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Bangladesh cracks down on unions after wage unrest
DHAKA, November 20, 2013 (AFP) – Bangladesh police have arrested three union leaders over deadly protests against a new minimum wage for garment workers that have forced hundreds of factories to shut, an officer said Wednesday. Police arrested the trio over their roles in the protests which have left two people dead in key industrial […]
Sri Lanka port leases tanks to Litro Gas
Nov 20, 2013 (LBO) – State-run Sri Lanka Ports Authority said it had leased liquefied petroleum gas tanks in a facility at newly built Hambantota port to another state run firm.The LPG distribution firm was acquired by the state when Shell sold out. Three tanks with a capacity of 6,000 cubic metres each had been […]
Sri Lanka weak state revenue raises queries on taxless growth: legislator
Nov 20, 2013 (LBO) – Sri Lanka’s weak revenue collections in the first half of the year raised questions about the accuracy of gross domestic product estimates, an opposition legislator who is also an economist has said. Sri Lanka is recovering from a balance of payments crisis largely driven by credit taken by state enterprises […]
Sri Lanka state revenues down in first half, current expenses flat
Nov 20, 2013 (LBO) – Sri Lanka’s state revenues were down 7.6 percent to 481.7 billion rupees in the first half of 2013 with tax revenues down 5.1 percent to 458.7 billion rupees, official data showed.“The only result is that the producers’ money is confiscated for the benefit of a bureaucracy that adds insult to […]
Sri Lanka has to guard against external risks: IMF
Nov 20, 2013 (LBO) – Sri Lanka has expressed a commitment to keep the budget deficit down next year, but the country has to guard against external risks and boost its business climate, a top International Monetary Fund official said. Meanwhile Shinohara said a lower deficit would also reduce the need for future foreign borrowings. […]
‘s LB Finance Rs2.0bn debt oversubscribed
Nov 19, 2013 (LBO) – A 2.0 billion rupee debt sale by Sri Lanka’s LB Finance has been oversubscribed and close on its opening day, an official said.The offer is managed by Merchant Bank of Sri Lanka. LB Finance, a registered finance company offered debt paying 14 percent monthly ( annual effective rate of 14.93 […]
”’ by RAM
Nov 19, 2013 (LBO) – RAM Ratings Lanka said it has given a ‘BBB+’ rating to a proposed 2.0 billion subordinated debt issue by LB Finance, a notch below its ‘A-‘ domestic entity rating. As such the Company’s funding composition remained dominated by deposits increasing to 76.71% as at end-August 2013. In line with the […]
Sri Lanka stocks close down 0.2-pct
Nov 19, 2013 (LBO) – Sri Lanka stocks closed lower with tobacco and plantation stocks losing ground despite strong foreign buying, brokers said. Carson Cumberbatch closed 10 cents higher at 380.10 rupees and Sampath Bank closed 10 cents higher at 166.00 rupees. Dialog closed flat at 9.00 rupees and Ceylinco Insurance closed flat at 1,300.00 […]
Sri Lanka tourist arrivals up 27-pct in October
Nov 19, 2013 (LBO) – Sri Lanka’s tourist arrivals rose 27.9 percent to 102,805 in October 2013 from a year earlier, helped by surging arrivals from China, Maldives, India and Russia, official data showed. Middle Eastern arrivals were up 45.7 percent to 7,624, with visitors up to October up 12 percent to 49,250. East Asian […]
Sri Lanka stocks close up 0.2-pct
Nov 18, 2013 (LBO) – Sri Lanka stocks closed higher with diversified stocks picking up amid strong foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 13.51 points higher at 5,824.48, up 0.23 percent. The S&P SL20 closed 25.63 points higher at 3,200.31, up 0.81 percent. Turnover was 936.44 million rupees, up […]
Yameen takes power in Maldives after vote turmoil
MALÉ, November 17, 2013 (AFP) – Maldivian President Abdulla Yameen was inaugurated Sunday, a day after his shock election victory that ended nearly two years of turmoil that threatened to turn the honeymoon islands into an international pariah.Yameen, the half-brother of the islands’ long-time strongman ruler, was sworn in by the chief justice at a […]
Commonwealth puts on united front after summit rifts
COLOMBO, November 17, 2013 (AFP) – Commonwealth leaders agreed Sunday on steps to tackle high debt and poverty as they staged a show of unity after a summit in Sri Lanka dominated by a bitter dispute over war crimes.Following a three-day meeting in Colombo, Sri Lankan President Mahinda Rajapakse announced that a communique had been […]