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Gas Blast
Feb 04, 2011 (LBO) – Repair work on vessels in Colombo Dockyard is continuing uninterrupted after an accidental explosion caused by leaking gas that injured 14 workers, a statement said. The yard is repairing two naval vessels, four tankers and a research vessel along with a liquid petroleum gas carrier owned by the Shipping Corporation […]
Bangladesh World Cup war on old cars
DHAKA, February 3, 2011 (AFP) – Bangladesh ordered owners of old cars to spruce up their vehicles ahead of the cricket World Cup Thursday, warning that they will be targeted by mobile courts, an official said. Old and worn-out cars and buses in Dhaka and the southeastern city of Chittagong must “get fit, smarter and […]
Tharanga guides Sri Lanka home with ton
February 3, 2011 (AFP) – Upul Tharanga cracked an unbeaten 101 to steer Sri Lanka to an emphatic eight-wicket victory over the West Indies in the second one-day international on Thursday. The left-handed opener hit seven fours in his ninth one-day century as Sri Lanka achieved a rain-revised target of 197 with more than four […]
Sri Lanka president promises growth
KATARAGAMA, February 4, 2011 (AFP) – Sri Lanka’s President Mahinda Rajapakse promised Friday to promote economic development at all costs to make up for opportunities lost during the country’s separatist war. In an address on the country’s 63rd anniversary of independence from Britain, Rajapakse said he would press ahead with infrastructure projects and double per […]
Sri Lanka flexible exchange rate can cut carry trade risk: IMF
Feb 04, 2011 (LBO) – A flexible exchange rate that moves in both directions can ward off speculative capital flows by signaling the risk of capital losses, while also improving competitiveness, an International Monetary Fund official said. Policy rates in Sri Lanka are now on a 7.0 to 8.5 percent band compared to almost zero […]
Sri Lanka shares end up 1.16-pct
Feb 03, 2011 (LBO) – Sri Lankan stocks closed higher Thursday with heavy trading seen in Richard Pieris & Company and interest in plantations and poultry shares, brokers said. The All Share Price Index closed at 7,346.81, up 1.16 percent (84.55 points) while the more liquid Milanka index rose 0.41 percent (29.55 points) to close […]
Red Ink
Feb 03, 2011 (LBO) – Sri Lanka’s The Finance Company, being restructured under regulatory supervision, has managed to reduce losses in the December 2010 quarter but interest costs are still higher than income, a stock exchange filing showed. Net interest income fell 42 percent to 159.3 million rupees, with interest income down 29.6 percent to […]
Rating Upgrade
Feb 03, 2011 (LBO) – Fitch Ratings Lanka has upgraded Vallibel Finance’s (VFL) rating to ‘BB-(lka)’ from ‘B+(lka)’ with a stable outlook, a statement said. “The upgrade of VFL’s rating reflects sustained improvements in its credit metrics – in particular its asset quality, profitability and capitalisation,” Fitch said. It also reflects VFL’s increased scale of […]
Transport Lease
Feb 03, 2011 (LBO) – Sri Lanka’s SMB Leasing (SMBL) and Lanka Ashok Leyland (LAL) have begun importing luxury tourist coaches amid a boom in tourist arrivals and a shortage of vehicles, a statement said. Leasing facilities have been provided by SMBL to the buyer of the first three imported luxury LAL tourist coaches. The […]
‘s
Feb 03, 2011 (LBO) – Sri Lanka earned a record 1. 37 billion US dollars in tea exports in 2010, exceeding that of Kenya, which exported more, owing to higher prices and more valued added shipments, brokers said. The island’s tea export earnings from exporting 314 million kilos were 16 percent more than in 2009. […]