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Sri Lanka Horana Plantation profits up 80-pct in Dec
Jan 25, 2010 (LBO) – Sri Lanka’s Horana Plantations, which grows tea and rubber said profits in the December 2010 quarter grew 80 percent to 135 million rupees, while revenues increased only 5.5 percent to 560 million rupees. The firms produces about 4.0 million kilos of tea a year and 1.6 million kilos of rubber. […]
Store Club
Jan 25, 2011 (LBO) – Sri Lanka’s Odel a high end retailer said it had joined a global department store association founded in Switzerland which whose members have combined sales of 60 billion US dollars. Intercontinental Group of Department Stores (IGDS) has 33 members in 31 countries, Selfridges, Saks 5th Avenue, Printemps, Parkson, Beco, FEDS, […]
Prison Riot
January 24, 2011 (AFP) – Sri Lankan prison guards opened fire Monday to halt a riot by prisoners protesting against poor conditions, killing at least one inmate and wounding another 20, an official said. Rounds of ammunition were fired as prisoners lit fires at the prison in the town of Anuradhapura, a prison official in […]
Sri Lanka cuts taxes on milk powder
Jan 25, 2011 (LBO) – Sri Lanka has cut taxes on imported milk powder from 50 rupees a kilogram to 28 rupees as global commodity prices surged, a finance ministry official said soon after taxes on petrol were cut to maintain prices. Food commodities, base metals, minerals and precious metals have started to bubble again. […]
Sri Lanka retailer raises 5-year money through securitization
Jan 24, 2011 (LBO) – Sri Lanka’s NDB Investment Bank said it had raised a billion rupees for Richard Pieris Distributors, retail chain, for five years backed by cash flows due from the settlement of sales made through credit cards. In typical securitization cashflow generating assets are placed in a special trust or company (special […]
Sri Lanka stocks close up 0.1-pct
Jan 24, 2011(LBO) – Sri Lankan stocks closed up 0. 10 percent Monday with active retail and high-net-worth individual trading in the banking and poultry sectors, brokers said. The All Share Price Index closed at 7,261. 37, up 0.10 percent (7.36 points) while the Milanka Price Index of more liquid stocks closed at 7,298. 57, […]
Sri Lanka second hotel eyed by Shangri-La: report
Jan 24, 2011 (LBO) – Hong Kong based Shangri-La hotels is looking for a coastal property to build a resort hotel, after buying state land in Sri Lanka’s capital Colombo for a hotel, shopping and apartment complex, a media report said. Bloomberg, a newswire quoting Treasury secretary P B Jayasundera said Shangri La was looking […]
Bangladesh orders probe into market slump
DHAKA, January 24, 2011 (AFP) – Bangladesh has ordered a probe into the slump on the Dhaka Stock Exchange and unveiled a series of reforms to restore confidence in the market. The move follows the index’s 30-percent fall since it hit a historic high of 8,918. 51 on December 5, with the crisis being blamed […]
‘s floods, dam breaks and senior ministers
Jan 24, 2011 (LBO) – On one side the big story is about the floods. On the other side is the political debate around “Senior Ministers.” Are they connected? The rainfall was excessive. Floods were unavoidable. But we had more than just floods. The most serious damage was caused by breached reservoirs and by the […]
Sri Lanka denies rights behind Pamuk boycott
January 23, 2011 (AFP) – Sri Lanka rejected Sunday suggestions that the novelist and Nobel laureate Orhan Pamuk had decided to boycott a literary festival on the island because of human rights concerns. Any attempt to link Pamuk’s non-participation at the Galle Literary Festival to “an alleged situation about freedom of expression in Sri Lanka […]