Author: lbostgadmin
Sri Lanka says closing in on rebel capital after fall of key towns
August 22, 2008 (AFP) – Sri Lankan troops on Friday captured two strategic towns from Tamil Tigers as they closed in on the rebels’ political capital, the defence ministry said. Acting on a tip-off, soldiers searched the church and discovered material and accessories for making suicide kits of the type generally used by the LTTE, […]
Sri Lanka tea crop hits new high
Aug 22, 2008 (LBO) – Sri Lanka’s tea production is continuing to increase with the July crop hitting a new high, with low grown teas much in demand in the Middle East and Russia, rising sharply, brokers said.The output for the seven month period was also a new high with the previous record being 190.7 […]
Sri Lanka stocks weaken, Distilleries in focus ahead of court verdict
Aug 22, 2008 (LBO) – Sri Lankan stocks weakened further Friday with anticipation mounting over a court verdict on the privatization of Sri Lanka Insurance Corporation (SLIC), part of the Distilleries group. The All Share Price Index fell 0.43 percent (10.34 points) to 2,414.37 while the Milanka dropped 0.59 percent (16.78 points) to 2,811.96. Turnover […]
Sri Lanka CB governor says South Asian policy making improving
Aug 21, 2008 (LBO) – Economic policies in South Asia are improving and people are taking ownership for policymaking and are no longer driven by multilateral institutions, Sri Lanka’s central bank governor Nivard Cabraal said.“We are now taking ownership of our own destinies,” Cabraal said at the opening of a regional symposium of senior central […]
‘s Qantas reports record profit
SYDNEY, August 21, 2008 (AFP) – Australia’s national airline Qantas Thursday reported a 44 percent increase in annual net profit to a record 969 million dollars (842.6 million US dollars). Revenue for the year ended June 30 rose 7.5 percent to 16.19 billion dollars after Qantas carried 38.6 million passengers, up 6.0 percent, the company […]
Oil prices above US$114 traders mull lower gasoline stocks
NEW YORK, August 20, 2008 (AFP) – Oil prices rose on Wednesday after a sharp spike the previous day as traders nervously mulled a larger-than-expected decline in US gasoline stocks. Prices closed higher in edgy trade, wiping out declines experienced earlier in the day, as traders assessed a weekly US inventory report for clues on […]
Overseas Bangladeshis to send nine bln dollars home this year
DHAKA, August 21, 2008 (AFP) – Bangladeshis abroad will pump close to nine billion dollars back into the nation’s economy this year, the foreign minister said Thursday, but warned migrant workers they were at risk of human trafficking.Itekhar Ahmed said that since January, migrant workers had sent 6.5 billion dollars back to Bangladesh, and the […]
Asian electronics sector holding up: analysts
SINGAPORE, August 21, 2008 (AFP) – Asia’s electronics manufacturing sector is holding up, despite a slowing global economy, because of sustained demand from Brazil, Russia, India and China, analysts said Thursday.The need for newer technology to put into cars, mobile phones and flat screen television panels should help drive demand for increasingly sophisticated electronics chips, […]
Piracy Battle
Aug 21, 2008 (LBO) – Business Software Alliance (BSA) has appointed an attorney-at-law to support action against piracy in the software market in Sri Lanka, where nine out of ten programmes are unlicensed. The world wide rate for piracy is lesser at 38 percent or 47 billion dollars, Chan said. “The BSA anti piracy campaign […]
Sri Lanka expects firm tea prices despite commodity bubble burst
Aug 21, 2008 (LBO) – Sri Lankan tea exporters are expecting prices to remain high owing to good quality leaf, savvy marketing and packaging, though the US dollar is strengthening and a global commodity bubble may have burst.Romesh Moraes of the Tea Exporters Association said the trade aims to maintain its price advantage over its […]
Banking Challenge
August 21, 2008 (LBO) – Hatton National Bank has staged a steady turnaround under the direction of its chief executive Rajendra Theagarajah. But with a weakening economy of high inflation and volatile interest rates, banks in general are under pressure.HNB is now looking at maintaining asset quality and increasing its exposure abroad as domestic loan […]
Fleet Plans
Aug 21, 2008 (LBO) – Sri Lanka’s Mercantile Shipping Company said it expects delivery of the first of two new cargo ships on order by the middle of next year as construction is slightly ahead of schedule.The company said it made good profits in the last financial year but that cash flow would be tight […]