Category:
Fourth night of protests in Maldives
May 3, 2011 (AFP) – Anti-government protesters took to the streets of the Maldives for a fourth night on Tuesday, as police baton-charged demonstrators and arrested a senior opposition activist, eyewitnesses said. Police arrested opposition member Umar Naseer on Tuesday night as he led scores of people through the narrow cobbled streets of Male, demanding […]
Sri Lanka national carrier boosts fleet
May 04, 2011 (LBO) – SriLankan Airlines, the island’s state-run national carrier is boosting its short haul fleet to more closely fit the needs of its regional routes, with four new Airbus A320 aircraft ordered on operating leases, an official said. “There is an imbalance in the requirement for narrow body aircraft,” chief executive officer […]
Sri Lanka average prices steady from February: CB
May 4, 2011 (LBO) – Sri Lanka’s average price level measured by an index at the capital Colombo, has been steady since February though non-food items have taken up the slack created by falling food prices, an official statement said. In April prices rose 9.8 percent from a year earlier, despite food prices falling 1. […]
Sri Lanka stocks end down 1.2-pct
May 03, 2011 (LBO) – Sri Lankan shares closed down Tuesday with losses in high value shares dragging the indices down and turnover boosted by large deals among oil palm companies, brokers said. The main All Share Price Index closed at 7,270. 67, down 1.17 percent (86.30 points) while the more liquid Milanka index fell […]
Road Upgrade
May 03, 2011 (LBO) – Sri Lanka is receiving 100 million US dollars to maintain an upgrade a 134 kilometre road connecting the island’s East to the Western side and also improve safety and sustainable maintenance. The 100 million dollar credit will be used to upgrade the ‘A6’ road from Ambepussa to Dambulla and Kantale […]
‘s Akquasun
May 03, 2011 (LBO) – Sri Lanka’s Expolanka Holdings and Akquasun Group based in Mumbai have formed a joint venture called Akquasun Lanka to focus on attracting tourists from emerging markets like India, Russia and China. Expolanka Holdings, a diversified conglomerate with interests in transportation, manufacturing, international trading and strategic investments, plans to raise 2. […]
Probe Order
May 2, 2011 (AFP) – Sri Lanka’s sports minister on Monday ordered a police inquiry into match-fixing allegations levelled by former international captain Hashan Tillakaratne. Tillakaratne, who played 83 Tests and 200 one-dayers during a 15-year career, said last week that Sri Lankan players had been involved in match-fixing since 1992 adding that he was […]
Jury Delay
NEW YORK, May 2, 2011 (AFP) – Jury deliberations in Wall Street’s biggest insider trading trial for a generation will be suspended for a day, a judge ordered Monday, as the wait for a verdict entered its second week. Judge Richard Holwell in New York federal court said deliberations would resume Wednesday after pausing “in […]
Outsource Option
May 03, 2011 (LBO) – India’s Firstsource Solutions is to invest a million dollars to take a 74 percent stake in Sri Lankan celco Dialog Axiata’s business process outsourcing subsidiary in a joint venture deal. The unit, Dialog Business Services, recently started by Dialog, will be renamed Firstsource-Dialog Solutions with an existing staff of 417. […]
India hikes key interest rates by 50 basis points
MUMBAI, May 3, 2011 (AFP) – India’s central bank on Tuesday raised lending rates by a bigger-than-expected 50 basis points, its ninth hike in 15 months to curb inflation, and warned that the move could slow economic growth. The Reserve Bank of India raised its repo — the rate at which it lends to commercial […]
Maldives police use tear gas as protesters clash
May 3, 2011 (AFP) – Maldives police on Tuesday used tear gas and batons to break up an anti-establishment protest after a third night of clashes between government and opposition activists turned violent. Police spokesman Ahmed Shiyam said at least six people were arrested after activists started fires on Monday night along the cobbled streets, […]
Sri Lanka low general insurance rates may end
May 3, 2011 (LBO) – Sri Lanka’s insurers who have been competing aggressively on price despite making underwriting losses, may be forced to re-think their strategy, if investment income falls amid lower interest rates, an industry official said. Sri Lanka’s general insurance businesses have been making underwriting losses, but bottom lines have been propped up […]