Author: lbostgadmin
Tough Streak
Aug 17, 2009 (LBO) – Sri Lanka’s The Finance Company, a unit of the troubled Ceylinco group, said it lost 693 million rupees in the June 2009 quarter as net interest income remained negative and loan loss provisions continued to rise. The company had made a net profit of 45 million rupees in the same […]
Sri Lankan shares close flat, rupee up
Aug 17, 2009 (LBO) – Sri Lankan shares closed flat Monday as investors took defensive positions on mostly blue chip stocks that took a beating last week owing to poor June quarter results, while the rupee strengthened against the dollar, brokers and dealers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.03 […]
Sri Lanka rupee shows life
Aug 17, 2009 (LBO) – The rupee strengthened against the greenback Monday with state banks that usually represent the monetary authority staying off the market amid a large dollar inflow, dealers said. Speculators hit a currency when a central bank tries to keep a ‘soft’ peg. A central bank (especially one with exchange controls) through […]
‘s war refugee camps flooded: govt official
August 16, 2009 (AFP) – Heavy rains flooded camps housing some of Sri Lanka’s 300,000 war refugees, officials said Sunday, raising fears for the welfare of the detainees.She said a section of the Manik Farm camp was the worst hit by the floods as the drainage system was only half built. The privately-run Sunday Times […]
India faces drought but economists upbeat
NEW DELHI, August 16, 2009 (AFP) – Crops are shrivelling as India faces the spectre of drought but economists say they are still upbeat about the country’s economic prospects. They are banking that a strong industrial performance will help offset the impact of the worst monsoon in years in Asia’s third largest economy. Analysts have […]
Legal Move
Aug 16, 2009 (LBO) – The directors of two failed property firm in Sri Lanka’s troubled Ceylinco group has been given court nod to have a board meeting in prison to approve the setting up of a trust to repay investors, a media report said. Directors of F & G Property Developer (Pvt) Ltd, and […]
Brand Building
Aug 16, 2009 (LBO) – Sri Lanka known as a manufacturing hub for leading international brands and a commodity producer should develop a strategy to build its own brands to earn more and cope with rising costs, a marketing expert said. According to Business Week magazine, in 2008Coco-Cola’s brand value was 66 billion dollars, while […]
Sri Lanka Insurance Corp upgraded by Fitch on taxpayer support
Aug 15, 2009 (LBO) – Fitch Ratings said it has upgraded the rating of Sri Lanka’s largest insurer following its nationalisation on a court order, saying it implied state support if required. Fitch said in a statement that Sri Lanka Insurance Corp’s (SLIC) National Long-term Issuer Default Rating (IDR) has been upgraded to ‘AA-(lka)’ from […]
Pakistan moves to bring tribal belt into mainstream
ISLAMABAD, August 14, 2009 (AFP) – Pakistani President Asif Ali Zardari unveiled political reforms in the country’s tribal belt Friday in a bid to extricate the lawless region from the grip of Taliban and Al-Qaeda militants.Pakistan’s seven federally administered tribal areas (FATA) have become a stronghold for hundreds of extremists who fled after the US-led […]
Fibre Backbone
Aug 15, 2009 (LBO) – Sri Lanka telecom regulator is evaluating expression of interest from seven investors who responded to a call to build a fibre optic backbone for Sri Lanka in partnership with state rail and power utilities, a top official said. Pre-qualified parties would be expected to submit applications by the end of […]
Transport Costs
Aug 15, 2009 (LBO) – Asian shippers meeting in Colombo said they would lobby governments in the region to reform laws to prevent price fixing by shipping lines acting like cartels which they said hurts export-based economies.Sri Lanka Shippers’ Council chairman Randolph Perera said the island lacked the laws to prevent anti-competitive practices by shipping […]
US promotes Sri Lanka investment
Aug 14, 2009 (LBO) – The United States is holding a conference in Colombo in October, with participation of Sri Lankan officials for US firms to explore investment opportunities following the end of a 30-year war in the country. “This private-public conference will provide U.S. firms a unique opportunity to be among the first investors […]