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First for Central Asia as ADB meets in Uzbekistan
TASHKENT, May 1, 2010 (AFP) – The Asian Development Bank (ADB) on Saturday opened its annual meeting in Uzbekistan, a first for Central Asia and a coup in the ex-Soviet state’s drive to be recognised as a regional economic power. Some 3,000 participants — including heads of state, central bank governors and finance ministers — […]
‘s Union Bank gets Malaysian, US capital, plans IPO
May 01, 2010 (LBO) – Union Bank (UB), has inked a deal to raise 1.5 billion rupees in capital from Genting Group, a Malaysian conglomerate and Shorecap, a US based banking fund and is hoping to go public within an year, an official said. “Genting is giving 1.0 billion (rupees), Shorecap 500 million rupees,” Union […]
Sri Lanka inflation slows to 5.8-pct in April
Apr 30, 2010 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 5. 8 percent in April 2010 from a year earlier, down from 6.3 percent in March, the second straight monthly fall, the government’s statistics office said. In the month of April the Colombo consumer price index fell 1.0 percent in absolute terms […]
Sri Lankan stocks close 0.82-pct up
Apr 30, 2010 (LBO) – Sri Lankan stocks closed higher Friday as a few high value banking stocks pushed the market up, while some retail investors took profits on selected hotel and plantation shares on a shortened trading day, brokers said. Hotel Sigiriya closed at 60.75 rupees, down 2.25, Kandy Hotels Company 150.00 rupees, down […]
Port Proceeds
Apr 30, 2010 (LBO) – Revenues of Sri Lanka Ports Authority (SLPA), which runs the island’s ports, fell last year with fewer ship calls and lower cargo volumes, while the number of employees also declined, latest data shows. SLPA operating expenditure in 2009 fell four percent to 21,301 million rupees from 22,201 million rupees in […]
” of cooperation
THIMPHU, April 29, 2010 (AFP) – South Asian leaders wound up a summit in Bhutan Thursday with an accord to tackle climate change and promises to pursue a new era of development for their under-performing region. The two-day summit of the eight-nation South Asian Association for Regional Cooperation (SAARC) was notable for the frank appraisal […]
Immigration debate shakes US to the core
NEW YORK, April 30, 2010 (AFP) – From the deck of New York Harbor’s tour boat the Statue of Liberty looks as welcoming today as when greeting new immigrants a century ago. But the soaring figure and even loftier inscription — “Give me your tired, your poor, your huddled masses yearning to breathe free” — […]
Sri Lanka budget gap widens in January: data
Apr 29, 2010 (LBO) – Sri Lanka’s budget gap widened in January 2010 from a year earlier, with revenues rising modestly but unable to keep up with current spending, which accelerated almost three times faster, official data shows. The government raised 48.3 billion rupees in revenues in January up 5.2 percent from 2009, but still […]
Sri Lanka shares recover
Apr 29, 2010 (LBO) – Sri Lankan stocks recovered Thursday with widespread buying and a big chunk of shares in property firm Overseas Realty changing hands amid expecations of a real estate recovery, brokers said. The All Share Price Index closed at 4,155. 00, up 0.50 percent (20.54 points) while the more liquid Milanka index […]
Budget Branches
Apr 29, 2010 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) is to use a ‘feeder branch’ network to expand in the former north-east war zone to bring down operating costs, and wants donor agencies to subsidize credit risks, a senior official said. However Rajakaruna warned banks operating in relatively unfamiliar territory are open to […]