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Maldives and IMF hammer out new 3-year deal
May 26, 2011 (LBO) – The International Monetary Fund and the Indian Ocean tourist paradise of Maldives had reached a new 3-year deal to fix government finance and stabilize the country and its currency. Maldives is struggling with a large budget deficit partly due to large civil service salary bill, which it was unable to […]
SriLankan Air Taxi launches daily flights to central hills
May 26, 2011 (LBO) – SriLankan Airlines has begun daily flights to Kandy in the central hills, using float planes to cut a three-hour road journey to 30 minutes for 4,900 rupees one-way and 9,800 rupees return. Flights from Colombo which now operate from the Kelani River to the city’s north are to be shifted […]
Sri Lanka bill yield steady
May 25, 2011 (LBO) – Sri Lanka’s 12-month Treasuries yield was flat at 7. 35 percent on Wednesday with, though the 3-month yields edged up marginally, at Wednesday’s auction, the government’s debt office said. The 3-month yield rose 02 basis points to 7.19 percent and the 3-month yield also rose 02 basis points to 7.09 […]
Sri Lanka shares up 0.2-pct
May 25, 2011 (LBO) – Sri Lankan shares closed firmer Wednesday with heavy trading once again in a property firm in which a big stake changed hands last week, brokers said. John Keells Holdings was also actively traded, closing at 300.10 rupees, up 40 cents with over 1.75 million shares changing hands. There were three […]
Sri Lanka Taj profits recover
May 25, 2011 (LBO) – Sri Lanka’s Taj Lanka Hotels, which owns a five star rated property in Colombo’s Galle Face area said profits rose to 52 million rupees in the March 2011 quarter from 3.2 million rupees a year earlier. Sri Lanka is recovering from a three decade war which ended in May 2009 […]
Fashion Profit
May 25, 2011 (LBO) – Sri Lankan fashion retailer Odel said March 2011 quarter group net profit rose 29 percent to 33 million rupees from a year ago with sales growing as it expanded its network of stores. Sales for the quarter rose 22 percent to 817 million rupees from a year ago. Earnings per […]
Broad Spectrum
May 25, 2011 (LBO) – Sri Lanka’s broadband use is lagging the region due to low penetration of personal computers and expensive mobile handsets, though the sector has now started to grow especially in the wireline segment, a sector study said. Sri Lanka had 574,000 broadband customers by end December 2010, including 294,000 mobile broadband […]
Sri Lanka warned against alienating India
May 25, 2011 (LBO) – India will destabilise Sri Lanka again if the island endangers her big neighbour’s geo-strategic interests in future just like New Delhi initially sponsored Tamil separatists, an international terrorism expert has warned. He referred to how India is seen to have supported violent groups in Pakistan and Bangladesh as well as […]
Law wants Sri Lanka to be hard case for England
CARDIFF, May 25, 2011 (AFP) – Stuart Law has warned England against taking Sri Lanka lightly even though he concedes they face “the toughest deal on the planet” playing the Ashes-winners in a Test series starting here on Thursday. Former Australia batsman Law is the interim coach of Sri Lanka following the decision by compatriot […]
Sri Lanka shares becalmed
May 24, 2011 (LBO) – Sri Lankan shares closed barely changed Tuesday with heavy trading in a property firm in which a big stake changed hands last week, brokers said. The main All Share Price Index closed at 7,431.97, down 0.10 percent (7.18 points) while the more liquid Milanka index rose 0.06 percent (4.22 points) […]
Capital Raising
May 24, 2011 (LBO) – Sri Lanka’s Commercial Bank wants to raise 9.7 billion rupees through a rights issue that would be followed by a share split to strengthen its capital base for future growth. The bank said in a stock exchange filing that the issue is subject to regulatory and shareholder approval. It expects […]
Sri Lanka Watawala tea net up 50-pct in year to March
May 24, 2011 (LBO) – Sri Lanka’s listed Watawala Plantations said profits rose 49. 6 percent to 642 million rupees in the year to March 2011 with revenues growing 9.0 percent amid higher commodity prices and profits from its retail unit. Managing director Vish Govindasamy said higher rubber prices pushed profits from the division to […]