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Nestle to be sued for nearly USD100mn by India for unfair trade practices
Aug 13, 2015 (LBO) – India’s government Wednesday said that it has filed a suit with the country’s top consumer court, National Consumer Disputes Redressal Commission, for 6,400 million rupees (.6m) in damages from the Indian arm of the Swiss food giant Nestle.The complaint was filed under “unfair trade practices,” foreign media reported.The country banned […]
Asian stocks rise, Yuan lower for third consecutive day
Aug 13, 2015 (LBO) – Asian shares extended early gains on Thursday following a recovery on Wall Street and efforts by China’s central bank to slow the sharp descent of the yuan, foreign media reports said. The Shanghai Composite rose by 0.8 percent to 3,916.68 points in early trading, Thursday on hopes the lower yuan […]
Sirimavo’s policies to develop local industry should have been continued: President
Aug 13, 2015 (LBO) – Sri Lanka’s economy would have developed if the country continued the policy of former Prime Minister Sirimavo Bandaranayake to develop local industries rather than import, the President said.“If you take the island’s political era from 1956-65 and 70-71, priority was given to the local industrial economy,” President Maithripala Sirisena told […]
Twitter officially removes 140 character limitation from Direct Messages
Aug 13, 2015 (LBO) – Twitter has officially removed its 140-character limit that restricted the length of private messages.“Today’s change is another big step towards making the private side of Twitter even more powerful and fun.” twitter said in a statement. https://twitter.com/twitter/status/631513207882907648 The messaging service will begin rolling out this change today across Android and […]
Sri Lanka’s Commercial Bank net up 19-pct in June 2015 quarter
Aug 13, 2015 (LBO) – Sri Lanka’s Commercial Bank group profit increased 19.4 percent to 2.6 billion rupees for the three months ended June 30, supported by growth in fund based operations, the bank’s interim results showed. Gross income increased 3.4 percent to 18.8 billion rupees for the quarter and the net interest income increased […]
Dialog Ideamart Partners with UNDP Sri Lanka to Pioneer Techno-Social Innovation
Sri Lanka’s first social innovation hackathon (UNDP Media Release) – 11th August, UN Compound, Colombo. Country Director of the United Nations Development Programme [UNDP] in Sri Lanka, Mr. Joern Soerensen and Dialog Axiata PLC General Manager – Product Service Innovation, Mr.Venura Mendis signed a partnership agreement today to hold Sri Lanka’s first social innovation hackathon.Titled, […]
Sri Lanka’s CB rejects claims of additional costs when issuing T-Bonds through public auctions
Aug 12, 2015 (LBO) – Sri Lanka’s Central Bank has issued a clarification on the issue of Treasury Bonds through public auctions rejecting the charge of additional costs. The Central Bank on Wednesday said they have commenced issuing Treasury bonds through public auctions from the auction of 30 year Treasury bonds held on 27 February, […]
President Maithri and UNP is a good combination: Karu Jayasooriya
Aug 12, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena’s policy manifesto goes hand in hand with the United National Party’s election manifesto, chairman of the Leadership Council of the United National Party, Karu Jayasuriya said.“On the 8th of January people have voted us for a 100 day mandate to clean up the system, to […]
Sri Lanka’s six and twelve months Treasury bill yields up
Aug 12, 2015 (LBO) – Sri Lanka’s Treasury bill yields were up at Wednesday’s auction with the 12-month yield up 09 basis points to close at 6.63 percent, data from the state debt office showed.6-month yield was up 07 basis points to close at 6.57 percent. The debt office of the Central Bank has not […]
Sri Lanka should export or should be ready to perish: Harsha De Silva
Aug 12, 2015 (LBO) – Sri Lanka has no way to sustain economic growth without exploring the international market and export more value added innovative products and services, Deputy Economic Policy Minister Harsha de Silva said.“We have messed up our priorities. Either we export or perish,” de Silva said. “That is the simple factor. We […]
Sri Lanka PM says SLFP MPs to hold talks over ministerial posts with President after polls
Aug 12, 2015 (LBO) – The United National Party led government may have to offer ministerial portfolios to SLFP Parliamentarians who support them to form a new government, Prime Minister Ranil Wickramasinghe said.In an exclusive interview with a local TV station Wickramasinghe revealed the current situation.“Even now, some candidates keep telling that they will take […]
Sri Lanka’s Nestlé unit net up 33-pct with revenue increase
Aug 12, 2015 (LBO) – Nestlé Lanka, a unit of a Swiss-based food group said profits rose 33 percent to 1.3 billion rupees in the June 2015 quarter from a year earlier. The firm reported earnings of 24.18 rupees per share for the quarter against 18.16 rupees reported a year earlier. In the six months […]