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Sri Lanka president calls snap election
November 23, 2009 (AFP) – Sri Lanka’s president Mahinda Rajapakse Monday announced he was calling a snap election to seek a second term, six months after his security forces defeated separatist Tamil Tiger rebels. President Rajapakse said in a statement that he was seeking a fresh mandate after completing four years in office out of […]
Iran gained 5 billion dollars by euro switch: banker
TEHRAN, November 23, 2009 (AFP) – Iran’s central bank chief said on Monday that the country has gained five billion dollars by replacing the US dollar with the euro in its currency basket, state-owned English language Press TV reported.“Iran has considerably reduced the total of US dollars in its currency basket,” Mahmoud Bahmani said at […]
Sri Lanka rupee shows life in flexible regime
Nov 23, 2009 (LBO) – Sri Lanka rupee closed weaker against the US dollar at 114.40/50 Monday after opening stronger under a more flexible exchange rate adopted by the Central Bank, dealers said. The spot dollar opened at 114.25/30 rupee levels against the greenback Monday and peaked to around 114.50/60 level in intra-day trading, dealers […]
Gold hits record high past 1,160 US dollars per ounce
HONG KONG, November 23, 2009 (AFP) – The price of gold soared to a record close of 1,166.00-1,167.00 US dollars an ounce in Hong Kong on Monday as dealers moved into the safe haven commodity due to the weak greenback, analysts said. It opened at 1,158.00-1,159.00 US dollars. The precious metal was up from Friday’s […]
Sri Lankan shares close flat
Nov 23, 2009 (LBO) – Sri Lankan stocks closed flat Monday as investors remained cautious and trading sluggish, while selected high value counters made small gains, brokers said. The All Share Price Index closed at 2,931.07, down 0.08 percent (2.27 points) while the Milanka Price Index of more liquid stocks closed at 3,345.00, up 0.34 […]
Freight Rates
Nov 23, 2009 (LBO) – Sri Lankan shippers are confronted with an increase in transportation costs to and from their markets with loss-making global carriers raising freight rates or announcing rate hikes from next year to restore profitability.Some lines have also withdrawn vessels and services to and from the region and introduced ‘slow steaming’ in […]
Ship Building
Nov 23, 2009 (LBO) – Sri Lanka’s Colombo Dockyard said it was getting ready to deliver a passenger craft built for an Indian customer by year’s end and that its repair business had shifted to focus on specialised vessels from tankers.The yard, which books profits on vessel delivery, said in a statement it was preparing […]
Sri Lanka Malwatte profit down despite higher rubber earnings
Nov 23, 2009 (LBO) – Sri Lanka’s Malwatte Valley Plantations said net profit for the September quarter fell six percent to 152 million rupees from a year ago with earnings from rubber up sharply but no provision made for a recent wage hike. Sales in the quarter rose 21 percent to 717 million rupees, according […]
Sri Lanka tea industry eyes NZ dairy success
Nov 23, 2009 (LBO) – Sri Lanka’s tea industry needs to work together more closely like New Zealand’s dairy industry which dominates a big share of the world’s dairy trade, an industry official said. Kumar Jayasuriya, chairman of James Finlay, Colombo, a big plantations company whose ultimate parent is Britain’s Swire group, said the industry […]
Fight
SYDNEY, November 23, 2009 (AFP) – Australia moved to tighten security at its main immigration centre on Monday after a riot by 150 asylum-seekers, reportedly wielding pool cues, broomsticks and tree branches, left 37 wounded.Immigration Minister Chris Evans said security would be increased to prevent a repeat of Saturday’s mass brawl between Afghan and Sri […]