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Shares in India carmaker Maruti plunge on profit fall
MUMBAI, July 26, 2010 (AFP) – Shares in India’s biggest carmaker Maruti Suzuki plunged more than 10 percent on Monday after it reported a surprise 20-percent fall in quarterly net profit over the weekend. The shares of the New Delhi-based company, which is majority-owned by Japan’s Suzuki Motor Corp, were down by nearly 11 percent, […]
Sri Lanka economist with many faces: H N S Karunathilake
July 26, 2010 (LBO) – A scientist normally belongs to a single school of thought. He would follow the traditions, views and methods of that school to the letter. To the outside world, he shows himself up with a single face. Neville was practically teaching students in all the four years reading for economics and […]
Gas Concern
July 26, 2010 (LBO) – A large industrial user of liquefied petroleum gas as expressed concern over a proposed state take-over of a private gas distributor in Sri Lanka as energy sector management under state has created serious problems in the past. Lanka Tiles, a manufacturer and exporter of ceramic tiles says, it is braced […]
Northern Branch
July 25, 2010 (LBO) – State-run Indian Bank headquartered in Chennai, India is planning to open a branch in Sri Lanka’s former war torn Northern Jaffna peninsular and also in the central hills of the island, a media report said. The bank has another overseas branch in Singapore and is also looking at opening one […]
”, prices up: estate
July 25, 2010 (LBO) – Sri Lanka’s tea growing areas in the hill country is suffering from an ‘acute’ supply shortfall of fuel wood and prices are going up, a plantation company which is expanding its own timber cropping area has said. “With the acute shortage and rapidly increasing prices of fuel-wood in the hill […]
Test Case
July 25, 2010 (LBO) – An arbitration of a disputed derivative contract between an oil distributor in Sri Lanka and a German bank would be a test case on whether such deals would come under bi-lateral investment protection treaties, a media report said. Standard Chartered and Citibank had separately started action for breach of contract […]
Change Agents
ASPEN, July 25, 2010 (AFP) – Top technology and media executives wrapped up a three-day conference here during which they grappled with — and left unresolved — the question of whether readers will pay for news online. Firmly in the paid camp in the “paid vs. free” debate was News Corp.’s head of digital operations […]
Depleted Sri Lanka eye series win over India
July 25, 2010 (AFP) – Sri Lanka hope to overcome a weakened bowling attack and secure a series-clinching win in the second Test against India from Monday, their first match in the post-Muttiah Muralitharan era. The world bowling record holder bid farewell to Test cricket last week by leading the hosts to an emphatic win […]
Dancing in the street as Pakistan beat Australia
ISLAMABAD, July 24, 2010 (AFP) – Cricket fans took to the streets in Pakistan on Saturday to celebrate their side’s first Test victory over Australia in 15 years, after a tense fourth-day finish at Headingley. The heads of all the major political parties and chief ministers of all four provinces also congratulated the team. “It […]
Vietnam to open Sri Lanka embassy early 2011
July 25, 2010 (LBO) – Vietnam will open an embassy in Sri Lanka’s capital Colombo in early 2011, a joint statement following a meeting of deputy foreign ministers of the two countries on the sidelines of a regional group meeting said. Minister Gunawardena had requested co-operation from Vietnam in security intelligence to combat activities of […]
Islamic Finance
July 24, 2010 (LBO) – A start-up Sri Lankan bank that has just raised 3.2 billion rupees in capital through a private placement wants to lure Middle Eastern funds and lend for infrastructure projects, an official said. Amana Bank is part of Sri Lanka’s Amana Islamic finance group that already has insurance and merchant banking […]
Indian state seeks one billion dollars to counter Maoists
NEW DELHI, July 24, 2010 (AFP) – An Indian state seen as a bastion of an increasingly deadly Maoist revolt said Saturday it was seeking one billion dollars to counter the left-wing insurgency with a development surge. Chhattisgarh Chief Minister Raman Singh told federal and state planners that the funds would be spent to rapidly […]