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Sri Lankan shares dip 0.11-pct on retail profit taking
Dec 11, 2009 (LBO) – Sri Lankan stocks closed down Friday as retail investors took profits from gains made during the week, while volumes dropped owing to lack of foreign participation, brokers said. The All Share Price Index closed at 3,056.64 down 0.11 percent (3.37 points) while the Milanka Price Index of more liquid stocks […]
Box Move
Dec 11, 2009 (LBO) – Sri Lanka’s Colombo port stands to gain more container transhipment business with Maersk, the world biggest container shipping line by volume, deciding to stop direct calls at Chennai, officials said.Maersk Lines’ parent A P Moller-Maersk has reported a loss of 778 million dollars for the first nine months of the […]
Rate Rap
Dec 11, 2009 (LBO) – Sri Lanka’s Central Bank has asked banks to sharply reduce interest rates charged on credit cards, saying they had enough room to do so as interest rates in general had fallen.The Central Bank said in November that Treasury bill yields have fallen 947 to 950 basis points at primary auctions […]
Offshore Edge
Dec 11, 2009 (LBO) – Sri Lankan, which is trying to attract more information technology outsource business, said a recent survey shows an increasing number of British small and medium enterprises (SMEs) are considering outsourcing work. One in five British SMEs are considering offshoring in 2010 as they seek to reduce labour costs to enable […]
Knowledge Drive
Dec 11, 2009 (LBO) – Asia’s drive towards a knowledge economy is being helped by expanding and cheaper telecoms but fresh evidence-based policy interventions could speed this up, regulators and academics said at a policy forum in Colombo. Avoiding Miss-steps “The biggest contribution from research is not what is adopted, but what is not adopted,” […]
India sticks with stimulus despite good growth
NEW DELHI, December 11, 2009 (AFP) – India’s car sales are racing ahead, mobile phone sales are booming and share prices have rocketed, but policy makers are signalling a go-slow approach to ending economic stimulus and hiking rates.Even with inflationary pressure returning, central bankers and the government are suggesting only a gradual roll-back of stimulus […]
Indian navy rescues coastguard abducted on Sri Lanka trawler
NEW DELHI, December 11, 2009 (AFP) – The Indian navy on Friday rescued two coastguard personnel abducted earlier this week by Sri Lankan fishermen, a spokesman said.Navy spokesman P.V.S Satish said the two were among 14 coastguard officers who had boarded seven Sri Lankan trawlers found fishing in Indian waters on Tuesday. They had been […]
Oil Bids
Dec 11, 2009 (LBO) – Sri Lanka is ready to calls for bids for oil exploration in more blocks in the island’s north-west as well as the south, Petroleum Resources Minister A H M Fowzie said.Fowzie said oil and gas discoveries on the Indian side of the Mannar Basin meant there was a better chance […]
Sri Lanka business says worker training key in former war zone
Dec 11, 2009 (LBO) – Sri Lanka’s former war zones in the north and east need vocational training to raise worker productivity, corporate leaders have told a visiting American diplomat.Better water supply and cold storage facilities to bring fresh produce to markets were also critical requirements, they told US Assistant Secretary of State Robert Blake […]
Sri Lankan stocks 0.24-pct up
Dec 10, 2009 (LBO) – Sri Lankan shares closed up Thursday while high volume trading on Commercial Bank of Ceylon shares boosted turnover levels, brokers said.Sri Lanka’s largest celco Dialog Telekom, a unit of Telekom Malaysia closed flat at 7.00 rupee, and the largest fixed line operator Sri Lanka Telecom closed at 43.50 rupees, up […]