Author: lbostgadmin
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October 25, 2011 (AFP) – The office of Sri Lankan President Mahinda Rajapakse said on Tuesday that a new war crimes charge filed in an Australian court against him was “hilarious”. “It’s hilarious to file charges against a head of state who has defeated terrorism in Sri Lanka,” Rajapakse’s spokesman Bandula Jayasekera told AFP by […]
India hikes rates again, sees slowdown
MUMBAI, October 25, 2011 (AFP) – India’s inflation-fighting central bank on Tuesday raised interest rates by a quarter-point, the 13th hike since March last year, while warning of a further economic slowdown this year. The rise in borrowing costs is likely to infuriate business leaders, who are already worried about growing signs of slackening domestic […]
Sri Lanka cancels land sale to China firm
Oct 25, 2011 (LBO) – Sri Lanka has cancelled the sale without tender of prime land in the capital to a Chinese defence contractor to build a hotel and is renegotiating the deal with alternate land being offered. Minister of economic development Basil Rajapaksa said the government had changed its policy and decided not to […]
Sri Lanka in talks with Sheraton, Raffles, DoubleTree
Oct 25, 2011 (LBO) – Sri Lanka is holding talks with top international hotel chains to invest in the island after the end of its 30-year year civil war, a senior minister said. Tourist arrivals to Sri Lanka rose sharply with the end of the ethnic war in May 2009. Minister of economic development Basil […]
Finance Channel
Oct 25, 2011 (LBO) – HSBC in Sri Lanka, which has channelled about two billion dollars to infrastructure building in the island, sees more potential in the telecom sector, an official said. The mobile telecom sector is moving from the mainly narrow band GSM technology to broadband third generation (3G), Nick A Nicolaou, chief executive […]
Provisional Help
Oct 25, 2011 (LBO) – Sri Lanka’s Seylan Bank’s profits in the September 2011 quarter rose 26. 8 percent to 396 million rupees from a year earlier, helped by lower loan loss provisions, interim accounts showed. The group reported earnings of 5. 63 rupees for the quarter. Nine month earnings were 1.63 rupees due mainly […]
Sri Lanka stocks end down 1.2-pct
Oct 25, 2011 (LBO) – Sri Lankan stocks closed lower Tuesday, losing half their gains in the last two days when shares had been pushed up in thin trade amid rumours of attempts to push out a regulator fighting equities fraud, brokers said. The main All Share Price Index fell 1. 22 percent (78.31 points) […]
Sri Lanka Treasuries yields rise
Oct 25, 2011 (LBO) – Yields on Sri Lankan treasury bills rose across maturities for the second straight week with only 5. 7 billion rupees of bids being accepted from the market after an offer to sell 12 billion rupees in maturing bills. The 03-month yield rose 05 basis points to 7.29 percent, the 6-month […]
Sri Lanka exports, trade gap up in August
Oct 24, 2011 (LBO) – Sri Lanka’s exports rose 19.1 percent to 951.7 million US dollars in August, while imports rose 66. 5 percent to 1.83 billion US dollars expanding the trade gap 191 percent to 885 million US dollars. “The exports growth in August was mainly driven by industrial exports where significant contributions came […]
Sri Lanka power sector facing bankruptcy: minister
Oct 24, 2011 (LBO) – Sri Lanka’s power utility has lost 167 million rupees a day in August amid dry weather and power sector faces bankruptcy unless tariffs are adjusted, power minister Champika Ranawaka has said. The daily numbers points to a monthly loss of about five billion rupees. Sri Lanka has two state run […]
Sri Lanka Watawala Plantations cuts losses on palm oil gains
Oct 24, 2011 (LBO) – Sri Lanka’s Watawala Plantations returned to profit in the September 2011 quarter, containing first half losses at 13 million rupees, as increased palm oil crops and prices helped offset losses from tea. Group sales in the six months to September 2011 sales rose eight percent to almost three billion rupees […]
Sri Lanka headed for regional visa row with high fees: report
Oct 24, 2011 (LBO) – Sri Lanka’s proposed 50 US dollar per person fee for an electronic visa has triggered a row with India with the possibility of the country running afoul of obligations under a South Asian regional arrangement, a media report said. The Sunday Times newspaper said the Indian High Commission (embassy) in […]