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Singapore firm launches in-flight Muslim prayer app
SINGAPORE, August 13, 2013 (AFP) – A Singapore-based company has launched an iPhone app alerting Muslims when to pray and in which direction they should face even when they’re 35,000 feet in the air.Travellers input the flight details and are provided with prayer times during their journey, as well as the direction of the Muslim […]
‘s China-owned container terminal
Aug 13, 2013 (LBO) – I had a civilized debate on Facebook with a good friend on whether Chinese ownership of the new container terminal at the just inaugurated Colombo South Harbor. He had, in a newspaper interview, called the new port China’s Colombo South Harbor, not our harbor.This spells out my response. Private ownership […]
EU concerned over Sri Lanka protestor killings, attacks on mosques, churches
Aug 13, 2013 (LBO) – The European Union Delegation in Sri Lanka has expressed concern over the killing of unarmed protestors by the military and series of attacks on mosques and churches by religious nationalists. “The right to freedom of peaceful assembly and the right to freedom of worship are fundamental to democratic societies and […]
New Zealand dismisses Sri Lanka Fonterra milk scare
WELLINGTON, August 12, 2013 (AFP) – New Zealand on Monday rejected allegations from Sri Lanka that its dairy products were contaminated with a farm chemical, accusing industry rivals of exploiting fears stirred by a recent botulism scare.While no infants fell ill after consuming tainted product, the scandal hurt Fonterra’s brand in the massive China baby […]
‘s Nawaloka Hospitals to sell Rs1.5bn in debt
Aug 12, 2013 (LBO) – Sri Lanka’s Nawaloka Hospitals Plc will sell 1.5 billion rupees in unsecured listed debt RAM Ratings Lanka said, giving them an ‘A’ rating.RAM Ratings Lanka assigns A rating to Nawaloka Hospital PLC’s proposed Listed, Rated, Unsecured and Redeemable debentures (2013/2023) RAM Ratings Lanka has assigned a long-term issue rating of […]
Sri Lanka stocks close down 0.3-pct
Aug 12, 2013 (LBO) – Sri Lanka’s stocks closed down 0.35 percent Monday following long week-end with losses in the large cap stocks, brokers said. Ceylon Tobacco Company closed at 1,201.00 down 1.00 rupee and Distilleries Sri Lanka closed at 194.00 down 0.90 rupees. The benchmark Colombo All Share Index closed 21.68 points lower at […]
Core Capital
Aug 12, 2013 (LBO) – Sri Lanka’s banks had reasonable capital buffers, higher than Vietnam and India but when adjusted for gold loans and some state exposures, core capital was lower than reported, Fitch Ratings officials said. Sri Lanka has zero risk weight for gold-backed or ‘pawning’ loans, a highly accessible tool that provide over-the-counter […]
India car sales slide for ninth straight month
NEW DELHI, August 12, 2013 (AFP) – India’s car sales slid by over seven percent in July, marking a record ninth straight month of decline, industry data showed Monday, as an economic slump and high borrowing costs discouraged buyers. Carmakers sold 131,163 cars in India last month, down 7.4 percent from the same month in […]
Sri Lanka state airline on track for direct China flights
Aug 12, 2013 (LBO) – State-run SriLankan Airlines is on track to fly direct to China next year as traffic to Colombo picks up, a top official said.SriLankan is now flying to China via Bangkok, with tourists to Maldives being a key contributor to filling seats.But direct traffic to Sri Lanka has been picking up. […]
Muslims close Sri Lanka mosque after Buddhist unrest
COLOMBO, August 12, 2013 (AFP) – Sri Lanka’s Muslim leaders closed down a new mosque in Colombo on Monday after attacks by a Buddhist mob revived simmering religious tensions and sparked US concern.The Sri Lanka Muslim Council said it had agreed to shut its Grandpass mosque and move to an older place of worship which […]
‘s HNB deep discount bond sale to open Aug 23
Aug 11, 2013 (LBO) – The sale of up to three billion rupees in deep discount bonds by Sri Lanka’s Hatton National Bank will open on Aug 23.Fitch Ratings had give the proposed bond an expected rating of ‘AA-‘ same as HNB’s long term rating. The bank is offering 20 million debentures at 100 rupees […]
Settlement Plan
SAN FRANCISCO, August 11, 2013 (AFP) – Online financial transactions titan PayPal says it is keen to collaborate with others as it strives for a cash-free future.“We are all about working with developers to let them take advantage of the heavy lifting we’ve done when it comes to moving money around the world,” Hill Ferguson, […]