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Sri Lankan tea prices weaken further
May 29, 2009 (LBO) – Sri Lankan tea prices sagged further this week, pushed down by larger volumes, lower quality and a stronger rupee, brokers said. The rupee weakened sharply against the dollar earlier this year but steadied and even strengthened in recent weeks. The better teas were “readily absorbed”, while the poor leaf sorts […]
Weak Judiciary
May 29, 2009 (LBO) – Sri Lanka’s justice system, legal profession and media are all under grave threat, said a report published by the International Bar Association’s Human Rights Institute (IBAHRI). Public confidence in the judiciary has got eroded and the Chief Justice is seen as biased, said the report on the independence of the […]
Mobile Spin
May 29, 2009 (LBO) – Sri Lankan celco Mobitel will spend 557 million rupees (4.85 million US dollars) in a four year sponsorship of the island’s cricket team, the company’s parent, Sri Lanka Telecom (SLT) said. SLT said in a stock exchange filing that the deal, one of the largest announced by a Sri Lankan […]
Wal-Mart set to make first foray into India
NEW DELHI, May 29, 2009 (AFP) – The world’s number one retailer Wal-Mart is set to open its first sales venture in India Saturday as part of an ambitious plan to establish a foothold in the country’s vast consumer market.The US discount chain has teamed up with Bharti Enterprises, parent of India’s biggest mobile firm […]
Emirates adds 22 weekly flights to India
May 29, 2009 (LBO) – Emirates airline said it will add 22 weekly flights to India in an expansion encouraged by liberalization of its skies that made the sub-continent one of the world’s fastest-growing aviation markets. The Dubai-based carrier said in a statement the move will support for the Indian government’s ambitious growth plan to […]
Sri Lanka govt seeks extra funds for export support package
May 29, 2009 (LBO) – Sri Lanka’s government said it plans to ask parliament for extra funds to pay for a bailout package to help exporters cope with a downturn in trade caused by recession. Cabinet spokesman media minister Anura Yapa said the cabinet this week had approved the mechanism through which exporters can get […]
Hedge Loss
May 29, 2009 (LBO) – Lanka IOC, a unit of Indian Oil Corporation said it lost 1.6 billion rupees in the March 2009 quarter against a profit of 890.7 million last year as the firm was hit by adverse oil hedges and taxes. But oil prices collapsed in the second half of 2008 and the […]
Sri Lanka inflation accelerates to 3.3-pct in May
May 29, 2009 (LBO) – Consumer price inflation in Sri Lanka’s capital Colombo accelerated to 3.3 percent in the 12-months to May from 2.9 percent in April, with prices jumping 2.0 percent during the month, the government’s statistics office said. Sri Lanka central bank governor Nivard Cabraal has said the index could move below zero […]
Sri Lanka stocks up 2.3-pct after rights vote
May 28, 2009 (LBO) – Sri Lankan closed up 2.3 percent as the market reacted positively to a vote in favour Sri Lanka’s government at a UN human rights body, brokers said. “Investors were optimistic about the future potential of the economy because confidence levels are also high,” said Balasuriya. Sri Lanka’s largest privately held […]
Repair Returns
May 28, 2009 (LBO) – Sri Lankan ship builder Colombo Dockyard said net profit for the March 2009 quarter shot up 112 percent to 519 million rupees from 245 million rupees a year ago.A platform support vessel for the same Indian customer – the first of an order of four – is now under construction. […]