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Visiting Chinese PM vows to build trust with India
NEW DELHI, May 20, 2013 (AFP) – Chinese Premier Li Keqiang pledged Monday to build trust with India and declared that ties between the Asian giants were key to world peace as he visited New Delhi only weeks after a border spat.Speaking alongside his counterpart Manmohan Singh, Li said China wanted to increase cooperation with […]
Sri Lanka unit of Allianz says profits, written premium up
May 20, 2013 (LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said pre-tax profits rose 5.0 percent to 85 million rupees in the March 2013 quarter from a year earlier and written premium also grew helped by fire business. Its conglomerate solvency ratio had declined to 183 percent from 197 due to […]
Sailor dies during Sri Lanka victory parade
May 19, 2013 (AFP) – Sri Lanka’s navy Sunday recovered the body of a sailor who drowned during a parade marking the fourth anniversary of the defeat of Tamil Tiger rebels, an official said. The body was found near a beach in Colombo where his small boat capsized while taking part in the victory celebrations […]
Sri Lanka asked to curb refuse tea exports to Iraq: commerce ministry
May 19, 2013 (LBO) – A delegation of Iraqi officials have called for tighter controls on exports of Sri Lankan tea to stop refuse tea from entering their country and also complained about production processes at factories, the trade ministry said. “We want the bulk tea shipments to Iraq from Sri Lanka well packaged, and […]
Sri Lanka Tamils defy ban on remembering war dead
COLOMBO, May 18, 2013 (AFP) – Sri Lanka’s main opposition Tamil party Saturday defied a military ban and staged a commemoration of their war dead as the government celebrated the fourth anniversary of defeating Tamil Tiger rebels.The Tamil National Alliance (TNA) said it staged the remembrance in the northern town of Vavuniya for those who […]
Sri Lanka business and universities forging closer links: Ceylon Chamber
May 19, 2013 (LBO) – Sri Lankan firms are collaborating with universities to make new and higher value products and services, and was also consulting on management development, a business chamber said.The management and finance faculty of the University of Colombo had done a salary survey and restructuring for a public quoted company and a […]
Sri Lanka trade deficit obsession misplaced: focus
May 18, 2013(LBO) – Sri Lanka’s obsession with trade deficits is misplaced because it ignores the broader exchanges including services that take place between citizens of one county and another, economists and officials have said. Saman Kelegama, head of the Institute of Policy Studies, a think tank, said the obsession was particularly strong in relation […]
‘s Bogala Graphite returns to profit
May 18, 2013 (LBO) – Sri Lanka’s Bogala Graphite Plc, a unit of Germany’s AMG Mining AG, returned to a profit of 15.6 million rupees in the March 2013 quarter despite a fall in revenues as forex losses last year reversed.The foreign exchange gain for the current period from a Euro loan was 8.5 million […]
S&P warns India could face junk status
NEW DELHI, May 18, 2013 (AFP) – India faces at least “a one-in-three” chance of losing its prized sovereign grade rating, global ratings agency Standard and Poor’s has warned, in another blow to the scandal-tainted Congress government.The agency said it may also cut India’s ratings if it concludes that Asia’s third-largest economy will not revert […]
Sri Lanka trade deficit obsession misplaced: focus
May 18, 2013(LBO) – Sri Lanka’s obsession with trade deficits is misplaced because it ignores the broader exchanges including services that take place between citizens of one county and another, economists and officials have said.Saman Kelegama, head of the Institute of Policy Studies, a think tank, said the obsession was particularly strong in relation to […]
Sri Lanka stocks close up 1.5-pct
May 17, 2013 (LBO) – Sri Lanka’s stocks closed up 1.49 percent on Friday, with heavy retail trading activity in the banking sector and interest continuing in index heavy John Keells Holdings, brokers said. The benchmark Colombo All Share Index closed 93.70 points higher at 6,380.70 up 1.49 percent and the S&P SL 20 Index […]
Sri Lanka could improve GDP estimates, data standards: IMF
May 17, 2013 (LBO) – Sri Lanka can improve gross domestic product calculations to be more in line with international standards and the country does not yet comply with the highest data dissemination standards, the International Monetary Fund has said.“The national accounts suffer from insufficient data sources and undeveloped statistical techniques,” an IMF country report […]