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Ford announces new $1 billion plant in India
NEW DELHI, July 28, 2011 (AFP) – US auto giant Ford said Thursday it would invest $1 billion to build a second vehicle assembly and engine plant in India as it ramps up production to exploit the country’s burgeoning car market. India has become a battleground for global car manufacturers such as Ford, GM and […]
Asia security needs India, Australia says
WASHINGTON, July 28, 2011 (AFP) – Australia’s defense minister on Wednesday urged a greater role in Asia for India, calling the world’s largest democracy a positive force in a region where attention has long been focused on China. Defense Minister Stephen Smith made his appeal in Washington one week after US Secretary of State Hillary […]
Sri Lanka to recapitalize state airlines with US$500mn
July 28, 2011 (LBO) – Sri Lanka’s loss making state airlines will be recapitalized with equity of 500 million US dollars over five years to improve their gearing and allow them to acquire new aircraft, information minister Keheliya Rambukwelle said. The airline has also leased a fleet of newer A320s to upgrade its fleet. Sri […]
Sri Lanka rejects new war crimes charge
July 28, 2011 (AFP) – Sri Lanka’s military Thursday rejected new allegations that its political bosses ordered the execution of surrendering Tamil rebels during the final days of the island’s separatist war. Reacting to a new broadcast from Britain’s Channel 4 that accused defence secretary Gotabhaya Rajapakse of ordering executions, military spokesman Ubaya Medawela dismissed […]
Sri Lanka Treasuries yields flat
July 27, 2011 (LBO) – Sri Lanka Treasuries yields were flat at Wednesday’s auction with yields flat across maturities, data from the government’s debt office said. The 3-month yield was at 7.11 percent, the 6-month yield was at 7. 19 percent and the 12-month yield was at 7. 25 percent, unchanged from a week earlier. […]
Sri Lanka stocks close up 0.18-pct
July 27, 2011 (LBO) – Sri Lankan stocks close up for the second straight day, with recently listed Swarnamahal Financial Services, dominating trading brokers said. The benchmark All Share Price Index up 0.18 percent or 11.98 points to 6,505.56, while the Milanka Index of more liquid stocks closed up 0.26 percent (0.57 points) to 5,943.91, […]
Toll Level
July 27, 2011 (LBO) – Sri Lanka’s first expressway is likely to charge a toll of 300 rupees for the full journey from the capital Colombo to the southern town of Galle, deputy highways minister Nirmala Kothelwawala said. The highway can cut down the journey to Galle from Colombo from the current three hours to […]
Motor Owners
July 27, 2011 (LBO) – Sri Lanka’s new car registrations rose 10 fold to 29,883 in the first half of 2011, amid 63 percent overall rise in vehicle registrations following a tax cut that increased citizen’s access to vehicles, official data shows. During the six months to June, Sri Lankans have registered 248,572 new vehicles […]
Cross Country
July 27, 2011 (LBO) – A Sri Lankan apparel maker had made the country’s first ever payment in Renminbi to a supplier in China after the Chinese currency was allowed for cross border trade, HSBC Bank which settled the deal said. “We firmly believe that this initiative will increase our cost competitiveness in the future.” […]
Evolving Watch
July 27, 2011 (LBO) – Sri Lanka’s Ceylease Financial Services Ltd’s (CFSL), a unit of the state-run Bank of Ceylon group rated ‘BB+(lka)’ has been placed on ‘rating watch evolving’ by Fitch Ratings Ltd ahead of a possible merger. “Conversely, a decrease in BOC’s effective shareholding through, for example, a divestment of the merged entity […]
Sri Lanka Belgium trade associations cement link
July 27, 2011 (LBO) – Trade associations representing businesses in Sri Lanka and Belgium had inked a deal to expand economic links between the two countries, the island’s embassy in Brussels said. BelgoLux Sri Lanka Business Council has 23 large Belgium companies, the embassy said. R D S Kumaratne who heads the mission’s economic and […]
Sri Lanka May 2011 imports up on aircraft, cars
July 27, 2011 (LBO) – Sri Lanka’s exports rose 34 percent in May 2011, to 832 million US dollars and imports rose at a faster 67 percent to 1. 76 billion dollars partly due to strong imports of cars and a aircraft, the Central Bank said. Agricultural exports rose 19 percent to 182 million US […]