as ozone friendly. The 1.5 billion US dollar Ceylon tea industry aims to use the new logos to market the tea as a […]
Climate Finance
May 04, 2011 (LBO) Climate change is a burning issue under discussion today. As a small island nation, Sri Lanka is vulnerable to serious threats of climate change, causing both humanitarian and health hazards, as flooding in recent months has shown. British Foreign Secretary William Hague has described climate change as perhaps the twenty-first century’s […]