Category:
Bank Net
Oct 27, 2011 (LBO) – Net profits of Sri Lanka’s PABC Bank for the September 2011 quarter rose 62 percent to 208. 7 million rupees from a year earlier, helped by stronger net interest income and a lower tax rate, interim accounts showed. The bank reported earnings of 71 cents for the quarter and 2.08 […]
Sri Lanka hotel in talks with Hilton to reduce management fee
Oct 27, 2011 (LBO) – Sri Lanka’s Hotel Developers, is negotiating with Hilton International USA which runs the property to reduce management fees, a stock exchange filing said. The management is also in talks on with the government to restructure the firm and “overcome the debt burden and interest commitment,” it said. It said the […]
Sri Lanka exporter targets domestic flower market
Oct 27, 2011 (LBO) – A Sri Lankan horticulture exporter said it has begun targeting a growing domestic market for cut flowers and horticulture. Hayleys Agriculture, a division of the listed Hayleys group, said it had begun appointing agents and distributors and can double production at its 18 hectare facility in the central hills of […]
Sri Lanka tea crops seen improving
Oct 27, 2011 (LBO) – Sri Lanka’s tea production is expected to revive with the return of weather conditions conducive to growing tea with demand also improving at the Colombo auctions, brokers said. Brokers Asia Siyaka Commodities said low grown teas, which make up the bulk of the crop, “met with improved widespread demand” at […]
Insider Case
NEW YORK, October 27, 2011 (AFP) – Ex-Goldman Sachs director Rajat Gupta turned himself in Wednesday to the FBI, and then pleaded not guilty in court to massive securities fraud before being freed on $10 million bail pending trial. The indictment of the biggest fish yet in a growing insider trading scandal reverberated around Wall […]
Profile
NEW YORK, October 27, 2011 (AFP) – Rajat Gupta, who stands accused of insider trading, was a pillar of New York society, courted by charities, corporations and wealthy individuals seeking ways and means to make even more money. But just as his friends and influence grew exponentially during a dizzying climb to the top of […]
Baited Breath
Oct 27, 2011 (LBO) – A court decision is expected shortly on a proposed law in Sri Lanka to expropriate assets of citizens which are deemed as ‘underutilized’ by the state about which little information is publicly known, reports said. Sri Lanka’s Daily Mirror newspaper has said that an “Act to provide for the vesting […]
Sri Lanka EU air services nationality curbs lifted
Oct 27, 2011 (LBO) – Sri Lanka and the European Union had inked a deal to lift nationality restrictions placed on EU carriers under existing bi-lateral air service agreements with 15 countries. “The agreement represents an important step towards strengthening aviation relations and enhancing the overall cooperation with Sri Lanka, while encouraging traffic between the […]
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PERTH, October 27, 2011 (AFP) – Sri Lanka’s government on Thursday sought to dismiss war crimes allegations as propaganda from its defeated rivals, as it came under further pressure ahead of a Commonwealth summit. A spokesman for Sri Lankan President Mahendra Rajapakse described the heavy focus on the issue in the lead-up to Friday’s gathering […]
Protests hit China as property prices fall
SHANGHAI, October 27, 2011 (AFP) – Hundreds of angry home buyers launched a series of protests in China’s commercial hub of Shanghai this week, as owners decried falling prices for their properties, state media said Thursday. Hit by weak demand and lack of funding, developers have slashed prices for some new projects in the city […]
‘s President Rajapakse says Asia key to stability
PERTH, October 27, 2011 (AFP) – Sri Lanka’s President Mahinda Rajapakse Thursday accused Western nations of doing “too little, too late” to address economic problems, adding that Asia was key to global stability. “At present, many advanced nations suffer from high unemployment which has resulted in the first signs of political and social unrest being […]
Vehicle Trend
Oct 26, 2011 (LBO) – New vehicles registered in Sri Lanka rose 31 percent to 45,279 in August 2011 from a year earlier, though lower than a peak of 48,157 seen in June, official data showed. Car imports rose 62 percent to 5,055 in August, three wheeler vehicles widely used as taxis rose 30.4 percent […]