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Sri Lanka exporters to get incentives next month
July 21, 2009 (LBO) – Over 200 Sri Lankan firms have qualified for a government export incentive scheme the first payments of which are expected next month, but many claims have been rejected owing to errors in applications, officials said. “It is a reward to direct exporters in manufacturing processing industries who have survived the […]
Sri Lanka foreign funding case strengthened by IMF loan: CB Governor
July 21, 2009 (LBO) – Sri Lanka will have more options to tap foreign investors after it gets a 2.5 billion US dollar standby loan from the International Monetary Fund, Central Bank governor Nivard Cabraal said. Cabraal said he will also be in London later this week to “update investors.” “Once we get a feeling […]
Sri Lanka to get US$2.5bn IMF loan
July 21, 2009 (LBO) – Sri Lanka will get 313 million US dollars on July 24 as part of a 2.5 billion US dollar stand by loan running for 20 months, International Monetary Fund managing director Dominique Strauss-Kahn said. Under the program Sri Lanka was expected to improve its budgets, that had high deficits financed […]
Sri Lankan stocks up 1.16-pct
July 20, 2009 (LBO) – Sri Lankan shares rose Monday, as investors chased high value counters, while there was some speculative interest on Lanka Cement and Hotel Developers, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.16 percent (27.90 points) to end at 2,422.92 Monday, while the Milanka index of liquid […]
Box Trades
July 20, 2009 (LBO) – A Colombo port container terminal in which Sri Lanka’s John Keells Holdings has a big stake said its volumes hit a record monthly high in June 2009, although it was mostly low-margin transhipment traffic. “JKH management stated that it did not expect the loss of business from APL to significantly […]
Missed Connections
July 20, 2009 (LBO) – Better transport infrastructure and services linking northern Sri Lanka with the south would help to bridge the ethnic divide after the end of the war, transport experts said.Had such links existed before the conflict began 30 years ago, they might have helped prevent the war by Tamil Tigers for a […]
High Velocity
July 20, 2009 (LBO) – Sri Lanka’s Millennium Information Technologies (MillenniumIT) said it has launched a super-fast trading platform based on Intel processors to help securities exchanges cope with increasing trading volumes.The statement by MillenniumIT, which provides software to the global capital markets industry, claimed the new product is the world’s fastest trading platform. “Today, […]
Clinton seeks key defence accord in India talks
NEW DELHI, July 20, 2009 (AFP) – US Secretary of State Hillary Clinton hoped to seal a defence pact boosting US arms sales to India in talks here Monday that should also see agreement on the siting of two US nuclear reactors. On the business end of her five-day visit to India, Clinton met Prime […]
” solar eclipse takes on Asian giants
NEW DELHI, July 20, 2009 (AFP) – The world’s most populous nations will gaze skywards Wednesday as the longest total solar eclipse of the 21st century lays a carpet of darkness across India and China, from Mumbai to Shanghai.In ancient China, eclipses were often associated with natural disasters or the death of an emperor, and […]
Manzoor, Yousuf rescue Pakistan in final Test
July 20, 2009 (AFP) – Khurram Manzoor and Mohammad Yousuf narrowly missed scoring centuries as they led Pakistan’s recovery on the opening day of the final cricket Test against Sri Lanka here on Monday.Pakistan, sent in to bat in overcast conditions by Sri Lankan captain Kumar Sangakkara, collapsed to 34-2 within the first hour as […]