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India-Pakistan talks amid warming ties
ADDU, November 9, 2011 (AFP) – The prime ministers of India and Pakistan meet Thursday at a summit of South Asian leaders, with signs of warming relations between their countries providing a boost for the region. India’s Manmohan Singh and Pakistani counterpart Yousuf Raza Gilani are due to hold talks at an upmarket resort on […]
Asian markets slump amid global fears for Italy
HONG KONG, November 10, 2011 (AFP) – Asian stock markets slumped on Thursday after Wall Street suffered a pummelling, with a surge in Italy’s borrowing costs fuelling global anxiety about the future of the euro. The common European currency dipped, Hong Kong stocks slumped more than four percent and in Tokyo, the Nikkei ended down […]
Stocks, euro tumble as crisis envelops Italy
NEW YORK, November 9, 2011 (AFP) – Worries that an Italian financial collapse could crack the eurozone sent markets tumbling Wednesday, with losses topping three percent in US trade. A selloff of Italian government bonds sent the yields to new highs above 7. 4 percent, a level seen unsustainable for the finances of the European […]
Sri Lanka central bank gets award for new notes
Nov 09, 2011 (LBO) – The Central Bank of Sri Lanka said it has been selected as a finalist from among 17 nominations for the ‘Best New Banknote Series’ award at an international currency forum. The award at the International Association of Currency Affairs (IACA) Conference held in Singapore was for new currency note series […]
Sri Lanka stocks end slightly weaker
Nov 09, 2011 (LBO) – Sri Lankan stocks closed slightly weaker in thin trade Wednesday, falling steeply after opening and then recovering as buyers came in but the gains petering off towards the end, brokers said. The main All Share Price Index fell 0.08 percent (5.14 points) to 6,316.87, while the more liquid Milanka index […]
Leasing Interest
Nov 09, 2011 (LBO) – An initial public offer of shares by Sri Lanka’s People’s Leasing Company to raise 7. 0 billion rupees drew applications with a total value of 9,527 million rupees, a stock exchange filing said. People’s Leasing Co., the island’s largest leasing company, offered 390 million shares at 18 rupees a share. […]
Bank Net
Nov 09, 2011 (LBO) – Profits at Sri Lanka’s Nations Trust Bank, a unit of John Keells Holdings rose 22 percent to 433 million rupees in the September 2011 quarter, helped by lower taxes despite weaker interest margins. The bank reported earnings of 1. 91 rupees per share for the quarter. For the nine months […]
Sri Lanka land to Sheraton after Chinese deal cancelled
Nov 09, 2011 (LBO) – Global hotel chain Sheraton is looking to acquire a plot of prime property in the Sri Lankan capital whose sale without tender to a Chinese defence contractor was cancelled by government last month. “The government valuer is now valuing the land.” CATIC had been offered and had looked at different […]
Sri Lanka named among emerging travel destinations
Nov 09, 2011 (LBO) – The global travel and tourism industry has identified Sri Lanka as part of a group of emerging countries with potential as attractive holiday destinations behind the so-called BRICS nations. The World Travel Market 2011 Industry Report said the island was ‘re-emerging’ after the 30-year ethnic war and noted it for […]
Post Law
Nov 09, 2011 (LBO) – Sri Lanka passed a law to expropriate assets of dozens of enterprises despite protests from trade chambers, religious and opposition groups who warned that it will scare off investors. A 30-year war ended in 2009, but expected foreign direct investment had not materialized. “[W]e believe that the proposed Bill may […]
SEC Case
NEW YORK, November 8, 2011 (AFP) – Disgraced hedge fund manager Raj Rajaratnam, already sentenced to prison for 11 years, was ordered Tuesday to pay almost $93 million dollars as part of an insider trading case brought by financial regulators. A New York federal judge ordered Rajaratnam to pay the $92.8 million in a case […]
US List
Nov 09, 2011 (LBO) – Virtusa Corporation, a Nasdaq listed information technology company founded by Sri Lankan born entrepreneurs has been included in a list of 100 small best small companies in America, the company said. “We are delighted to be recognized on Forbes’ list of 100 Best Small Companies in America, said Kris Canekeratne, […]