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Sri Lankan stocks close up 0.23-pct, hotels gain
May 14, 2010 (LBO) – Sri Lankan shares closed higher Friday as investors continued to bet on midcap stocks with keen interest on hotel sector shares, while price gains on selected high value shares pushed Milanka index up, brokers said. The All Share Price Index closed at 4,252.44, up 0.23 percent (9.77 points) while the […]
High Spirits
May 14, 2010 (AFP) – Almost one in three Sri Lankan private bus drivers smokes marijuana or drinks alcohol before work, operators said Friday after a study into the high rate of road fatalities on the island nation. “We did a survey of buses operating in Colombo and found that about 30 percent of drivers […]
Bank Numbers
May 14, 2010 (LBO) – Sri Lanka’s NDB Bank’s group net profit for the March 2010 quarter fell 34 percent to 299 million rupees from a year ago with interest income down but non-interest income increasing, latest accounts showed. Total income fell 13 percent to 3.1 billion rupees in the quarter, according to a stock […]
Other Income
May 14, 2010 (LBO) – HSBC’s Sri Lankan unit’s March quarter profits rose 103 percent to 1.41 billion rupees from higher foreign exchange and fee-based incomes despite lower net interest margins and higher operating expenses, the accounts showed. Gross assets rose 7.1 to 174 billion rupees, HSBC Sri Lanka’s March accounts showed. HSBC Sri Lanka’s […]
Sri Lanka tea prices fall as crops increase
May 14, 2010 (LBO) – Sri Lankan tea prices fell at this week’s Colombo auctions owing to bigger quantities and lower quality and are likely to fall further in line with seasonal trends, brokers said. Prices of most teas from both the main low grown sector, which accounts for the bulk of the crop, and […]
Top Down
May 14, 2010 (LBO) – Unethical practices from the top find its way to the bottom of organizations, and picking the right talent was also important since human decisions can always override regulations, a senior business executive said. However in some cases employees sometimes bend rules when being pressurized by the top management to make […]
India plans 11 billion dollar infrastructure fund: report
NEW DELHI, May 14, 2010 (AFP) – India aims to create an 11-billion-dollar fund to overhaul its creaking infrastructure, with 40 percent of the money sourced from abroad, a report said Friday. The government wants to raise 4.4 billion dollars from foreign pension, insurance and sovereign wealth funds and the rest from domestic institutions, the […]
‘s Maoist heartland
RAIPUR, May 14, 2010 (AFP) – When Samir Xalxo has a story to tell he makes a phone call and within hours people across one of India’s least developed and most violent states will be able to catch up on the news. The system, developed by Microsoft Research India, allows trained amateur journalists in Chhattisgarh […]
Offshore Opportunity
May 14, 2010 (LBO) – Sri Lanka’s Hemas group and Colombo Dockyard have teamed up with Singapore’s Toll Offshore Petroleum Services to bid for Cairn India’s contract for offshore oil field support services, officials said. “Hemas Holdings, Colombo Dockyard and Toll Offshore Petroleum Services have jointly placed a bid for the offshore supply base for […]
‘re to blame, says Sangakkara after Sri Lanka T20 exit
GROS ISLET, May 13, 2010 (AFP) – Sri Lanka captain Kumar Sangakkara said the team had no-one else to blame but themselves after a seven-wicket World Twenty20 semi-final loss to England here on Thursday. Last year’s losing finalists were all but out of the game after being restricted to 128 for six, having lost their […]
Sri Lanka Bank of Ceylon to sell 5-year bonds
May 13, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon will sell 5. 0 billion rupees of 5-year bonds in June with fixed and floating rate coupon which will be listed in Colombo Stock Exchange. The Colombo Stock Exchange said 50 million debentures of 100 rupees and subscriptions will open on June 01, the […]
Sri Lankan stocks close 0.31-pct up, midcaps gain
May 13, 2010 (LBO) – Sri Lankan shares closed higher Thursday as retail investors bet on selected midcap stocks expecting the market to regain momentum in the coming weeks, brokers said. The All Share Price Index closed at 4,242.67, up 0.31 percent (13.27 points) while the Milanka index of more liquid stocks rose 0.68 percent […]