Author: lbostgadmin
Procedural Probe
June 24, 2009 (LBO) – Sri Lanka’s Nations Trust Bank, a unit of the John Keells Holdings group, is probing a breach of operating procedure, but the bank is on track to meet half year profit targets, an official said. NTB’s voting stock fell 2.25 to 32.00 rupees Wednesday amid concerns among investors that profits […]
Sri Lankan stocks close flat
June 24, 2009 (LBO) – Sri Lankan shares closed flat Wednesday despite bank stocks losing ground on profit taking, brokers said. The benchmark Colombo All Share Price Index closed up 0.01 percent (0.23 points) to end at 2,439.94 while the Milanka index of liquid stocks fell 0.64 percent (17.39 points) to close at 2,716.29, according […]
US to “carefully assess” Sri Lanka IMF loan: official
June 24, 2009 (LBO) – The United States is not blocking an International Monetary Fund (IMF) loan to Sri Lanka but the US Treasury and State Department “will carefully assess” the program, an official has said. “We are not threatening to block the loan and we will carefully assess any program in light of the […]
Yousuf, Razzaq return to Pakistan squad for Sri Lanka
KARACHI, June 22, 2009 (AFP) – World Twenty20 champions Pakistan on Monday unveiled the 15-man squad to tour Sri Lanka next week, including in the line-up pardoned rebel Indian league players Mohammad Yousuf and Abdul Razzaq. Both Razzaq and Yousuf risked their international careers when they played in the Indian Cricket League (ICL), which is […]
British insurer Aviva to sell Australian unit
LONDON, June 22, 2009 (AFP) – British insurance giant Aviva on Monday said it has agreed to sell its Australian life and pensions business to National Australia Bank (NAB) for 452 million pounds (742 million US dollars, 535 million euros). “The decision to sell … is based on the belief that it would be challenging […]
Sri Lankan and Malaysia Airlines in new code share deal
June 23, 2009 (LBO) – Sri Lankan Airlines has expanded its code share deal with Malaysian Airlines increasing its reach to the United States, Australia and Asia-Pacific sectors, the airline said. Members of Malaysia Airlines and SriLankan FlySmiLes frequent flyer programs can earn points on either airline. The codeshare is effective from June, 205 2009 […]
Tobacco control reduces Canada heart disease deaths
OTTAWA, June 22, 2009 (AFP) – Heart disease deaths dropped 30 percent in Canada between 1994 and 2004, likely as a result of fierce campaigns against smoking and bad cholesterol, a study said Monday. Researchers noted a rapid decline over 10 years in the number of related deaths from 360.6 to 252.5 per 100,000 people, […]
‘s south gets new tea factory
June 23, 2009 (LBO) – A new tea factory has been set up in Sri Lanka’s southern Hambantota district where high-priced low grown teas are cultivated by small farmers, the government information department and the Tea Board said.But Hemaratna said the new one in Hambantota had been approved before the decision and was also outside […]
Sri Lanka Tata tea unit warns of tough wage talks
June 23, 2009 (LBO) – Sri Lanka’s Watawala Plantations, whose profits fell sharply last year, has warned talks on a new wage deal with labour could be tough as most firms in the tea industry face cash flow problems. Sathasivam said that it is only to be expected that wages and input prices will increase […]
Sri Lanka stocks close lower on profit taking
June 23, 2009 (LBO) – Sri Lankan shares extended losses Tuesday closing down 0.4 percent as retail investors took profits on blue chip banks and diversified groups, brokers said, The benchmark Colombo All Share Price Index closed down 0.44 percent (10.84 points) to end at 2,436.36 while the Milanka index of liquid stocks fell 1.02 […]
Sri Lanka private sector credit shrinks as government borrows
June 22, 2009 (LBO) – Sri Lanka’s private sector credit has shrunk for the fourth straight month, while government credit continues to rocket, amid falling revenues and rising expenses, the latest official data shows. In April 2009, credit to private sector from the banking system was down 3.2 percent to 1,247.8 billion rupees from December […]
Sri Lanka private equity fund to be started by Singapore firm: report
June 22, 2009 (LBO) – Calamander Group, a Singapore based fund, is starting a 50 million US dollar private equity fund to invest in export commodity processing firms, a media report said. Last week Bloomberg quoted Arjuna Mahendran, HSBC Private Bank’s chief investment strategist, as saying that Sri Lanka could benefit from its proximity to […]