Category:
Central banks urge budget corrections: Trichet
BASEL, May 9, 2011 (AFP) – Central bankers are pressing advanced economies to gradually improve their budgets while fast growing emerging nations must guard against overheating, ECB chief Jean-Claude Trichet said on Monday. The European Central Bank chief warned, after a regular gathering with other leading central banks, that there was no room for complacency […]
Sri Lanka stocks close up 0.8-pct
May 09, 2011 (LBO) – Sri Lankan stocks closed higher Monday after losses most of the previous week with corporate earnings anticipated this week expected to lift the market, brokers said. The main All Share Price Index closed at 7,377.86, up 0.80 percent (58.71 points) while the more liquid Milanka index rose 0.35 percent (23.53 […]
Finance Listing
May 09, 2011 (LBO) – Mercantile Investments Limited (MIL), a registered finance company in Sri Lanka, has been given regulatory approval to list on the Colombo stock exchange. The firm is to list 3,006,000 ordinary voting shares on the CSE’s ‘Diri Savi’ second board through the ‘introduction’ process which does not require companies to make […]
Banking Trends
May 09, 2011 (LBO) – Sri Lanka’s Union Bank, which became a retail investor favourite after its recent listing, intends to go into new lines of business and add more branches as part of an expansion plan. “The bank expects this unique facility will enable to expand its network to the grass-root levels efficiently and […]
Sri Lanka LOLC closes beach hotels for refurbishment
May 09, 2011 (LBO) – Sri Lanka’s LOLC group has closed three beach hotels it acquired recently – Riverina, Club Palm Garden and Tropical Villas – for refurbishment and modernisation. LOLC said at the time it was holding talks with a “few world-renowned hotel chains” that have shown interest in establishing a partnership with the […]
Software Deal
May 09, 2011 (LBO) – eChannelling, a listed Sri Lankan dotcom that enables patients to make appointments with doctors over the internet, has struck a deal with a software firm, allowing it to diversify outside the healthcare sector. The deal is by eChannelling and its subsidiary ECL Soft with Industrial Financial Systems (IFS), which supplies […]
India car sales grow at slowest pace in 2 years
NEW DELHI, May 9, 2011 (AFP) – Indian car sales grew at the slowest pace in nearly two years in April, data showed Monday, as price hikes, rising fuel costs and more expensive loans kept buyers out of showrooms. Domestic passenger car sales in Asia’s third-largest economy rose by 13. 18 percent to 162,825 units […]
SriLankan Airlines to launch services to Moscow
May 09, 2011 (LBO) – SriLankan Airlines will start a new service to Moscow on September 15, making the Russian capital the airline’s 52nd destination. SriLankan operates six flights per day into Male, which is just over an hour’s flying time from Colombo. The new service will operate via Dubai, and will commence initially with […]
Sri Lanka cricket board to hold elections
May 9, 2011 (AFP) – Sri Lanka Cricket is set for an overhaul after the Supreme Court on Monday ordered that the island’s richest sporting body, which has been run by an interim committee since 2004, should be elected. A three-member bench of the Supreme Court asked the sports ministry to hold elections and make […]
Sri Lanka Carson unit sees palm oil prices staying firm
May 08, 2011 (LBO) – Palm oil prices are likely to remain firm owing to growing demand from emerging markets like India and China, shareholders of Shalimar (Malay), a subsidiary of the Carson Cumbebatch group, have been told. Shalimar’s net profit for the financial year ending March 31, 2011 shot up 218 percent to 153 […]
Promising Labels
SINGAPORE, May 8, 2011 (AFP) – A 0-million private equity fund backed by the world’s top luxury retailer LVMH is on the prowl for emerging Asian brands in the hope of transforming them into global names. He said LVMH contributed less than 10 percent of the 0 million raised by the fund, with the bulk […]
”s biggest
LONDON, May 7, 2011 (AFP) – Indian-born steel tycoon Lakshmi Mittal has seen his fortune fall by some £5 billion ( billion, 5. 7 billion euros) in the past year but remains the wealthiest person in Britain, it was revealed Saturday. The fortune of the London-based head of ArcelorMittal, the world’s largest steel maker, fell […]