Category:
Asia lacks social benefits despite growth: ADB
SINGAPORE, August 23, 2011 (AFP) – Most Asian economies have not done enough to provide good jobs and adequate social benefits for their people, despite rapid economic growth over 20 years, the Asian Development Bank (ADB) said Tuesday. “Now is the time for us to think seriously about these kinds of issues because it’s going […]
Sri Lanka power firm to build Bangladesh plant
Aug 23, 2011 (LBO) – Lakdhanavi Ltd, a Sri Lanka-based company, has been asked to build a 52. 2 MegaWatt power plant in Comilla in Bangladesh to provide ‘quick rental’ power, a media report said. Two other coal plants of 300 MW have also been approved, media reports said. Bangladesh is estimated to be facing […]
100 arrests over Sri Lanka sex offender scare
August 23, 2011 (AFP) – Police carried out mass arrests in northern Sri Lanka on Tuesday after residents clashed with troops alleged to have protected so-called “grease devil” sex offenders, officials said. At least 102 men were taken into custody in the Jaffna region when residents smashed two military vehicles, in a protest against the […]
China seeks to protect Libya trade ties
BEIJING, August 23, 2011 (AFP) – China hopes its “mutually beneficial” multi-billion dollar trade links with oil-rich Libya will continue, it said Tuesday after rebels came close to ending Moamer Kadhafi’s 42-year rule. China has ploughed billions of dollars into Libya’s rail, oil and telecom sectors, and the commerce ministry said its investments had been […]
Gold hits record above $1,900 an ounce
HONG KONG, August 23, 2011 (AFP) – Gold soared above ,900 an ounce in Hong Kong for the first time on Tuesday as dealers flocked to the safe haven asset due to growing concerns over the state of the global economy. The precious metal was trading at ,914. 50-$1,915.50 an ounce in the morning after […]
Sri Lanka stocks down 0.3-pct
Aug 22, 2011 (LBO) – Sri Lankan share prices closed lower Monday, following Friday’s losses, with trading largely in speculative stocks on which some profit-taking was seen, brokers said. The main All Share Price Index closed at 6,928.03, down 0.34 percent (23.61 points) while the more liquid Milanka index fell 0.66 percent (42.06 points) to […]
Debt Rating
Aug 22, 2011 (LBO) – Fitch Ratings Lanka has assigned Hatton National Bank’s (HNB) proposed subordinated debentures of up to 2.0 billion rupees a national long-term rating of ‘A+(lka)’. The issue is rated one notch below HNB’s national long-term rating reflecting its debt-like features, a statement said. The proposed debentures, to be listed on the […]
High Rating
Aug 22, 2011 (LBO ) – Sri Lanka’s Commercial Bank of Ceylon has been rated ‘AA+’ by Ram Rating Lanka with a stable outlook, which the rating agency said was systemically important as the country’s largest private lender. “The ratings also reflect its strong franchise, healthy financial performance, funding, liquidity and capitalisation levels, as well […]
Sri Lanka Hilton reveals Rs10.3bn accumulated losses
Aug 22, 2011 (LBO) – Sri Lanka’s Colombo Hilton hotel has filed its first accounts in about 20 years, revealing a loss of 1. 2 billion rupees in 2010 and accumulated losses of 10.3 billion rupees and auditors expressing a qualified opinion. Hotel Developers (Lanka) which owns Hilton Colombo Hotel said the loss in the […]
Arundhati Roy warns of ultra-nationalism in Hazare
NEW DELHI, August 22, 2011 (AFP) – Indian Booker prize-winning author Arundhati Roy launched a scathing attack Monday on the “aggressive nationalism” behind the anti-corruption drive led by hunger-striking campaigner Anna Hazare. In a column entitled “I’d rather not be Anna” published in The Hindu newspaper, the novelist, essayist and rights activist condemned both the […]
Sri Lanka state carrier to double flights to China
Aug 22, 2011 (LBO) – Sri Lanka’s state-run SriLankan Airlines is doubling flights to China over the next two years and the booming sector is slated to bring up to 15 percent of the airline’s revenue, an official said. The airline now flies ten times a week to China (including Hong Kong) which will be […]
Sri Lanka Tokyo Cement in power sale deal
Aug 22, 2011 (LBO) – Sri Lanka’s Tokyo Cement Company (Lanka) has signed a deal with the state power utility, Ceylon Electricity Board, to sell electricity from a six megawatt biomass power plant it plans to build. Net annual electricity generation from the plant would be around 37, 230 mega watt hours which will be […]