Author: lbostgadmin
Sri Lanka grey market dollar rate up; CB bill stock Rs89.5bn
Nov 04, 2008 (LBO) – Sri Lanka’s grey market rate for US dollars has spiked sharply as the central bank continued to intervene in forex markets and print money to prevent a contraction in the monetary base, putting pressure on the rupee. In the grey market in Sri Lanka’s capital Colombo, US dollars are trading […]
Obama and McCain hurtle into final 48 hours
CLEVELAND, November 2, 2008 (AFP) – White House front-runner Barack Obama Sunday hurtled into the last 48 hours of his epic campaign against Republican John McCain pledging to remake America as he presented a loving tableau of his youthful family. On the home stretch before Tuesday’s election, the Democrat bidding to be America’s first black […]
‘s worst year in recent times: Wen
BEIJING, November 3, 2008 (AFP) – The global financial crisis has made 2008 the worst year for China in recent memory, with growth and inflation posing serious challenges, Prime Minister Wen Jiabao said in a signed article. “We must be aware that this year is the worst in recent times for our economic development,” Wen […]
SKorea announces 10.7 bln dlr stimulus package
SEOUL, November 3, 2008 (AFP) – South Korea Monday announced a 10.7 billion dollar plan to stimulate growth in the face of a global slowdown which is set to hit the crucial export sector.The government detailed plans to spend an extra 11 trillion won next year, plus tax cuts totalling three trillion, to boost sagging […]
‘s Horana Plantations Sept net up sharply on rubber boom
Nov 03, 2008 (LBO) – Sri Lanka’s Horana Plantations, which is managed by the Ceylon Theatres group, said net profit for the September quarter shot up 201 percent to 50 million rupees from a year ago. Revenue rose 25 percent to 430 million rupees from 343 million rupees during the period. The profit growth was […]
Sri Lanka tea board to buy again at auctions
Nov 03, 2008 (LBO) – Sri Lanka’s tea board said it plans to buy stocks at the Colombo auctions this week as well to help prop up the market after prices crashed and large stocks went unsold last month. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Bank Trends
Nov 03, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said September quarter net profit fell 15 percent to 136 million rupees from a year ago despite strong growth in net interest income and non-interest income.NTB’s non-interest expenses in the September quarter also rose sharply amid high inflation and rising staff numbers. Personnel costs […]
Maritime Deal
Nov 03, 2008 (LBO) – Sri Lanka’s Hemas group has bought a stake in ship owner and operator Mercantile Shipping Company as part of a strategic thrust into the shipping business. Hemas Holdings said in a stock exchange filing that it invested in a 17 percent stake in Mercantile Shipping Co., which represents 426,223 ordinary […]
Sri Lanka shares sustain gains
Nov 03, 2008 (LBO) – Sri Lankan shares ended higher for the fourth day running, Monday, sustaining the gains made last week in what appears to be an improvement in investor sentiment, brokers said. Sri Lanka Telecom rose one rupee to 40 rupees while Distilleries Company rose over nine percent (4.75 rupees) to end at […]
Sri Lanka defence, subsidy costs overshoot ahead of next budget
Nov 03, 2008 (LBO) – Sri Lanka’s budget for 2009 will focus on keeping a military campaign on track while also providing resources to build infrastructure, though expenses in the current budget have overshot targets, a government minister has said. Junior finance minister Ranjith Siyambalapitiya told ETV’s Lanka Business Report show that managing the 2008 […]
British PM calls on Gulf states to give funds to the IMF
RIYADH, November 2, 2008 (AFP) – British Prime Minister Gordon Brown said Sunday it is in the interests of oil-rich Gulf states to give funds to help countries hit by the world financial crisis.On the second day of a brief Gulf tour that started in Saudi Arabia, Brown also backed an enhanced role for them […]
Sri Lanka steps up air strikes after sea battle
November 2, 2008 (AFP) – Sri Lanka’s military stepped up air attacks against Tamil Tiger rebels in the island’s north after a sea battle left heavy casualties on both sides, officials said Sunday.War planes hit a suspected training base for Tamil Tiger guerrillas at Iranamadu, just south of the guerrillas’ political capital of Kilinochchi, on […]