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Renault to launch low-cost 4×4 in India
PARIS, June 21, 2011 (AFP) – French auto group Renault announced on Tuesday the launch in India of its low-cost four-wheel drive “Duster” vehicle built by its Dacia subsidiary. Duster, a model first introduced in 2010, will be especially adapted for the Indian market, the statement said. Before the end of the year, Renault hopes […]
Sri Lanka gets China Eastern flights
BEIJING, June 21, 2011 (AFP) – China Eastern Airlines said Tuesday that the company and its subsidiary Shanghai Airlines Co. have joined global air carrier alliance SkyTeam. The nation’s biggest carrier, China Southern Airlines, is already a member of SkyTeam while Air China belongs to the Star Alliance. Members of the China Eastern Airlines frequent […]
Sri Lanka regime rejects press freedom bill
June 21, 2011 (AFP) – Sri Lanka’s ruling party used its parliamentary majority Tuesday to defeat an opposition-initiated bill to grant greater media freedom, a parliamentary official said. President Mahinda Rajapakse’s United People’s Freedom Alliance, which enjoys a two-thirds majority in the 225-member assembly, shot down the Freedom of Information Bill presented by an opposition […]
Sri Lanka sells US$126mn in floating rate bonds
June 21, 2011 (LBO) – Sri Lanka has sold 126. 5 million US dollars worth three and four year dollar bonds, with floating rates based on the 6-month London interbank offered rate, the government’s debt office said. The government offered 100 million US dollars in bonds for sale and offers for 134. 5 million were […]
Sri Lanka bond market need price transparency, champion: industry
June 21, 2011 (LBO) – Sri Lanka’s corporate bond markets needed price transparency, a ‘champion’ to push for trading infrastructure and formal regulation of intermediaries may also be needed, market participants have said. Maninda Wickramasinghe, head of Fitch Ratings Lanka, and an a former head of a bond house said the corporate bond market needed […]
Sri Lanka stocks end down 0.6-pct
June 21, 2011 (LBO) – Sri Lanka stocks closed 0.63 percent lower Tuesday with continuous forced selling due to credit restrictions on users, brokers said. The All Share Price Index closed at 6996.64, down 0.63 percent (44.04 points) while the Milanka Price Index of more liquid stocks closed at 6571. 34, down 0.48 percent (31.86 […]
Pakistan detains officer over links with militants: army
SLAMABAD, June 21, 2011 (AFP) – Pakistan on Tuesday announced the arrest of an army brigadier accused of having contacts with a banned militant group. The information was released seven weeks after US Navy SEALs found and killed Osama bin Laden in the military town of Abbottabad, reviving disturbing questions about ignorance or complicity within […]
Sri Lanka looks to expand economic links with Russia
June 21, 2011 (LBO) – Sri Lanka is expanding economic ties with Russia as the country looks to rebuild its economy after a 30-year war with a large state run firm being invited for talks on the oil and gas sectors and air links resuming, officials said. President Mahinda Rajapaksa attended an economic forum in […]
Sri Lanka stocks end weaker
June 20, 2011 (LBO) – Sri Lankan stocks closed 0. 13 percent lower Monday with continuous forced selling due to credit issues, brokers said. The All Share Price Index closed at 7,040.68, down 0.13percent (9.35 points) while the Milanka Price Index of more liquid stocks closed at 6,603. 20, up 0.04 percent (2.33 points), according […]
Unpaid Work
AMARA, June 19, 2011 (AFP) – Thirty Sri Lankan construction workers in southern Iraq have been on a five-day hunger strike because they have not been paid for the past two years by their Iraqi employers, the labourers said Sunday. Thousands of South Asian workers are employed in menial jobs in oil-rich Iraq, many working […]
Sri Lanka Textured Jersey to expand fabric production
June 20, 2011 (LBO) – Sri Lankan fabric supplier Textured Jersey Lanka plans to use funds raised through a private placement and a forthcoming public offer to expand production and buy modern machinery to improve efficiency. Subsequent to the IPO, Pacific Textiles, through its wholly owned subsidiary Pacific Textured Jersey Holdings, and Brandix Lanka, will […]
Sri Lanka textile firm to raise Rs1.2bn in July IPO
June 20, 2011 (LBO) – Textured Jersey Lanka, a Hong Kong Sri Lanka joint venture textile firm said it is raising 1.2 billion rupees in an initial public offer by selling 80 million shares at 15 rupees. In April the firm said it raised 1.74 billion rupees through a private placement. The Colombo Stock Exchange […]