Category:
Sri Lanka tea output up in May
June 23, 2010 (LBO) – Sri Lanka™s tea production in May 2010 rose 12.9 percent to almost 30.3 million kilos as production continued to recover from a downturn the year before, Tea Board data showed. The annual production in 2008 hit a record high of 318 million kilos. Corrected – annual production figure Tea production […]
Lofty Plans
June 23, 2010 (LBO) – A unit of Sri Lankan high-end retailer Odel may reconsider to build a shopping mall with the parent firm making a full provision to cover a 45.2 million rupee loan due from the unit, its share issue prospectus showed. “Although yet to commence operations, this Board of Investments (BOI) approved […]
Sri Lanka eye Asia Cup success against India
DAMBULLA, June 23, 2010 (AFP) – Kumar Sangakkara’s Sri Lanka go into Thursday’s Asia Cup one-day final against India confident of securing a hat-trick of titles. Sri Lanka, who won the last two editions of the region’s top one-day prize, in 2006 and 2008, are buoyant after thrashing India by seven wickets in a league […]
Sri Lanka slams UN over war crimes probe
June 23, 2010 (AFP) – Sri Lanka accused the UN on Wednesday of a “hidden agenda” behind its plans to investigate alleged human rights abuses by soldiers in the final months of the island’s savage civil war. UN Secretary-General Ban Ki-moon’s appointment of a panel to advise on any violations of international human rights was […]
Sri Lankan stocks close 0.25-pct up
June 22, 2010 (LBO) – Sri Lankan stocks closed higher Tuesday as price gains on selected midcap and small value shares pushed the market up on low volume trading, while penny stocks continued to be heavily traded, brokers said. Commercial Bank closed at 194.50 rupees, up 25 cents, Hatton National Bank closed at 292.00m rupees, […]
Hold Outs
June 22, 2010 (LBO) – A steep tax cut on vehicle imports in Sri Lanka has injected life into the almost comatose car trade, but some dealers are stubbornly holding onto high prices hoping that the lower tax regime will not last too long. They are appealing to the fear and greed of buyers. While […]
Lending Trend
June 22, 2010 (LBO) – Loans to private borrowers from Sri Lanka’s commercial banks grew at a slower rate in April compared with March while foreign currency loans fell, latest Central Bank data shows. Credit to the private sector rose 7. 6 billion rupees to 1,242.7 billion rupees in April compared with March, when it […]
High Fashion
June 22, 2010 (LBO) – Sri Lankan retailer Odel said it made 141.8 million rupees in net profits last year, as sales recovered and margins improved, with money from a share issue to be used to retire debt and expand. The retail chain’s profits for the financial year ending March 2010, revealed for the first […]
India eyes double-digit economic growth by 2013
MADRID, June 21, 2010 (AFP) – The Indian economy, Asia’s largest after Japan and China, is accelerating and could reach double-digit growth by 2013, Indian Trade Minister Anand Sharma said Monday during a visit to Spain. “We hope to grow at a rate of between 8.5 percent to 9.0 percent this year and we are […]
Sri Lanka told no unconditional extension of EU trade benefits
June 22, 2010 (LBO) – The European Union will not unconditionally extend the GSP Plus trade deal giving Sri Lankan exporters duty free access to European markets, the EU Delegation in Colombo said. The EU is ready to extend the GSP Plus deal for a limited period when it is set to end on August […]
Sri Lanka beat India with Maharoof hat-trick
DAMBULLA, June 22, 2010 (AFP) – Seamer Farveez Maharoof grabbed a hat-trick on his way to 5-42 as Sri Lanka beat India by seven wickets in the last league match of the Asia Cup on Tuesday. Maharoof’s feat helped knock India over for 209, before senior pros Kumar Sangakkara and Mahela Jayawardene helped the defending […]
Sri Lanka war crimes probe set up by UN
UNITED NATIONS, June 22, 2010 (AFP) – UN chief Ban Ki-moon Tuesday set up a panel to investigate allegations of human rights abuses in the final months of the civil war in Sri Lanka, his spokesman said. Ban launched the investigation “to advise him on the issue of accountability with regards to any alleged violations […]