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Lifting Boost
Aug 24, 2010 (LBO) – The Sri Lanka Ports Authority is to borrow 62. 5 million US dollars from the state-owned Bank of Ceylon to fund the acquisition of new cargo handling cranes from China, a statement said. The SLPA statement said it will buy one crane of 50 tonne capacity, two cranes of 41 […]
Detained
VANCOUVER, August 24, 2010 (AFP) – Canada’s independent Immigration and Refugee Board on Monday ordered the continued detention of all 443 adult Tamil asylum seekers who arrived August 13 aboard the cargo ship MV Sun Sea. Adjudicators agreed with government requests for more time to analyze the migrant’s identity documents. With the 380 men and […]
Sri Lankan stocks becalmed
Aug 23, 2010 (LBO) – Sri Lankan stocks closed flat Monday, as investors adjusting to the 10 percent trade margin took defensive positions looking for shares that offered bargains, while punters continued to chase after ‘penny’ stocks, brokers said. The All Share Price Index closed at 5,563.99, up 0.02 percent (0.99 points) while the Milanka […]
Gainful Moves
Aug 23, 2010 (LBO) – A planned expressway between Sri Lanka’s capital Colombo and Kandy in the central hills will significantly reduce transport costs and connect under-developed regions with developed ones, a new World Bank study said. “Islandwide expenditure on transport will decline from 155 million rupees a day to 127 million rupees, a reduction […]
New Entrant
Aug 23, 2010 (LBO) – PC House, a tech company which completed an Initial Public Offering earlier this month, is to start trading on August 26, 2010, a stock exchange filing said. PC House will be listed under the main board of the Colombo Stock Exchange and will be classified under the IT (information technology) […]
” recovery
NEW DELHI, August 23, 2010 (AFP) – India announced new stimulus measures Monday worth 225 million dollars to help garment, leather and handicraft exporters during the “fragile” global economic recovery. The country’s export growth slowed sharply in July on weakening demand from Western markets and the government has warned that the pace could slacken further […]
Indian carmaker signs preliminary deal to buy Ssangyong
SEOUL, August 23, 2010 (AFP) – India’s leading sports utility vehicle maker Mahindra and Mahindra signed a preliminary agreement Monday to take over bankrupt South Korean carmaker Ssangyong Motor, Ssangyong said. Ssangyong announced the signing of the memorandum of understanding in a regulatory filing to the Seoul stock exchange, but no figures for the deal […]
‘s investment debate
Aug 23, 2010 (LBO) – An interesting public debate has sprung between the Central Bank and an opposition parliamentarian on the suitability of Bank’s investing EPF moneys in the shares of commercial banks. While the Central Bank is defending its action tooth and nail (http://www.cbsl.gov.lk/htm/english/02_prs/p_1.asp?yr=2010: Accessed on 22.8.2010), the opposition is charging that the Bank’s […]
Sri Lanka IMF programme on track, to get next tranche: official
Aug 23, 2010 (LBO) – An International Monetary Fund (IMF) mission to Sri Lanka said the island’s programme with the fund is on track with the government being able to meet the budget deficit target of eight percent of Gross Domestic Product. “End-June performance criteria on domestic budget borrowing, reserve money, and net reserves have […]
Indian film industry wants more awareness over film piracy
MUMBAI, August 22, 2010 (AFP) – Ashish is a senior executive in the financial sector in the home of Bollywood, Mumbai. He earns a good wage, lives in an upmarket neighbourhood and sees himself as a decent, law-abiding citizen. But like many Indians, the 49-year-old sees nothing wrong with buying the latest Hindi-language and Hollywood […]