Author: lbostgadmin
Suspended
Aug 23, 2013 (LBO) – Fonterra New Zealand said it had temporarily suspended Sri Lanka consumer operations to protect its workers and assets amid nationalist protests and a court order halting sales and distribution.“Fonterra Sri Lanka is currently subject to a court Enjoining Order which has shut down our ability to sell product, advertise it […]
Sri Lanka bourse to boost secondary debt trading
Aug 23, 2013 (LBO) – Sri Lanka’s Colombo Stock Exchange expects to allow primary dealers in gilts and other financial intuitions to deal listed corporate debt after August 29, which will increase secondary trading, officials said.Sellahewa said other financial institutions could also apply to be dealers, but they needed a 100 million rupee capital. CSE […]
”’ by Fitch
Aug 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank’s planned dollar denominated bond has been given an expected rating of ‘BB-‘ by Fitch Ratings. “Fitch believes that the issue of the notes by NSB is closely linked with government policy requirements,” the rating agency said. The proceeds are likely to be used to […]
‘s bond road show to begin on Aug 26
Aug 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank will kick off a road show from August 26 to sell a dollar bond depending on market conditions, market sources said.Bloomberg newswires said investor meetings will be held in New York, Boston, Los Angeles, London and will wrap up on September 03 in Singapore. […]
Korea Prime Minister to visit Sri Lanka
Aug 22, 2013 (LBO) – Korean Prime Minister Chung Hong-Won will visit Sri Lanka from August 28, the country’s embassy in Colombo said.It will be the first official visit by a prime minister of Korea after the two countries established diplomatic relations in 1977. He will hold talks with Sri Lanka’s President Mahinda Rajapaksa, participate […]
Sri Lanka external trade expands in June
Aug 22, 2013 (LBO) – Sri Lanka’s exports rose 6.8 percent to 807.4 million US dollars in June 2013 from a year earlier with apparel exports up 14.9 percent to 356.8 million US dollars, official data showed.In the six months to June exports dropped 4.5 percent to 4.66 billion US dollars, imports dropped 5.8 percent […]
Sri Lanka textile mill ups export to Bangladesh, but losses mount
Aug 22, 2013 (LBO) – Kuruwita Textile Mills Plc, a unit of Sri Lanka’s Brandix Apparel group said exports to Bangladesh rose in the June 2013 quarter but losses increased amid cost increases. The firm lost 211 million rupees in the quarter up 355 percent from a year earlier. It reported losses of 8.46 rupees […]
Maldives court quashes flogging of rape victim
MALÉ, August 22, 2013 (AFP) – The Maldivian High Court has overturned a public flogging sentence for a 15-year-old rape victim whose conviction sparked outrage among rights groups and focused attention on the island nation’s treatment of women.The High Court issued a statement on Wednesday saying that the girl, whose step-father is on trial for […]
‘s Tata rebrands “‘s cheapest car” to boost sales
MUMBAI, Aug 22, 2013 (AFP) – India’s top vehicle maker Tata Motors says it plans to reposition the Nano as a “smart city car” after its marketing pitch as the world’s cheapest auto resulted in disappointing sales.The Nano was launched in 2009 as a budget solution for millions of aspirational lower-middle class Indian families wanting […]
” after injecting billions of rupee reserves to banks
NEW DELHI, August 22, 2013 (AFP) – India’s finance minister said Thursday that intense selling pressure on the rupee was exaggerated and that the currency market “panic” was unnecessary.The rupee, which has hit record lows for five straight trading days, slumped to 65.56 to the dollar on Thursday as uncertainty about the future of the […]
Puzzle over African coins reveals Aboriginal rock art
SYDNEY, August 22, 2013 (AFP) – Solving the mystery of how 900-year-old African coins ended up in remote Australia could not only recast the history of foreign contact Down Under, but shed light on Aboriginal rock art.What the researchers did uncover was the Aboriginal rock art and some potential evidence of shipwrecks — a not […]
‘s LOLC in talks with international resort chains
Aug 22, 2013 (LBO) – Sri Lanka’s LOLC Leisure, owners of Palm Garden Hotels is in talks with international hotel chains to manage their proposed 475 room hotel, which the firm says will be the largest resort in the country. Jayewardene said the old hotels were removed to make maximize land use and to “develop […]