Category:
Sri Lanka East West Properties eyes leisure investments with rights issue
Jan 05, 2011 (LBO) – Sri Lanka’s East West Properties plans to make a rights issue to raise funds to invest in the booming tourism industry and for working capital for ongoing projects, a stock exchange filing said. “The purpose of the rights is to provide working capital for the ongoing funding of East West […]
‘s silk sari industry
NEW DELHI, January 5, 2011 (AFP) – For centuries, the stunning silk saris woven by hand in the holy city of Varanasi have been prized by Indian women, but an influx of cheap Chinese-made copies is destroying the local industry. Badruddin Ansari, one of the few weavers still in business, says that most of his […]
Sri Lanka delays local polls for World Cup
January 5, 2011 (AFP) – Sri Lanka on Wednesday postponed council elections near three cricket World Cup venues as the nation seeks to put on a flawless show as co-hosts of the prestigious event. The Colombo Municipal Council will not go to the polls as scheduled in March while four other councils in the central […]
Cutting Gas
Jan 05, 2011 (LBO) – Sri Lankan liquid petroleum gas distributor Laugfs Gas has struck a deal with India’s Bharat Petroleum Corporation (BPCL) to sell metal cutting gas in the island, a stock exchange filing said. The statement claimed the new product is an economical and safer metal cutting gas substitute for acetylene. The new […]
Fuel Opportunity
Jan 05, 2011 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp. , plans to invest in expanding its distribution network this year after seeing sales grow last year with an economic recovery after the end of a war, a statement said. We are proud to head the prestigious LMD 50 ranking […]
Sri Lanka rupee seen appreciating gently in 2011
Jan 04, 2011 (LBO) – Sri Lanka’s rupee is likely to further strengthen against the dollar in 2011 after gaining 3. 1 percent against the greenback in 2010, Central Bank governor Nivard Cabraal said. Despite the rupee’s gains, export earnings increased last year, Cabraal said. “The exchange rate might have a gentle tendency to appreciate,” […]
Sri Lanka shares end up 0.61-pct
Jan 04, 2011, (LBO) – Sri Lankan stocks closed higher Tuesday with active trading in the information technology sector, brokers said. Dialog Axiata closed at 11.70, down 0.10 cents with over 2.3 million shares traded. The All Share Price Index closed at 6,698.71, up 0.61 percent (40.74 points) while the more liquid Milanka index closed […]
Own Risk
Jan 04, 2011 (LBO) – Sri Lankans who invest in high-risk, high-return unauthorised investment schemes will not be bailed out at tax payer expense if they lose money in future, central bank governor Nivard Cabraal said. The regulator will continue public awareness campaigns warning people of the danger of investing money in unauthorised schemes, he […]
Branching Out
Jan 04, 2011 (LBO) – Sri Lanka’s Union Bank said it plans to open 10 new branches this year with the next being this month in eastern Batticaloa which is recovering from the effects of war. The bank said in a statement its 21st branch was opened in December in Wattala, a northern suburb of […]
Sri Lanka readies for island tourist resorts
Jan 04, 2011 (LBO) – Sri Lanka expects to announce the investors who have been chosen to develop 10 islands in Kalpitiya, off the north-west coast for tourist resort development in the next two weeks, the chairman of the tourism office said. The government embarked on developing resorts in the north-west region after the end […]
‘s ruling party
NEW DELHI, January 4, 2011 (AFP) – One of India’s biggest corruption cases that tarnished late prime minister Rajiv Gandhi in the 1980s returned to haunt the ruling party on Tuesday amid new charges of kickbacks and graft. The weekly current affairs magazine India Today said in its New Year issue that “the size and […]
‘s Cadbury purchase: report
NEW DELHI, January 3, 2011 (AFP) – India’s finance ministry has launched a probe into the takeover by Illinois-based Kraft Foods of British confectionery giant Cadbury that could see the US company hit with a huge tax bill, a report said Monday. The ministry has begun looking into the deal that saw Kraft buy the […]