Category:
Capital Loss
May 30, 2007 (LBO) – Tableware exporter Dankotuwa Porcelain has announced plans to reduce its share capital to wipe off accumulated losses amounting to 244 million rupees, making it the first company to do so after a new company law came into effect. A company statement said it proposes reducing the stated capital to 231.5 […]
” in Marks & Spencer partnership
May 30, 2007 (LBO) – Sri Lankan apparel Giant MAS Holdings is building a ‘Green Plant’ through its partnership with UK’s Marks & Spencer, to reduce waste and be environmentally friendly. The firm says it is developing a bio degradable packaging and card board hangers and has been sourcing part of its organic cotton supplies […]
Tamil wins another battle for equality with Hindi in India
CHENNAI, India, May 30, 2007 (AFP) – Tamil, one of India’s ancient Dravidian languages, is to have its own government-funded institute, Tamil Nadu state’s chief minister said.The federal government has agreed to set up the International Institute of Classical Tamil Language in the state capital Chennai, where language politics have often boiled over. M. Karunanidhi […]
US to propose Zoellick to head World Bank
WASHINGTON, May 29, 2007 (AFP) – US President George W. Bush was on Wednesday to name administration pointman Robert Zoellick to head the World Bank, replacing Paul Wolfowitz, who quit over a favoritism scandal involving his bank employee girlfriend. The naming of the steady, stalwart Zoellick was meant to end weeks of upheaval in the […]
Investors jittery as Sri Lanka fighting escalates
May 30, 2007 (AFP) – Sri Lanka’s investors, international donors and lenders are watching with alarm as government fighting against Tamil Tiger rebels escalates and key economic targets come under attack, analysts say.There appears little space to manoeuvre unless the separatist conflict subsides.Roadside blasts Monday and last Thursday around Colombo killed 11 people and wounded […]
Change Please
May 30, 2007 (LBO) – India’s National Thermal Power Corporation (NTPC) which is hoping to build a coal plant with Sri Lanka’s power utility has asked for Indian government help to change its proposed location, reports said. Eastern Sri Lanka has seen heavy fighting in the past year as government troops systematically took back areas […]
Sri Lanka inflation spikes in May, but moderating trend still seen
May 30, 2007 (LBO) – Sri Lanka’s inflation spiked in May by a massive 3 percentage points, reversing a three month trend of falling prices, but the 12-month un-adjusted inflation continued to move down. Sri Lanka’s interest rates have been moving up from the beginning of the year as the government borrows heavily from domestic […]
Red Cross returns to Sri Lanka front lines
May 30, 2007 (AFP) – The international Red Cross resumed work Wednesday on Sri Lanka’s battle-scarred front lines, offering safe passage for civilians between government and rebel territory, the Geneva-based charity said.The International Committee of the Red Cross (ICRC) said it would initially man two entry and exit points three days a week in the […]
Sri Lanka changes exchange rate index base
May 30, 2007 (LBO) – Sri Lanka has changed the base year of two indexes that track the performance of the rupee against the country’s trading partners to reflect the changing structure of trade in recent years, the Central Bank said. However since January 2007, the central bank has embarked on an aggressive stabilization effort […]
Sri Lanka gilt rates up amidst heavy government borrowing
May 29, 2007 (LBO) – Sri Lanka’s three-month Treasury bill average yield edged up 22 basis points to 16.91 percent as the government raised 11.9 billion rupees from Tuesday’s gilt auction. Analysts warn that interest rates would be high unless the government takes steps to cut the budget deficit and bring fiscal discipline back. Dealers […]
Sri Lankan listed oil palm firm mulls expansion; warns of drought impact on crop
May 28, 2007 (LBO) – A subsidiary of Sri Lanka’s Carsons group with oil palm estates in south east Asia is considering expansion and downstream ventures but warns that recent drought could affect future crop. “Here again, planting was delayed owing to drought conditions,” Selvanathan said. The Shalimar (Malay) Estate Company Ltd., a unit of […]
Caught
JAKARTA, May 29, 2007 (AFP) – Two Sri Lankans and an Indonesian have been arrested in Jakarta for allegedly running a people smuggling operation to Australia, a senior police officer said Tuesday.The three are suspected of organising an operation earlier this year that saw the Australian navy intercept a boat with 83 Sri Lankans in […]