Author: lbostgadmin
Asians driven to extreme poverty by commodity bubble
Apr 27, 2011 (LBO) – Rising food prices from a global commodity bubble could push 64 million people in developing Asia into extreme poverty, the Asian Development Bank said adding to rising concerns about the effects loose US monetary policy. Many such central banks also create their own inflation, adding to inflation generated by the […]
UN feared for staff in Sri Lanka conflict finale: Ban
UNITED NATIONS, April 27, 2011 (AFP) – The United Nations feared for its staff in Sri Lanka as government troops crushed a Tamil separatist uprising in 2009, UN chief Ban Ki-moon said Tuesday defending the actions of UN agencies. As pressure grew for an international investigation into the killing of “tens of thousands” in the […]
” UN report
April 27, 2011 (AFP) – Sri Lanka rejected Wednesday what it called a “divisive” and flawed report commissioned by UN chief Ban Ki-moon which holds the government responsible for thousands of civilian deaths in its civil war. “The public release of the report at this stage is divisive, and disrupts our efforts to reinforce peace, […]
Vodafone finds India tough going
NEW DELHI, April 27, 2011 (AFP) – When British mobile phone giant Vodafone paid $11.1 billion to buy an Indian cellular operator four years ago, it had high hopes the purchase would offset saturated markets at home. “This kind of deal is what we all dreamed about when we were students,” former chief executive Arun […]
Sri Lanka moves to protect Ceylon tea brand
Apr 27, 2011 (LBO) – Sri Lanka’s commerce and industry ministry has allocated funds to register ‘Ceylon tea’ under the global geographical indicators (GI) trade regime that will better protect the island’s best known brand. Registration under the GI will prevent abuse of the Ceylon tea brand, government officials have said. The commerce and industry […]
Finance Listing
Apr 27, 2011 (LBO) – Commercial Credit Ltd. , a registered finance company based in Sri Lanka’s central hill town of Kandy, has been given regulatory approval to list on the stock exchange. The Colombo stock exchange said it has approved the finance comapny’s application to list 218,074,365 ordinary shares on its ‘diri savi’ or […]
Auto Effect
Apr 27, 2011 (LBO) – The prices of Indian-made Maruti and Alto cars sold in Sri Lanka have gone up by 12 percent because of this week’s government import duty hike, according to agents who ship the vehicles. Shivantha de Zoysa, senior general manager, sales and marketing at Associated Motorways, said the price of an […]
Sri Lanka stocks end up 0.2-pct
Apr 27, 2011 (LBO) – Sri Lankan shares closed mixed once again Wednesday in dull trade with motor sector shares rebounding from losses sustained after a government import duty hike likely to slow car sales, brokers said. Lanka Ashok Leyland, which imports buses from India and did not fall after the import duty hike, rose […]
Sri Lanka chases better rating ahead of bond sale: report
Apr 27, 2011 (LBO) – Sri Lanka is expecting three rating agencies to visit the island from next month which may lead to a better rating upgrade ahead of a bond sale of at least 500 million dollars for 2011, a media report said. But inflation has picked up since then raising concerns about monetary […]
Sri Lanka Treasuries yields edge up
Apr 27, 2011 (LBO) – The yields on Sri Lanka’s treasury bills edged higher at Wednesday’s auction with 10 billion rupees worth maturing bills being rolled over, the government’s debt office said. The yield on three-months bills rose one basis point to 7.04 percent with 2.7 billion rupees in bills being sold and the yield […]
Sri Lanka state petroleum firm lose US$260mn
Apr 26, 2011 (LBO) – Sri Lanka’s state run petroleum distributor Ceylon Petroleum Corporation has lost 28.6 billion rupees in 2010 as due to rising cost and arbitrary political control of its retail prices, official data show. Sri Lanka has no cost-basis for fuel pricing and prices are controlled by arbitrary by the state while […]
Soaring food prices a threat across Asia
MANILA, April 26, 2011 (AFP) – Soaring global food prices threaten to push tens of millions of Asians into extreme poverty and cut the region’s economic growth this year, the Asian Development Bank warned in a report Tuesday. Cereal inventories globally will shrink further unless production rises at least 2.0 percent this year, the report […]