Author: lbostgadmin
Supermarket Sweep
Aug 16, 2010 (LBO) – Sri Lanka’s largest supermarket chain Cargills (Ceylon) group June quarter profits rose 92.3 percent to 312 million rupees from higher sales, better margins and lower finance costs, a stock exchange filing said. Group revenues rose 20.6 percent to 8.94 billion rupees from a year ago while sales cost rose at […]
Sri Lanka losing Arab market, tea exporter warns
Aug 16, 2010 (LBO) – A top Sri Lankan tea exporters has warned that Ceylon tea was losing market share to international brands in key Middle Eastern markets to which shipments from the island have fallen. Ceylon Tea Services chairman Merrill J. Fernando said the tea industry needs a stable policy, direction and expertise if […]
Sri Lanka KumbukRiver named among top 20 spectacular hotels
Aug 16, 2010 (LBO) – Sri Lanka’s KumbukRiver has been included in a list of the world’s top 20 most unusual hotels, just announced by an international portal dedicated to the unusual and the audacious, a statement said. The list includes Dubai’s landmark Burj al Arab and the Galactic, the first-ever hotel in space, the […]
Housing Profits
Aug 16, 2010 (LBO) – Sri Lanka’s Housing Development Finance Corporation (HDFC) Bank group June 2010 quarter profits fell 96 percent to 5.3 million rupees from a year ago owing to lower revenues and higher finance costs, interim results showed. HDFC group’s gross assets rose 6.7 percent to 15.1 billion rupees. The state-owned HDFC Bank […]
Foreign Policy
HAMBANTOTA, August 15, 2010 (AFP) – A China-funded port in Sri Lanka will be a symbol of Colombo’s non-partisan foreign policy, the president said Sunday amid Indian concerns over Beijing’s interests in the region. President Mahinda Rajapakse marked a key milestone in the construction of the 1.5 billion-dollar port in the southern Sri Lankan town […]
Sri Lankan stocks close up 1.48-pct
Aug 16, 2010 (LBO) – Sri Lankan stocks rallied for the second straight day, Monday, in low volume trading, while there was renewed retail buying interest on ‘penny’ shares, brokers said. The All Share Price Index closed at 5,191.30, was up 1.48 percent (75.51 points) Monday, while the Milanka index of more liquid stocks rose […]
Sri Lanka Tamil migrants in good condition: Canada
ESQUIMALT, August 14, 2010 (AFP) – Hundreds of Sri Lankan Tamil migrants who arrived aboard a rusty cargo ship were in good condition after their three-month voyage, Canadian officials said Saturday. The MV Sun Sea, a 59-metre Thai-registered ship reportedly carrying as many as 490 migrants, landed in Esquimalt, British Columbia on Friday, escorted by […]
Mobile Switch
Aug 15, 2010 (LBO) – Sri Lanka Telecom’s June 2010 net profit shot up 105 percent to 769 million rupees from a year ago as earnings from its mobile unit and broadband made up for falling voice revenues, a stock exchange filing said. Basic earnings per share rose to 0.43 rupees from 0.21 rupees the […]
Sri Lanka Tamil migrants sail to uncertainty in Canada
VICTORIA, August 14, 2010 (AFP) – Hundreds of Tamils seeking asylum from Sri Lanka sailed into Canada on Friday under the scrutiny of authorities, who vowed to screen out Tiger rebels after charges that the country is too welcoming. After three months on the Pacific, a navy frigate escorted the shabby, Thai-flagged MV Sun Sea […]
Sri Lanka strips former war-hero of pension and prestige
August 14, 2010 (AFP) – Sri Lanka’s president has formally stripped former army chief Sarath Fonseka of his rank, medals and pension after his conviction by a court martial, officials said Saturday. President Mahinda Rajapakse ratified Friday’s verdict of the controversial tribunal, which found Fonseka guilty of dabbling in politics while heading the military last […]
Sri Lanka renewable energy drive seen hurt by red tape
Aug 14, 2010 (LBO) – Premature cancellation of projects and complex and lengthy approval procedures are retarding the development of renewable energy like mini-hydro power in Sri Lanka, an official said. “The government has set up the SEA which is now helping us to overcome problems and trying to streamline the process of granting approvals. […]
Sri Lanka private investment mooted to free public money for social spending
Aug 13, 2010 (LBO) – Sri Lanka should consider more private investment in education and health in prosperous areas, freeing public money for investment in upgrading in social services in lagging regions, an official said. Anura Ekanayake, chairman of the Ceylon Chamber of Commerce, said there was a huge gap in the investments needed to […]