Author: lbostgadmin
ECB directors must tackle mounting eurozone tensions: analysts
FRANKFURT, (AFP) – European Central Bank policymakers will confront mounting eurozone financial tensions at a meeting Thursday in the face of a brewing crisis brought on by Greece’s spectacular public deficit and debt. That the ECB’s main interest rate will stay unchanged at a record low of one percent is considered a done deal for […]
Sri Lanka fabric firm hit by lower prices, smaller orders
Feb 01, 2010 (LBO) – Sri Lankan fabric manufacturer Hayleys MGT Knitting Mills said December quarter profit fell sharply owing to lower prices and loss of orders to cheaper competitors. Net profit in the December quarter fell 73 percent to 20.7 million rupees from a year ago while sales fell 17 percent to 1.3 billion […]
Sri Lanka says 12 army officers sacked after election
February 1, 2010 (AFP) – Sri Lanka’s president on Monday sacked 12 senior military officers over what one army source said were fears of a coup after last week’s presidential elections. They included three senior major generals and two brigadiers accused of interfering in politics during campaigning for January 26 election, in which President Mahinda […]
Sri Lanka CIC profits up on government receipts
Feb 01, 2010 (LBO) – Sri Lanka’s Chemical Industries (Colombo) has returned to profit in the December 2009 quarter helped by a 250 million rupee past due payment from the government. In its annual report last year the firm said Chemcel (Pvt) Ltd, would make a speciality chemical with a US partner and was held […]
Share Split
Feb 01, 2010 (LBO)- Sri Lanka’s Sampath Bank plans to give shareholders an extra share for every 10 held by them in a share split that would increase total listed shares to 75.7 million, it said in a stock exchange filing. The share split is awaiting shareholder approval. The share split would effetely increase Sampath […]
Sri Lanka stocks up 1.51-pct, plantation stocks rally
Feb 01, 2010 (LBO) – Sri Lankan stocks surged Monday as retail investors were seen betting heavily on plantation stocks, while heavy institutional interest on John Keells Holdings (JKH) pushed turnover to almost 3. 0 billion rupees, brokers said. The benchmark All Share Price Index (ASPI) closed at 3,691.39 points, up 54.98 points, while the […]
”: IMF chief
DAVOS, January 30, 2010 (AFP) – IMF chief Dominique Strauss-Kahn said Saturday that state debt will become the world’s biggest economic problem and some countries will need seven years to fix their finances. “The fiscal sustainability problem is going to be one of the biggest, maybe the biggest problem for the coming … several years,” […]
Sri Lanka president revokes expulsion of Swiss reporter
January 31, 2010 (AFP) – Sri Lanka President Mahinda Rajapakse on Sunday revoked an expulsion order against a Swiss reporter who covered the island’s fiercely fought election. A government spokesman said that “wrong information” had led to the immigration authorities ordering Karin Wenger, of Swiss Public Radio, to leave the country. The department of information […]
Sri Lanka president to take oaths Feb 04: report
Jan 31, 2010 (LBO) – Sri Lanka’s re-elected president Mahinda Rajapaksa will take oaths for his second term in Kandy when the country celebrates independence from British rule on February 04, a media report said. The Sunday Times newspaper quoting foreign employment minister Keheliya Rambukwella said president Rajapaksa has spoken of his decision at a […]
Maldives in privatization drive to up efficiency, fix finances: IMF
Jan 31, 2010 (LBO) – The Indian Ocean archipelago of Maldives will privatize its airport but could also sell down other state enterprises and bring private capital to a domestic bank, the International Monetary Fund has said. “A central plank will be the privatization of the airport, but stakes in the telecommunications company have already […]
Maldives pledges deepest carbon emission cut by 2020
Jan 31, 2010 (LBO) – Maldives has voluntarily pledged to slash carbon emissions 100 percent by 2020, which is the deepest cut promised by any country so far under an international accord, the Indian Ocean archipelago said. “Climate change threatens us all,” Maldives president Mohamed Nasheed said in a statement. “If we don’t act now, […]
Sri Lanka gets less bang for capital buck: economist
Jan 30, 2010 (LBO) – Sri Lanka is saving and investing too little and spending too much and the country is also getting less returns than more efficient economies for the money spent to boost capital stock, a top economist has said. Countries that invest more will generate higher levels of growth and incomes. East […]