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‘s India visit marred by Tamil protests
NEW DELHI, June 9, 2010 (AFP) – Sri Lanka’s President Mahinda Rajapakse on Wednesday began his first foreign trip to influential neighbour India since being re-elected, in a visit that has drawn protests from Indian Tamils. Rajapakse, who was re-elected in January on the back of a resounding victory over Tamil separatists that ended a […]
Sri Lankan state airline appoints two directors
June 09, 2010 (LBO) – Sri Lankan Airlines had appointed two new directors from private sector firms to its board, and has re-appointed existing directors, the airlines said, with the government on track to buy back a minority stake from Emirates. The airline said it was about to launch a new service to Shanghai, and […]
Sri Lanka businesses say Vietnam embassy needed to boost trade
June 09, 2010 (LBO) – Trade and economic links with Vietnam could grow fast if Hanoi sets up an embassy in Colombo to grease official clearances and visas, Sri Lankan businessmen told a visiting Vietnamese minister. The Ceylon Chamber of Commerce formed a Sri Lanka – Vietnam Business Council Tuesday in the presence of visiting […]
Sri Lanka overwhelm Zimbabwe in series final
HARARE, June 9, 2010 (AFP) – A dominant Sri Lanka came to within a freak run-out of whitewashing Zimbabwe in the final of the Tri-nations tournament at Harare Sports Club here on Wednesday. The Sri Lankans scored a leisurely 203-1 in 34. 4 overs to win with ease in reply to Zimbabwe’s effort of 199 […]
‘s post-war boom accelerates
June 9, 2010 (AFP) – Sri Lanka’s central bank raised its growth forecast for the year on Wednesday, citing strong post-war expansion in reconstruction and agriculture, particularly in former conflict zones. Cabraal also said the central bank was in the process of evaluating two international banks who have sought to open branches in Sri Lanka. […]
Sri Lanka consumer spending rebounds: FMCG firm
June 09, 2010 (LBO) – Sri Lanka’s Hemas group said its fast moving consumer goods (FMCG) division grew revenues at double digit rates in the latest financial year and it re-launched brands as consumer spending rebounded. Sri Lanka had high inflation in 2008. It hit a peak of 28 percent in mid-2009 but fell thereafter. […]
IMF warns Asia of spillovers from European crisis
SINGAPORE, June 9, 2010 (AFP) – The IMF warned Asia Wednesday of the potential spillovers of the European debt crisis, saying it could dampen trade, make capital flows volatile and overheat economies in the region. Greece is at the epicentre of a mounting debt crisis that threatens to spread across the eurozone and has pulled […]
Sri Lankan stocks becalmed
June 08, 2010 (LBO) – Sri Lankan stocks closed almost flat Tuesday as investors took profits from selected shares seen as over-priced and re-invested in those with potential for short-term gains, while foreign investors were net sellers, brokers said. The All Share Price Index closed at 4,427.27, down 4.05 points, while the Milanka index of […]
Maritime Links
June 08, 2010 (LBO) – Three shipping lines have launched a new container shipping service through Sri Lanka’s Colombo port to carry cargo to east Africa from the Indian sub-continent and the Far East, a statement said. The SLPA said the vessel is expected to do over 1,000 moves per call at the JCT, Colombo’s […]
Box Trends
June 08, 2010 (LBO) – Cargo volumes at a Colombo port private terminal run by an associate firm of John Keells Holdings surged 22. 3 percent in May to 175,514 twenty-foot equivalent container units (TEUs) from a year ago, latest data shows. SAGT is part of the transport business of the JKH conglomerate which has […]
Northern Reach
June 08, 2010 (LBO) – Sri Lanka’s Nations Trust Bank has opened a branch in the former war zone of northern Jaffna whose economy is reviving with the end of the conflict. The bank said in a statement the branch, its 40th in the island, will provide residents in the north extended banking hours 365 […]
Mumbai plans 117-storey apartment block
MUMBAI, June 8, 2010 (AFP) – An Indian property group was due Tuesday to unveil plans to build one of the world’s tallest residential towers in Mumbai, the booming financial capital of the fast developing country. Lodha Developers intends the tower to be 117 storeys high, and it will be designed by New York-based architects […]