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‘s Tata rebrands “‘s cheapest car” to boost sales
MUMBAI, Aug 22, 2013 (AFP) – India’s top vehicle maker Tata Motors says it plans to reposition the Nano as a “smart city car” after its marketing pitch as the world’s cheapest auto resulted in disappointing sales.The Nano was launched in 2009 as a budget solution for millions of aspirational lower-middle class Indian families wanting […]
Maldives court quashes flogging of rape victim
MALÉ, August 22, 2013 (AFP) – The Maldivian High Court has overturned a public flogging sentence for a 15-year-old rape victim whose conviction sparked outrage among rights groups and focused attention on the island nation’s treatment of women.The High Court issued a statement on Wednesday saying that the girl, whose step-father is on trial for […]
Sri Lanka textile mill ups export to Bangladesh, but losses mount
Aug 22, 2013 (LBO) – Kuruwita Textile Mills Plc, a unit of Sri Lanka’s Brandix Apparel group said exports to Bangladesh rose in the June 2013 quarter but losses increased amid cost increases. The firm lost 211 million rupees in the quarter up 355 percent from a year earlier. It reported losses of 8.46 rupees […]
Sri Lanka external trade expands in June
Aug 22, 2013 (LBO) – Sri Lanka’s exports rose 6.8 percent to 807.4 million US dollars in June 2013 from a year earlier with apparel exports up 14.9 percent to 356.8 million US dollars, official data showed.In the six months to June exports dropped 4.5 percent to 4.66 billion US dollars, imports dropped 5.8 percent […]
Korea Prime Minister to visit Sri Lanka
Aug 22, 2013 (LBO) – Korean Prime Minister Chung Hong-Won will visit Sri Lanka from August 28, the country’s embassy in Colombo said.It will be the first official visit by a prime minister of Korea after the two countries established diplomatic relations in 1977. He will hold talks with Sri Lanka’s President Mahinda Rajapaksa, participate […]
Sri Lanka Treasuries yields steady, 3-month rejected
Aug 21, 2013 (LBO) – Sri Lanka’s Treasuries yield were steady at Wednesday’s auction with six and 12-month yields easing one basis point, data from the state office showed.The 6-month yield eased one basis point to 9.65 percent and the 12-month yield also eased a basis point to 10.55 percent. Bids for 3-month bills were […]
Sri Lanka stocks slide 1.7-pct on large caps
Aug 21, 2013 (LBO) – Sri Lanka’s stocks plunged 1.7 percent Wednesday as three large capitalized stocks that had taken the market up in recent weeks, lost ground, brokers said. The benchmark Colombo All Share Index closed 107.6 points lower at 6,116.67 down 1.73 percent and the S&L20 Index slid 1.7 percent to close at […]
Credit Transition
Aug 21, 2013 (LBO) – Sri Lanka’s private sector credit utilization is higher than bank loan data suggest due to structural changes that are taking place this year, a senior central bank official said.During the first six months of the year credit to private business and individuals from commercial banks rose 74.6 billion rupees, down […]
Economic Pulse
Aug 21, 2013 (LBO) – Sri Lanka’s Cargills (Ceylon) Plc, which has interests in retailing, foods and restaurants said profits fell 49 percent to 121 million rupees in the June 2013 quarter amid narrower margins, but said the business environment was improving. Cargills also runs Sri Lanka’s KFC restaurant franchise. The company said prices have […]
Smarting
SEOUL, August 21, 2013 (AFP) – News that Samsung will unveil a “smartwatch” next month has sent rumour mills into overdrive within the tech community as it second guesses what the much-hyped gadget will offer. Wearable computing, including Google’s smart glasses, is considered the next frontier in consumer electronics following smartphones. Apple has long been […]
New alarmist IPCC report leaked as skepticism grows
WASHINGTON, August 21, 2013 (AFP) – Human activity is almost certainly the cause of climate change and global sea levels could rise by several feet by the end of the century, according to an Intergovernmental Panel on Climate Change (IPCC) report leaked to media on Tuesday.The draft summary of the report all but dismissed recent […]
Jumpy Vietnamese caterpillar shies the Sun: study
PARIS, August 20, 2013 (AFP) – The larva of a Vietnamese moth has devised a unique form of transport — constructing a leaf cone and thrashing about inside to make it jump, a study showed Wednesday.Even more remarkably, the tiny caterpillar manages to steer its leafy vehicle in a clear direction along the forest floor […]