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Sri Lanka cement supplies disrupted amid price controls
Aug 16, 2011 (LBO) – Sri Lanka’s cement supplies remain disrupted amid price controls and posturing by rulers and the co-operative sector involved in another controversy, in a repetition of a similar debacle in the poultry sector. The Daily Mirror newspaper said Monday three cement firms have written to Sri Lanka’s consumer affairs agency which […]
Sri Lanka sells 400mn dollars in July to keep peg
July 15, 2011 (LBO) – Sri Lanka’s central bank has sold 416. 9 million US dollars in July to maintain a peg with the US dollar amid high credit growth that is drawing down excess rupee reserves in banks, official data showed. High credit growth in the banking system is has rapidly exhausted excess rupee […]
Sri Lanka stocks flat amid estate, poultry sell-off
Aug 15, 2011 (LBO) – Sri Lankan stocks closed flat on Monday a sell-off of plantations and poultry firms which have reported weak earnings, though some index heavy stocks gained, brokers said. Colombo’s benchmark All Share Price Index close up 0.05 percent or 3.47points at 6,836.53 while the Milanka Index of liquid stocks closed up […]
BOT Deal
Aug 15, 2011 (LBO) – A 35-year build operate transfer deal has been signed between state-run Sri Lanka Ports Authority and Colombo International Container Terminal (CICT), a Sino-Lanka joint venture, the firm’s major shareholder said. China Merchants International, a Hong Kong listed Chinese state-run firm which has a 55 stake in the terminal company said […]
Group Net
Aug 15, 2011 (LBO) – Group profits of Sri Lanka’s NDB Bank fell 8 percent to 396 million rupees in the June 2011 quarter with lower fee income and an 84 million write-off of an investment in the Maldives, interim accounts showed. The bank has earnings of 2.42 for the quarter and 6.10 for the […]
Sri Lanka Horana Plantations lose Rs13mn in June Q
Aug 15, 2010 (LBO) – Sri Lanka’s Horana Plantations, a unit of the Ceylon Theatres group said it lost 13. 3 million rupees in the June 2011 quarter despite higher revenues after a wage hike. The firm, which mainly grows tea said revenues rose 12. 9 percent to 492 million rupees and costs also rose […]
Fraud Network
SYDNEY, August 15, 2011 (AFP) – Five men from Malaysia and Sri Lanka were charged Monday with being members of an international fraud syndicate responsible for attacks on bank card systems across Australia. During raids, police seized items including machines for processing bank payments, laptop computers, numerous mobile phones, cash, false travel documents and a […]
Indian PM warns on graft on Independence Day
NEW DELHI, August 15, 2011 (AFP) – India’s embattled premier Monday used his Independence Day address from Delhi’s rain-drenched Red Fort to insist the government was taking “the strictest possible action” against corruption. Manmohan Singh, speaking from a bullet-proof enclosure in torrential monsoon rains, also said that inflation running at nearly 10 percent was a […]
‘s defeat to Australia
HAMBANTOTA, August 14, 2011 (AFP) – Ricky Ponting cracked an impressive 90 not out to steer Australia to an easy eight-wicket victory over Sri Lanka in the second one-day international on Sunday. Ponting also added 94 for the second wicket with in-form opener Shane Watson (43) after the early dismissal of Brad Haddin. “The game […]
Sri Lanka youth seeking Korean jobs already working: think tank
Aug 15, 2011 (LBO) – A snap survey by a Colombo based think tank among thousands of young Sri Lankans queuing up to find jobs in Korea have revealed that a majority of them were already employed and looking for better salaries. said 63.4 percent of those polled at a centre in Colombo were already […]
Economic leadership at crux of turmoil: World Bank
SYDNEY, August 14, 2011 (AFP) – World Bank chief Robert Zoellick said Sunday that investors had lost confidence in the economic leadership of several key countries, warning global markets were in a “new danger zone” as a result. Zoellick said a convergence of events in the United States and Europe had rattled investors in countries […]
Sri Lanka poultry firm profit fall 88-pct
Aug 14, 2011 (LBO) – Sri Lanka’s Three Acre Farms, a poultry firm, which is part of the Ceylon Grain Elevators group said profits fell 88-percent to 3. 0 million rupee in the June 2011 quarter from a year earlier, on rising costs and weaker chick prices. “The profit from broiler operation has reduced during […]