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Lending Trend
June 22, 2010 (LBO) – Loans to private borrowers from Sri Lanka’s commercial banks grew at a slower rate in April compared with March while foreign currency loans fell, latest Central Bank data shows. Credit to the private sector rose 7. 6 billion rupees to 1,242.7 billion rupees in April compared with March, when it […]
High Fashion
June 22, 2010 (LBO) – Sri Lankan retailer Odel said it made 141.8 million rupees in net profits last year, as sales recovered and margins improved, with money from a share issue to be used to retire debt and expand. The retail chain’s profits for the financial year ending March 2010, revealed for the first […]
India eyes double-digit economic growth by 2013
MADRID, June 21, 2010 (AFP) – The Indian economy, Asia’s largest after Japan and China, is accelerating and could reach double-digit growth by 2013, Indian Trade Minister Anand Sharma said Monday during a visit to Spain. “We hope to grow at a rate of between 8.5 percent to 9.0 percent this year and we are […]
Sri Lanka told no unconditional extension of EU trade benefits
June 22, 2010 (LBO) – The European Union will not unconditionally extend the GSP Plus trade deal giving Sri Lankan exporters duty free access to European markets, the EU Delegation in Colombo said. The EU is ready to extend the GSP Plus deal for a limited period when it is set to end on August […]
Sri Lanka beat India with Maharoof hat-trick
DAMBULLA, June 22, 2010 (AFP) – Seamer Farveez Maharoof grabbed a hat-trick on his way to 5-42 as Sri Lanka beat India by seven wickets in the last league match of the Asia Cup on Tuesday. Maharoof’s feat helped knock India over for 209, before senior pros Kumar Sangakkara and Mahela Jayawardene helped the defending […]
Sri Lanka war crimes probe set up by UN
UNITED NATIONS, June 22, 2010 (AFP) – UN chief Ban Ki-moon Tuesday set up a panel to investigate allegations of human rights abuses in the final months of the civil war in Sri Lanka, his spokesman said. Ban launched the investigation “to advise him on the issue of accountability with regards to any alleged violations […]
Sri Lanka sells USD278mn in bonds
June 21, 2010 (LBO) – Sri Lanka has sold 278 million US dollars in two and three year bonds at prices over 380 basis points above the 6-month London Interbank Offered Rate, rolling over 275 million US dollars of maturing debt. The government’s debt office said it sold 102 million US dollars of 3-year bonds […]
Hong Kong gold closes at record high
HONG KONG, June 21, 2010 (AFP) – Gold closed at a record high above 1,264 dollars an ounce in Hong Kong on Monday as the greenback weakened against Asian currencies after China’s announcement of a more flexible yuan. The precious metal ended at 1,264.50 US dollars an ounce. The main catalyst for the rally was […]
Sri Lankan stocks close 1.11-pct up, foreign inflow
June 21, 2010 (LBO) – Sri Lankan stocks closed up Monday on the back of price gains on midcap and selected high value shares, while there was a foreign inflow of funds, brokers said. Nearly 17 million Dialog Telekom shares changed hands between 9.25 to 10.25 rupees, brokers said. Dialog Telekom, a unit of Axiata […]
Sri Lanka tea trade calls for limit on new factories
June 21, 2010 (LBO) – Sri Lanka’s tea trade has called for a stop to the setting up of new factories unless they are supported by cultivated tea lands to prevent ‘excess capacity’ and competition for green leaf. Avi de Silva, chairman of the Colombo Tea Traders’ Association, said they were concerned about the proliferation […]