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US money printing lifts oil prices, for now: IEA
PARIS, November 12, 2010 (AFP) – Easy-money policy by the United States is pumping up the oil price to about 90 dollars, but medium-term growth of oil demand should slow and contain the price, the IEA said on Friday. “Physical market developments through October have stoked expectations of inexorably higher prices even though the framework […]
Gas Action
Nov 12, 2010 (LBO) – Sri Lankan liquid petroleum gas supplier Laugfs Gas, whose share issue to raise 2. 5 billion rupees was oversubscribed, plans to acquire a vessel and build an unloading terminal in a new port, an official said. Laugfs managing director Thilak de Silva said the firm wants to be able to […]
” perceptions: WGC
Nov 12, 2010 (LBO) – India, the top global consumer of gold, will see higher demand helped by a stronger perception that the metal is a reliable and safe “monetary asset” amid rising inflation, an industry body said. The report from the World Gold Council, an body representing mining interests, came shortly after Robert Zoellick, […]
Sri Lanka floods force up to 300,000 from their homes
November 11, 2010 (AFP) – Sri Lanka sent in troops to rescue residents marooned in the capital Colombo on Thursday after the heaviest rains in 18 years flooded the city, forcing up to 300,000 people from their homes. At least one man was struck down by lightning and killed while a woman was injured when […]
Systemic Value
Nov 11, 2010 (LBO) – RAM Ratings Lanka has assigned long- and short-term ratings of AAA and P1 to Sri Lanka’s state-owned People’s Bank (PB) with a stable outlook, a statement said. “PB’s investment portfolio is deemed to be of low risk as it is dominated by government securities, which constituted 99.34 percent of its […]
Bank Numbers
Nov 11, 2010 (LBO) – Sri Lanka’s National Development Bank said September 2010 quarter group net profit rose 31 percent to 808 million rupees from a year ago as non-interest income rose and interest expenses fell faster than costs. The performance of NDB’s investment banking cluster showed “significant improvement” over the corresponding period last year, […]
‘s Hemas group mulls hotel ventures
Nov 11, 2010 (LBO) – Sri Lanka’s Hemas Holdings is considering expanding its hotels business with plans to build resorts in the south and east coasts as a post-war tourism boom gets under way, its chief executive Husein Esufally said. The group, which now operates four hotels, has a property in Tangalle on the south […]
Sri Lanka capital flooded, rains lash island
Nov 11, 2010 (LBO) – Parts of Sri Lanka’s capital Colombo went under water as unprecedented rains lashed the island, and authorities warned residents to use public transport to avoid traffic jams amid flood warnings in other parts of the country. Many of Colombo’s streets, including the approach roads to Sri Lanka’s parliament was impassable […]
Sri Lanka in new campaign to promote tea
Nov 11, 2010 (LBO) – Sri Lanka’s tea industry will launch a marketing campaign to promote Ceylon tea next year with funds from a new export tax on exports, a senior Tea Board official said. The levy of 3.50 rupees a kilo that came into effect in November will raise about a billion rupees or […]
Sri Lanka Treasuries yields flat after moving above policy rate
Nov 10, 2010 (LBO) – Sri Lanka’s Treasury bill yields were flat at Wednesday’s auction after yields of all maturities moved over the central bank’s policy rate of 7. 25 percent a week earlier, data released by the government’s debt office showed. The 3-month yield edged up one basis point to 7.30 percent, the 6-month […]
Sri Lanka Asiri Hospitals group net down 52-pct
Nov 10, 2010 (LBO) – Sri Lanka’s Asiri Hospitals group profit fell 52 percent to 23.3 million rupees though revenues rose 22. 2 percent to 1,197 million rupees in the September 2010 quarter from a year earlier, interim accounts showed. Administrative costs rose 54 percent to 324 million rupees. Finance costs also rose 36 percent […]
Sri Lanka stocks end weaker
Nov 10, 2010 (LBO) – Sri Lankan stocks slumped again Wednesday, extending a losing streak, with trading drying up and a few private deals in units of the John Keells Holdings group, brokers said. The All Share Price Index closed at 6,535. 09, down 0.87 percent (57.29 points) while the more liquid Milanka index fell […]