Author: lbostgadmin
‘s Carrefour says plans 2010 entry into India
NEW DELHI, February 19, 2010 (AFP) – France’s Carrefour, the world’s second largest retailer, said Friday it plans to enter India’s vast retail market in 2010 following years of delays. “Carrefour will develop its activities in India with the start of cash-and-carry activities in 2010,” the company said in a statement emailed to AFP. Cash-and-carry […]
Normal Life
February 19, 2010 (AFP) – Sri Lanka said Friday it plans to release all detained Tamil Tiger child soldiers by the end of May and re-unite them with their families. Government forces defeated the rebel Liberation Tigers of Tamil Eelam (LTTE) in May last year, ending their 37-year fight for a Tamil homeland in the […]
Slow Traffic
Feb 20, 2010 (LBO) – Sri Lanka’s vehicle imports fell 4.1 percent October 2009 from a year earlier to 21,239 vehicles registered, with most categories showing a decline, according to official data. Dual purpose vehicles were down 58.8 percent to 1,039 and motor cycle imports were down 17.3 percent to 109,738. Import of goods transport […]
Fed hikes rate on discount window amid easing financial crisis
WASHINGTON, February 18, 2010 (AFP) – The US Federal Reserve said Thursday it was increasing the interest rate it charged on emergency loans to banks in a move to normalize lending after radical measures to jolt the economy from recession. “The modifications are not expected to lead to tighter financial conditions for households and businesses […]
Sri Lanka monks complain of government pressure
February 19, 2010 (AFP) – Sri Lanka’s top Buddhist monks called off a special gathering this week because of government pressure, a spokesman said Friday, while the opposition said bomb threats had been involved. The monks had been sharply criticised in the state-run media for dabbling in politics after they sent a letter to President […]
Sri Lanka gets more garment factories
Feb 19, 2010 (LBO) – The Board of Investment, Sri Lanka’s investment promotion agency, said it has given approval for investors, including a Hong Kong firm, to set up clothing factories for export. The announcement came just days after the European Union said it will withdraw duty free access given to Sri Lanka because of […]
Sri Lanka Kuruwita Textiles profits up on cost cutting
Feb 19, 2010 (LBO) – Sri Lanka’s Kuruwita Textile Mills said tight cost control helped generate a net profit of 81.7 million rupees in the December quarter although sales were stagnant, signaling a turnaround from losses caused by recession. The firm, which supplies treated fabric to garment manufacturers, said it will reduce reliance on buyers […]
Sri Lanka HNB Assurance 2009 net up 23-pct
Feb 19, 2010 (LBO) – Sri Lanka’s HNB Assurance said net profit for the 2009 financial year rose 23 percent to 202 million rupees from a year ago. Earnings per share went up by the same percentage to 5.38 rupees, the bank, a unit of Sri Lanka’s Hatton National Bank, said in a stock exchange […]
Sri Lankan tea prices stay high
Feb 19, 2010 (LBO) – Sri Lankan tea prices eased at the Colombo auctions this week but are still at record highs being much higher than last year both in rupee and dollar terms, brokers said. But the Western quality season, which is during this time of year, has yet to set in because of […]
Sri Lanka Spence Hotel seeks funds for expansion
Feb 19, 2010 9LBO) Sri Lanka’s Aitken Spence Hotel Holdings said it plans a rights issue to raise funds for future expansion as the island’s tourist industry recovers from the effects of a long war. The company said in a stock exchange filing that it plans to make a rights issue of one new ordinary […]
Financial Fallout
Feb 19, 2010 (LBO) – Sri Lanka’s registered finance companies, which were shaken last year by the collapse of an unregulated firm, may see consolidation especially among weak smaller firms, the Central Bank said. The profitability of the finance company sector declined and some companies made losses last year because of high interest rates and […]
Volatile Voyage
Feb 19, 2010 (LBO) – Sri Lankan shippers facing rapidly rising freight rates are advised to try to negotiate long-term contracts with shipping lines, an industry official said. Increasing freight rates are a problem for us,†said Gehan Kuruppu, vice president of the Sri Lanka Shippers’ Council. Now rates are not holding even for one […]