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India car sales jump 23%
MUMBAI, March 9, 2011 (AFP) – Car sales in India jumped nearly 23 percent in February from a year earlier, industry data showed Wednesday, as customers snapped up new models in a booming auto market where loans are cheap. The Indian market, Asia’s third-largest, is projected to triple over the next decade to six million […]
Lofty Monitor
Mar 09, 2011 (LBO) – Sri Lanka plans to use satellite technology to monitor distribution of petroleum products to fuel retail stations from storage terminals to prevent theft and contamination, a statement said. Petroleum industries ministry secretary Titus Jayawardena said the bowser drivers will not be allowed to deviate from official routes during distribution nor […]
Lubricant Shift
Mar 09, 2011 (LBO) – Sri Lanka’s Nawaloka ABC Petroleum, which entered the lubricant market recently, says the price-driven lubricant market is shifting towards quality and growing after a slowdown. With the increase of vehicles in the local market due to tax cuts we see that consumers are more into performance and quality-based product, said […]
Sri Lanka moves to cut taxes
Mar 09, 2011 (LBO) – Sri Lanka’s cabinet of ministers has approved changes to several laws reducing taxes paid by companies and individuals to give effect to proposals in the government’s 2011 budget, a statement said. “With the introduction of these changes, the number of taxes payable by a person will get reduced, resulting in […]
Sri Lanka UK post-war trade gets trade credit cover boost
Mar 09, 2011 (LBO) – Britain is seeing more inquiries from firms who want to do business with Sri Lanka and is standing by to back deals with export credit cover which has been enhanced after the end of a 30-year war, an official said. ECGD gives political risk insurance to cut the risk of […]
Sri Lanka sells US$192mn in floating rate bonds
Mar 08, 2011 (LBO) – Sri Lanka has sold 192 million US dollars in three and four year dollar denominated bonds mainly targeting local investors, rolling over existing maturing debt issued at much higher rates. In March 2009 in the midst of a balance of payments crisis, Sri Lanka had to pay 540 basis points […]
Sri Lanka stocks extend losses
Mar 08, 2011(LBO) – Sri Lankan stocks extended losses Tuesday falling 1. 8 percent amid a broad sell-off and some retailers collecting cash for upcoming initial public offerings, brokers said. Turnover was 1.9 billion rupees. Brokers said there were some forced selling of credit backed portfolios. In November 2010, the Securities Exchange Commission said it […]
Above Ground
Mar 08, 2011 (LBO) – Sri Lanka’s Road Development Authority is considering building an elevated highway to connect the capital’s city centre with two key suburban towns and reduce congestion, R W R Pemasiri, its director-general, said. “We can make it a toll road,” Pemasiri said. “We’re planning a feasibility study on the project soon […]
Finance Rating
Mar 08, 2011 (LBO) – Sri Lanka’s Fitch Ratings said it had confirmed a ‘BB-(lka)’ rating of Edirisinghe Trust Investment Ltd’s (ETI), a registered finance company, with a ‘stable’ outlook. “ETI’s rating reflects its relatively weak core equity position and large exposure to real estate investments,” the rating agency said. “It also takes into account […]
Threat Assessment
TORONTO, March 7, 2011 (AFP) – A Tamil asylum seeker accused of extremist links for living in a former rebel-controlled area of Sri Lanka is not a threat to Canada, a tribunal ruled Monday. “The man’s work for the LTTE — Liberation Tigers of Tamil Eelam designated as a terrorist organization by Canada — was […]
Outsource Work
Mar 08, 2011 (LBO) – Sri Lanka’s Dialog Axiata, the island’s largest mobile operator, said it plans to set up an Information Technology (IT)-enabled services venture and was looking for an international partner for business process outsourcing work. Dialog Axiata chief Hans Wijayasuriya said last month that new investments of 150 million US dollars will […]
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DHAKA, March 7, 2011 (AFP) – Bangladeshi Nobel laureate and micro-lending pioneer Muhammad Yunus claimed Monday his ousting from a high-profile bank job was a government power grab, as he awaited a court verdict on his dismissal. The 70-year-old — who won the Nobel Peace Prize in 2006 for pioneering the concept of small cash […]