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Sri Lanka Carson unit sees palm oil prices staying firm
May 08, 2011 (LBO) – Palm oil prices are likely to remain firm owing to growing demand from emerging markets like India and China, shareholders of Shalimar (Malay), a subsidiary of the Carson Cumbebatch group, have been told. Shalimar’s net profit for the financial year ending March 31, 2011 shot up 218 percent to 153 […]
Promising Labels
SINGAPORE, May 8, 2011 (AFP) – A 0-million private equity fund backed by the world’s top luxury retailer LVMH is on the prowl for emerging Asian brands in the hope of transforming them into global names. He said LVMH contributed less than 10 percent of the 0 million raised by the fund, with the bulk […]
”s biggest
LONDON, May 7, 2011 (AFP) – Indian-born steel tycoon Lakshmi Mittal has seen his fortune fall by some £5 billion ( billion, 5. 7 billion euros) in the past year but remains the wealthiest person in Britain, it was revealed Saturday. The fortune of the London-based head of ArcelorMittal, the world’s largest steel maker, fell […]
Australia defends Malaysia asylum seekers plan
SYDNEY, May 8, 2011 (AFP) – Australia on Sunday defended plans to send hundreds of asylum seekers to Malaysia, saying it was an important signal to people smugglers, but refugee advocates slammed the proposal as cruel. Australia wants to transfer 800 boat people to Malaysia for processing as part of a yet-to-be-finalised one-off deal which […]
Renewables major part of 2050 world energy mix: UN
PARIS, May 7, 2011 (AFP) – Renewable power from the Sun, wind, water and biomass can and should generate a major portion of the planet’s energy supply by 2050, according to a draft United Nations report obtained by AFP. Renewables have the potential to bring power to the world’s poorest regions, boost energy security for […]
India to supply power to Bangladesh
NEW DELHI, May 7, 2011 (AFP) – India said Saturday it would start to supply some 250 megawatts of power to neighbouring Bangladesh by 2013 as it moves to cement relations between the South Asian neighbours. The step is part of a drive by the two countries for closer ties. “Work on the transmission line […]
‘s Tillakaratne seeks protection over fixing
May 6, 2011 (AFP) – Former Sri Lanka cricket captain Hashan Tillakaratne on Friday demanded police protection before he shares information on alleged match-fixing with authorities. “As an eyewitness to match-fixing, I will reveal the names of those involved if my security is guaranteed,” Tillakaratne told reporters after the Criminal Investigations Department grilled him for […]
Sri Lanka stocks becalmed
May 06, 2011 (LBO) – Sri Lankan stocks closed flat Friday despite the previous day’s rebound after four days of falls with brokers saying recent credit limits imposed by regulators was keeping the market stagnant. The main All Share Price Index closed at 7,319.15, up 0.03 percent (1.98 points) while the more liquid Milanka index […]
Piracy Warning
BEIJING, May 6, 2011 (AFP) – A Panama-registered cargo ship seized by pirates in the Arabian Sea has been rescued along with the 24 Chinese sailors aboard, the transport ministry in Beijing said Friday. US and Turkish teams freed the vessel, Full City, late Thursday, several hours after it had been hijacked about 800 kilometres […]
Raising Funds
May 06, 2011 (LBO) – Sri Lanka’s Hatton National Bank said it plans to raise at least 15.07 billion rupees through a rights issue and private placement to strengthen its capital and balance sheet and to support growth. It intends to raise 10.5 billion rupees from the rights issue of one share for every six […]