Author: lbostgadmin
Shell profits gush on record high oil prices
LONDON, July 31, 2008 (AFP) – Anglo-Dutch energy giant Royal Dutch Shell said on Thursday that high oil prices helped push its net profit up by a third to 11.556 billion dollars (7.409 billion euros) in the second quarter. Profits rocketed despite flagging production which was hampered by violence at facilities in Nigeria. Output fell […]
Sri Lanka insurance regulator cracks down on misleading ads
July 31, 2008 (LBO) – The Insurance Board of Sri Lanka has revealed it had warned several insurance firms that violated regulations and also resorted to advertising campaigns that misled the public.The Board said it issued warnings to two insurers, one violating rules on investments in government securities; and the other for having granted loans […]
Two decades on, South Asian grouping still to prove relevance
July 31, 2008 (AFP) – South Asian leaders are set for a weekend summit in Colombo where they are expected to repeat pious platitudes, highlighting that the 23-year-old regional grouping has little to show by way of economic progress. Observers compare summits to movie productions, but the script has changed little since the first SAARC […]
Bank Trends
July 31, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said June quarter net profit rose 54 percent to 141 million rupees from a year ago, with a sharp increase in specific provisioning for bad loans. Gross income went up 34 percent to nearly 3.3 billion rupees, the bank said in interim results released […]
Sri Lanka Telecom share price gains after surprise profit jump
July 31, 2008 (LBO) – Sri Lanka Telecom’s share price rose Thursday after it reported June quarter profit nearly tripled to 1.5 billion rupees helped by its newly profitable mobile subsidiary.The stock was up 3.33 percent or 1.50 to 46.50 rupees around 1.00 p.m. on the Colombo stock exchange, after hitting a high of 47.50, […]
Sri Lanka stocks lifted by telecom gains
July 31, 2008 (LBO) – Sri Lankan stocks closed higher Thursday lifted by gains in telecom heavyweights after the dominant fixed line operator Sri Lanka Telecom (SLT) reported a surprise jump in June quarter profits The All Share Price Index gained 1.41 percent (34.27 points) to close at 2,463.41 while the more liquid Milanka went […]
Australia, Myanmar as SAARC observers: Sri Lanka official
July 30, 2008 (LBO) – Australia and Myanmar would be admitted as observers of the South Asian Association of Regional Corporation (SAARC) at this year’s sessions, now underway in the Sri Lankan capital Colombo, an official said.Sri Lanka’s additional foreign secretary Prasad Kariawasam told reporters after a meeting of the so-called ‘standing committee’ of foreign […]
South Asian nations side-step regional trade pact amid frictions
July 30, 2008 (AFP) – South Asian leaders meeting in Sri Lanka this weekend will discuss improving commercial ties but political and other tensions have dampened hopes a regional free trade pact will be implemented any time soon, economists say. “It took the European Union 50 years to get the euro out. We’re still just […]
New media turn Beijing into e-Games
HONG KONG, July 30, 2008 (AFP) – When Coroebus of Elis won the first Olympic sprint in 776 BC, the result was scratched on to parchment and read out in market places in the following days and weeks.This year, the Olympic 100 metres champion will be announced immediately, to billions worldwide, via a click of […]
‘s backlash in second Test
GALLE, July 30, 2008 (AFP) – Sri Lanka skipper Mahela Jayawardene says his team is well-prepared for India’s expected fight-back in the second Test starting here on Thursday.The hosts outplayed India in all departments of the game in the opening match of the three-Test series in Colombo, winning by an innings and 239 runs on […]
Los Angeles passes ban on new fast-food outlets
LOS ANGELES, July 30, 2008 (AFP) – Los Angeles officials on Tuesday approved a one-year ban on fast-food chains opening in a poor neighborhood of the city battling higher-than-average obesity, officials said.The moratorium covers the 500,000 people living in the 32-square mile area of South Los Angeles, which is predominantly Hispanic and African-American. Designed to […]
Widespread lament over collapse of WTO talks
WASHINGTON, July 30, 2008 (AFP) – Government and business leaders lamented the failure to reach a global trade pact in Geneva on Tuesday, with a leading US business group blaming China and India for the collapse of the talks.Argentina however blamed wealthy nations for failing to provide enough concrete benefits for developing countries. The breakdown […]