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Sri Lankan stocks becalmed, retailers take profits
May 24, 2010 (LBO) – Sri Lankan stocks closed almost flat Monday as retail investors took profit while gains on selected high value shares prevented a deeper slide in the indices, brokers said. The All Share Price Index closed at 4,232. 92, down 2.77 points, while the Milanka index of more liquid stocks fell 0. […]
Higher Marks
May 24, 2010 (LBO) – Fitch Ratings Lanka has upgraded the ratings of two regional development banks (RDBs) and confirmed those of four others as their financial health improved or remained stable, it said in a statement. The rating on Kandurata Development Bank (KDB) was upgraded to ‘BBB+(lka)’ from ‘BBB(lka)’; and outlook revised to stable, […]
Credit Track
May 24, 2010 (LBO) – Loans to private borrowers from Sri Lanka’s commercial banks grew 23 billion rupees in March, the biggest monthly gain since credit started to grow last September, official data shows. Central bank credit to government, which surged 30 billion in February, fell back to 100 billion rupees in March. Sri Lanka’s […]
Sri Lanka mulls rice surplus
May 24, 2010 (LBO) – Sri Lanka is likely to have a surplus of rice as paddy fields neglected owing to war in the north and east return to full production, government and private sector officials said. Unless there is a shift in food consumption patterns, ways to manage the excess production would have to […]
Nissan Motors to sell Micra in India
MUMBAI, May 24, 2010 (AFP) – Nissan Motor said Monday that production its Micra model had started in India and would be on sale from July to compete in the country’s fast-growing passenger car market. Bookings will open Tuesday for the small hatchback, which is being produced by the Indian arm of Japan’s Nissan in […]
‘s feuding billionaire Ambani brothers call a truce
MUMBAI, May 23, 2010 (AFP) – India’s warring billionaire Ambani brothers, who have battled in court over gas supplies, on Sunday called a truce and scrapped their contentious business pacts signed in 2006. Reliance Industries, led by Mukesh Ambani, and Reliance ADAG, led by Anil Ambani, pledged in a statement to create “an environment of […]
Sri Lanka-India firms should mull JVs: official
May 24, 2010 (LBO) – Indian and Sri Lankan companies should consider joint ventures that could make use of resources in both countries under a free trade deal between the two neighbours, a senior official said. Sarath Amunugama, deputy minister of finance and planning, said the 10-year free trade agreement should be deepened and expanded […]
Sri Lanka defeat New Zealand in second US Twenty20 clash
FORT LAUDERDALE, May 23, 2010 (AFP) – Sri Lanka beat New Zealand by seven wickets in the second of two Twenty20 matches on Sunday, part of international cricket’s historic attempt to break into the US market. Sri Lanka had lost Saturday’s opening game of the series, which marked the first cricket games on US soil […]
US to increase non-immigrant visa fees
May 24, 2010 (LBO) – Application fees for US non-immigrant visas will increase on June 4, 2010, the US embassy in Colombo said in a statement. Application fees for the business (B1), tourist (B2), student (F), and exchange visitor (J) visas, those most often applied for by travelers, will have a “modest increase” to 140 […]
Persian Prop
May 24, 2010 (LBO) – Iran may provide Sri Lanka a loan of 1. 5 billion US dollars to double the capacity of the island’s sole oil refinery to 100,000 barrels a day, a media report said. The earlier understanding was for us to come up with 30 percent, but Iran may come in to […]
Only tiny fraction of oil spilled will ever be recovered
VENICE, May 23, 2010 (AFP) – Despite a massive cleanup effort, experts warn that only a tiny fraction of the oil spewing into the Gulf of Mexico from the wreckage of a BP-leased rig will ever be recovered. “The oil is out there and it’s out there to stay,” said Lisa Suatoni, a marine biologist […]
Egypt and Pakistan to boost trade
CAIRO, May 23, 2010 (AFP) – Pakistani Foreign Minister Shah Mehmood Qureshi said on Sunday that his country plans to boost trade with Egypt, during a visit to Cairo where he met with President Hosni Mubarak. Qureshi, who was accompanied on his trip by several ministers and a large delegation of businessmen, praised the “excellent” […]