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Sri Lanka inflation accelerates to 2.8-pct in November
Nov 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 2.8 percent in November 2009 from a year earlier, against 1.4 percent in October, indicating inflation is picking up, the government’s statistics office and analysts said. The statistics office said that in November 2009, the 12-month moving average, a seasonally adjusted inflation […]
High investment returns in India outweigh fear of terrorism
NEW DELHI, November 29, 2009 (AFP) – Last week’s one-year anniversary of the Mumbai siege was a reminder of India’s vulnerability to militant attacks.But analysts say high returns for investors in the country this year show they are unfazed by the risks. “The attacks haven’t deterred investors,” said senior Asian economist Robert Prior-Wandesforde at HSBC […]
Sri Lanka MAS lingerie brand Amante to break even next year
Nov 29, 2009 (LBO) – A Sri Lanka launch may be on the cards within the next two years for MAS lingerie brand Amante, as the venture breaks even next year, led by its success in India. To break-even in three years is a huge achievement, said Ajay Amalean, Managing Director of MAS Corporate Solutions […]
‘s ex-military chief declares presidential run
November 29, 2009 (AFP) – The Sri Lankan general who led troops to victory over Tamil separatists after decades of war formally announced on Sunday that he would try to unseat the president in January elections.Sarath Fonseka declared he would stand against President Mahinda Rajapakse, who claims credit for the defeat of Tamil Tigers in […]
Dubai debt woes sting Gulf financial sector
KUWAIT CITY, November 28, 2009 (AFP) – Gulf banks, already reeling under defaults by two major Saudi groups and Kuwaiti investment firms, are bracing for more serious trouble with the unfolding Dubai debt crisis, analysts said on Saturday.The banks, which have already made huge provisions against other exposure, will be forced to make even more […]
India gives conditional green light to emission cuts
NEW DELHI, November 28, 2009 (AFP) – Indian Premier Manmohan Singh said Saturday he was willing to commit his country to “ambitious” global carbon emission cuts, provided others shared the burden.Home to nearly 1.2 billion people, India is the only major greenhouse gas emitting nation yet to announce figures on reining in its carbon output, […]
‘s Tata Motors swings to quarterly profit
MUMBAI, November 27, 2009 (AFP) – India’s leading vehicle company, Tata Motors, reported Friday it had swung to a consolidated quarterly net profit, helped by a better performance by its premium car marques Jaguar and Land Rover.Tata Motors’ net profit, including British motoring icons Jaguar and Land Rover, totalled 217.8 million rupees (4.65 million dollars) […]
‘s ex-military chief says will run for presidency
November 28, 2009 (AFP) – Sri Lanka’s ex-military chief has said he plans to run for the presidency in January elections in a bid to unseat his former boss Mahinda Rajapakse.Meanwhile, a group of opposition parties met elections commissioner Dayananda Dissanayake late Friday after he formally announced the date of the presidential poll, an opposition […]
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Nov 27, 2009 (LBO) – The Sri Lanka rupee started trading in a band Friday after a state bank that usually acts for the monetary authority quoted a wide two way price, dealers said. Many high inflation countries which are prone to macro-economic instability and balance of payments crisis, have experimented with soft pegs of […]
Sri Lanka stocks rebound, Galleon sells Ceylon Leather
Nov 27, 2009 (LBO) – Sri Lankan shares made a strong recovery Friday while Raj Rajaratnam, the billionaire fund manager accused of insider dealing in the US, sold out of Ceylon Leather Products, brokers and analysts said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All […]
Southern Chance
Nov 27, 2009 (LBO) – The Sri Lanka Ports Authority will issue a request for proposals for investments in a new port being built in the island’s southern Hambantota region by the second week of December, an official said.SLPA chairman Priyath Wickrama said business opportunities in the new port range from cement grinding and bagging, […]
Troubled Times
Nov 27, 2009 (LBO) – Sri Lanka’s The Finance Company, a firm in the troubled Ceylinco group that is being re-structured under regulatory supervision, has been downgraded to ‘C(lka)’ or one notch above default, Fitch Ratings Lanka said.Fitch said The Finance Company’s national rating and its subordinate debenture’s rating has both been downgrade to ‘C(lka)’.Both […]