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Sri Lanka withdraws bonus interest on forex deposits
Oct 08, 2009 (LBO) – The Sri Lankan government has stopped paying bonus interest on the interest earned on foreign currency deposits in banks, the Sri Lanka Banks’ Association said.The Central Bank has withdrawn the payment of bonus interest in rupees on interest paid to foreign currency accounts from October 1, the association said in […]
Sri Lankan shares becalmed, foreigners net buyers
Oct 08, 2009 (LBO) – Sri Lankan shares closed flat Thursday as investors took profits on selected counters, while Hatton National Bank (HNB) and Lanka Cement dominated the day’s trade volumes, brokers said. The All Share Price Index closed up 0.02 percent (0.54 points) to end at 3,117.10 while the Milanka index of more liquid […]
On Target
Oct 08, 2009 (LBO) – Sri Lanka’s state-owned National Savings Bank (NSB) had exceeded its 2009 deposit mobilization target of 30 billion rupees by the end of the third quarter, a senior official said. “So far we have achieved 38 billion rupees and we expect it will exceed 40 billion rupees at year’s end,” H […]
Sri Lanka tea prices recover
Oct 08, 2009 (LBO) – Prices of teas grown on the estates of regional plantations companies recovered at this week’s Colombo auctions, although those of low grown teas fell, brokers said. “Low grown teas once again declined in value, but met with fair general demand,” Asia Siyaka said. High priced FBOP/FBOPF1 varieties of tea declined […]
Moving Up
LONDON, October 8, 2009 (AFP) – US and British universities dominate the top of a league table of universities worldwide published Thursday, but Asian seats of learning are moving up the global rankings. Harvard remains in top spot in the Times Higher Education (THE) league table, followed by Britain’s Cambridge University then Yale in third […]
Indian Ocean countries to stage tsunami exercise
PARIS, October 8, 2009 (AFP) – Eighteen states around the Indian Ocean rim will next week stage the first region-wide test of a tsunami warning system aimed at saving thousands of lives, UNESCO said.Dubbed “Exercise Indian Ocean Wave 09”, the joint exercise on October 14 will replicate the massive earthquake that struck off the Indonesian […]
‘ earnings seen weak but better times ahead
MUMBAI, October 8, 2009 (AFP) – Indian firms are expected to report a fall in profits in the quarterly results season that kicks off Friday, but better times lie ahead as the country’s economic recovery takes hold, analysts forecast. “The economic fundamentals are improving,” Hitesh Agrawal, head of research at Mumbai’s Angel Broking, said Wednesday. […]
Sri Lanka state utility to buy 50MW of wind power
Oct 08, 2009 (LBO) – Sri Lanka’s state-run power utility has given the nod for 50 MegaWatts of wind power to be developed by five parties in the north-western Puttalam area of the island, an official said.Sri Lanka’s government has declared a policy of generating 10 percent of the country’s power needs from renewable sources […]
Sri Lanka power IPO hits Rs28 on opening day
Oct 08, 2009 (LBO) – Sri Lanka’s Hemas Power hit a high of 28 rupees when it began trading Thursday, but ended at 24 rupees, 20 percent up on its issue price of 20 rupees, brokers and analysts said. The share opened at 26 rupees, a 30 percent gain on its issue price, and traded […]
” by regulations
Oct 08, 2009 (LBO) – Sri Lanka’s private sector is being strangled by a plethora of regulations and corrupt and inefficient bureaucrats and politicians that stifle entrepreneurship, a top company executive has said.The public sector, through the finance ministry and the central bank, have to manage effectively the budget deficit, the money supply, the foreign […]