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Sri Lanka Kuruwita Textiles profits up on cost cutting
Feb 19, 2010 (LBO) – Sri Lanka’s Kuruwita Textile Mills said tight cost control helped generate a net profit of 81.7 million rupees in the December quarter although sales were stagnant, signaling a turnaround from losses caused by recession. The firm, which supplies treated fabric to garment manufacturers, said it will reduce reliance on buyers […]
Sri Lanka gets more garment factories
Feb 19, 2010 (LBO) – The Board of Investment, Sri Lanka’s investment promotion agency, said it has given approval for investors, including a Hong Kong firm, to set up clothing factories for export. The announcement came just days after the European Union said it will withdraw duty free access given to Sri Lanka because of […]
Sri Lanka monks complain of government pressure
February 19, 2010 (AFP) – Sri Lanka’s top Buddhist monks called off a special gathering this week because of government pressure, a spokesman said Friday, while the opposition said bomb threats had been involved. The monks had been sharply criticised in the state-run media for dabbling in politics after they sent a letter to President […]
Fed hikes rate on discount window amid easing financial crisis
WASHINGTON, February 18, 2010 (AFP) – The US Federal Reserve said Thursday it was increasing the interest rate it charged on emergency loans to banks in a move to normalize lending after radical measures to jolt the economy from recession. “The modifications are not expected to lead to tighter financial conditions for households and businesses […]
Sri Lanka shares becalmed
Feb 18, 2010 (LBO) – Sri Lankan shares closed virtually stagnant Thursday with trading in a speculative stock boosting turnover and some interest in property stocks, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index closed at 3,732.77, up 0.31 percent […]
Lost Gains
Feb 18, 2010 (LBO) – Sri Lanka’s Commercial Bank said dividends not claimed by shareholders after six years are to be considered forfeited from March. Any interim or final dividend declared by Commercial Bank from February 2000 to February 2004 which remains unclaimed will be considered as fortified by the owners and considered as the […]
Healing Numbers
Feb 18, 2010 (LBO) – Sri Lanka’s Seylan Bank group said losses narrowed to 16.5 million rupees in the December quarter from 689 million a year ago and that it ended the year with a profit. The bank said in a stock exchange filing that it made a full year net profit of 569 million […]
Sri Lanka coconut exporter mulls acquisitions
Feb 18, 2010 (LBO) – Sri Lankan coconut products exporter Coco Lanka has said it plans to expand and is holding talks with companies it had identified for possible takeover. Finance costs reduced sharply in both the quarter and the nine-month period, the accounts showed. According to a segmental analysis of the business for the […]
Smuggling Route
February 18, 2010 (AFP) – Sri Lankan police on Thursday seized 28 kilos (62 pounds) of heroin worth 780,000 dollars in a major blow to smugglers who are believed to be use the island as a drug trafficking route from India. The narcotics were found during a raid early Thursday in the northwestern fishing village […]
Oil Slick
Feb 18, 2010 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation, said it was making ship oil or bunker deliveries from Colombo port through locally registered vessels after barges contracted by the firm were detained by Sri Lanka shipping authorities. Shipping sources say the bunker tankers of other operators are mostly idle […]