Author: lbostgadmin
MH17 has strong echoes of 1983 Korean tragedy
SEOUL, July 23, 2014 (AFP) – The downing of a Malaysian airliner over Ukraine has stirred memories of a 1983 incident when a Korean passenger jet was shot down by Soviet fighters in what then US president Ronald Reagan called a mid-air “massacre”.As with the Malaysian plane, the loss of life was total, with all […]
Rape Probe
COLOMBO, July 22, 2014 (AFP) – Sri Lankan police were Tuesday investigating the gang-rape of an 11-year-old girl allegedly by seven sailors in the island’s former war zone, a spokesman said. The victim, who cannot be identified according to Sri Lankan laws, had been repeatedly raped by more than one man, police spokesman Ajith Rohana […]
Submarine Plan
July 23, 2014 (LBO) – Subway, a US-based fast food franchise which launched in Sri Lanka this week is planning a 30-store chain in the island over the next five years, officials said. “All we see is an aggressive growth plan for Sri Lanka, it™s up to the local entrepreneurs to join with us for […]
Mortgage Gains
July 23, 2014 (LBO) – Profits at Sri Lanka’s HDFC Bank, a mortgage lender, surged over five fold to 82 million rupees in the June 2014 quarter from a year earlier as borrowing costs fell, interim accounts showed. Defaulted loans are periodically settled against member balances. The bank reported earnings of 1.28 rupees per share […]
Sri Lanka shares close down 0.2-pct
July 23, 2014 (LBO) – Sri Lanka’s shares closed 0.18 percent lower with index heavy John Keells Holdings losing ground despite net foreign buying, brokers said. Foreign investors bought 303.72 million rupees worth shares while selling 60.94 million rupees worth shares. John Keells Holdings closed 4.60 rupees lower at 239.90 rupees, contributing most to the […]
Cricket: South Africa aim to end Sri Lanka series jinx
COLOMBO, July 22, 2014 (AFP) – An upbeat South Africa will look to carry their winning momentum in the second Test against Sri Lanka beginning on Thursday, and break a 21-year-old jinx on the island.The Proteas, the current world number two, have not won a Test series in Sri Lanka since 1993 when they first […]
”’ rating confirmed
July 22, 2014 (LBO) – Fitch Ratings said it was confirming a ‘B’ issuer financial strength rating of Sri Lanka’s Asian Alliance Insurance Plc (AAIP). It also confirmed a National Insurer Financial Strength Rating and National Long-Term Rating of ‘BBB+(lka)’ with a stable outlook. Fitch said the rating reflected benefit that could come from being […]
Key Speaker
July 22, 2014 (LBO) – Alpesh Shah, a Senior Partner and Managing Director of the Indian Unit of the Boston Consulting Group, will address a business forum in Colombo in August.Ceylon Chamber of Commerce said Shah will speak at the upcoming ‘Sri Lanka Economic Summit’ on the topic of ‘Colombo as a Financial Hub at […]
Consolidation
July 22, 2014 (LBO) – George Steuart Finance Deshodaya Development Finance Limited (DDFC), has inked a deal to acquire George Steuart Finance Plc, which valued the licensed finance company at 500 million rupees. In the year to March, George Steuart Finance reported profits of 4.6 million rupees (45 cents per share) on interest income of […]
Sri Lanka stocks close up 0.6-pct
July 22, 2014 (LBO) – Sri Lanka’s stocks closed 0.59 percent higher with diversified stocks gaining amid net foreign buying, brokers said. Carson Cumberbatch closed 22.00 rupees higher at 490.00 rupees, contributing most to the index gain. Sri Lanka Telecom closed 1.10 rupees higher at 56.40 rupees and Ceylinco Insurance closed 80.00 rupees higher at […]
Sri Lanka bank credit subdued in May: data
July 21, 2014 (LBO) – Sri Lanka’s loans to private business from commercial banks slipped 7.9 billion rupees in May 2014 from a year earlier while credit to the state and state enterprises also contracted, official data shows.Private credit has contracted in four out of five months this year and is down 60 billion rupees […]
Sri Lanka 30MW hydro plant financed by ADB; protection for endangered fish
July 21, 2014 (LBO) – Asian Development Bank is financing a 30MegaWatt hydro plant with a 150 million US dollar credit, and the project will have measures to protect an endangered fish in the river.The Moragolla hydro power plant is estimated to generate 97.7 GigaWatt hours (millions of units of electricity) of energy a year, […]