Category:
Vehicle Market
Aug 19, 2010 (LBO) – India’s Mahindra group said it is studying the possibility of introducing its electric vehicle, Mahindra Reva, to the Sri Lankan market and launching new models soon after their launch in India. Vice chairman Anand Mahindra told a news conference the company was targeting vehicle sales of 10,000 by the 2013 […]
India proposes formula to break BlackBerry logjam: report
NEW DELHI, August 19, 2010 (AFP) – India’s government has proposed a formula that could avert its threatened shutdown of the core features of the BlackBerry smartphone over security worries, a newspaper reported Thursday. The communications ministry has put forward a plan by which security agencies could gain access to heavily encyrpted corporate email sent […]
SriLankan Airlines trains first batch of technicians under European certification
Aug 19, 2010 (LBO) – SriLankan Airlines has graduated its first batch of Aircraft Maintenance students under the EASA 147 European certification as it seeks to build its engineering business, a statement said. The 26 students, including seven foreign students from the Maldives, Oman and India, underwent two years of training at SriLankan’s Technical Training […]
Iceland strives to become a global press freedom haven
REYKJAVIK, August 19, 2010 (AFP) – After Iceland’s near-economic collapse laid bare deep-seated corruption, the country aims to become a safe haven for journalists and whistleblowers from around the globe by creating the world’s most far-reaching freedom of information legislation. The project, developed with the help of WikiLeaks founder Julian Assange, flies in the face […]
Oil Supply
Aug 19, 2010 (LBO) – Sri Lanka is to extend a deal with Iran to buy two million metric tonnes of crude oil a year with a 120-day interest free credit facility, a government spokesman said. Media minister Keheliya Rambukkwelle said Sri Lanka buys most of its crude oil from Iran and the government’s agreement […]
Sri Lankan stocks close up 2.19-pct, passes 5,400 points
Aug 18, 2010 (LBO) – Sri Lankan stocks closed at a new high and passed the 5,400 points mark Wednesday, from buying interest mostly on midcap and ‘penny’ stocks, while deals on Lion Brewery and Ceylon Investments boosted revenues, brokers said. In a private deal over 964,000 shares of John Keells Holdings changed hands at […]
Laying Tracks
Aug 18, 2010 (LBO) – Sri Lanka has given another deal to an Indian company to rebuild part of the northern rail track destroyed by war using a soft loan from the Indian government, officials said. The Indian government-owned IRCON International signed the contract with the island’s transport ministry, Tuesday, to rebuild the Medawachchiya-Madhu Road […]
Equities Foray
Aug 18, 2010 (LBO) – Sri Lanka’s Central Bank said a pension fund it manages would increase exposure to equities as government paper, in which it has invested the bulk of money, become less attractive with falling interest rates. The bank said the Employees’ Provident Fund, the biggest fund in the country, has authority to […]
Derived Rating
Aug 18 (LBO) – Fitch Ratings Lanka said it has confirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-term rating at ‘AAA(lka)’ with a stable outlook. “SCBSL’s rating reflects Standard Chartered Bank’s (SCB) financial strength, of which SCBSL is a branch and part of the same legal entity,” Fitch said in a statement. SCB […]
Sri Lankan seasonal tea prices rise
Aug 18, 2010 (LBO) – Prices of Sri Lanka’s seasonal ‘Uva’ teas rose sharply at the latest auction with tight global supply and anticipated higher demand for the winter seen keeping the market firm, brokers said. While the better made teas from different elevations fetched highr prices at last week’s Colombo sale, poorer teas weakened […]
Sri Lanka denies war crimes in domestic probe
August 17, 2010 (AFP) – Sri Lanka’s powerful defence chief Tuesday staunchly defended the government’s human rights record, saying troops suffered heavy losses to avoid civilian casualties during last year’s assault on Tamil Tiger rebels. Defence Secretary Gotabhaya Rajapakse said foreign diplomats and aid agencies had lauded his measures to protect civilians during the major […]
Canada takes hard line on Tamil migrants
VANCOUVER, August 17, 2010 (AFP) – A Canadian tribunal on Tuesday ordered continued detention for the first person interviewed in a group of 492 Tamil asylum seekers that reached Vancouver last week aboard a battered cargo ship. Canadian Prime Minister Stephen Harper, citing sovereignty, “significant security concerns” and “increasing” human smuggling for financial gain, said […]