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India carmaker Maruti posts surprise quarterly profit fall
NEW DELHI, July 24, 2010 (AFP) – India’s biggest carmaker Maruti Suzuki reported Saturday quarterly net profit fell by a surprise 20 percent as the company was pummelled by a surge in raw material costs. Maruti, majority-owned by Japan’s Suzuki Motor Corp, said net profit during the fiscal first quarter slid to 4. 65 billion […]
‘s Malinga out of second India Test
July 24, 2010 (AFP) – Sri Lanka suffered a major blow on Saturday when a knee injury ruled sling-arm fast bowler Lasith Malinga out of the second Test against India. His absence means the hosts will be deprived of both architects of their 10-wicket win in the first Test at Galle — Malinga and the […]
Sri Lankan stocks close up 0.96-pct
July 23, 2010 (LBO) – Sri Lankan stocks recovered Friday on price gains on selected blue chip and midcap stocks on low volume trading, while Hotel Reefcomber shares continued to fall after the Amaya Leisure sell-out, brokers said. The All Share Price Index closed at 4,895. 51, up 0.96 percents while the more liquid Milanka […]
Liner Worries
July 23, 2010 (LBO) – Sri Lankan shipping agents said they are concerned over delays at Colombo port although they expect the situation to improve with new equipment and transport arrangements for moving containers. “Colombo port’s total cargo volumes have seen a growth of 23.6 percent to-date compared with last year,” Ranchigoda told the CASA […]
Seed Capital
July 23, 2010 (LBO) – Amana Bank Limited, a start up Sri Lankan firm which had provisional approval from the regulator to become a bank, said it had raised 3.2 billion in capital through a private placement. A tombstone placed in The Daily Mirror newspaper said the firm had raised 3,159 million rupees by selling […]
Maldives welcome foreign mediation
July 23, 2010 (LBO) – The Indian Ocean island of Maldives said it welcomed help from international community to resolve an internal political deadlock stemming from a battle between the president and parliament. “We are extremely grateful to our friends and partners in the international communities (sic), who are trying to help us resolve the […]
SriLankan Airlines to keep ground handling, catering monopoly: official
July 23, 2010 (LBO) – SriLankan Airlines is to maintain its monopoly on ground handling and catering at the island’s international airport which are its main money spinners, a senior official said. Wickremasinghe said the airline’s finances were improving after it suffered an almost 10-billion-rupee loss in the 2009 financial year. He spoke at the […]
Sri Lanka told time running out for new trade deal with India
July 23, 2010 (LBO) – Sri Lanka could lose more opportunities to access India’s huge market owing to delays in striking a new economic partnership deal with her neighbour, the Indian envoy in Colombo has warned. An existing free trade deal between the two countries has led to a sharp increase in trade that could […]
Sri Lanka face up to life without Muralitharan
July 23, 2010 (AFP) – Sri Lanka entered a new cricketing era on Friday, facing an uncertain future without the legendary Muttiah Muralitharan, the world’s leading wicket-taker. Muralitharan, 38, quit Test cricket on Thursday after reaching the unprecedented 800-wicket landmark, having played a major role in a 10-wicket victory over India in Galle. The off-spinner […]
Sri Lanka to make better use of idle state assets
July 23, 2010 (LBO ) – Sri Lanka will set up a state company to develop joint ventures and lease assets of other failed state companies with a capital of 100 million rupees, without ‘privatizing’ them, a government minister said. The State Resources Management Corporation will make better use of state assets which are uneconomical, […]
Sri Lanka to sell billion dollar bond to settle loans: minister
July 22, 2010 (LBO) – Sri Lanka will sell a billion dollar sovereign bond this year to settle more expensive short term foreign loans, media minister and cabinet spokesman Keheliya Rambukwelle said. “The cabinet approval has been given to issue a sovereign bond of one billion dollars,” Rambukwelle said. “We have taken short term loans […]
Sri Lankan stocks close down 0.17-pct
July 22, 2010 (LBO) – Sri Lankan stocks closed lower Thursday as investors took profits from an overheating market, while nearly 44 percent of Hotel Reefcomber divested by Amaya Leisure was mostly picked up by retail investors, brokers said. The All Share Price Index closed at 4,849. 17, down 8.40 points while the more liquid […]