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Sri Lanka monks complain of government pressure
February 19, 2010 (AFP) – Sri Lanka’s top Buddhist monks called off a special gathering this week because of government pressure, a spokesman said Friday, while the opposition said bomb threats had been involved. The monks had been sharply criticised in the state-run media for dabbling in politics after they sent a letter to President […]
Fed hikes rate on discount window amid easing financial crisis
WASHINGTON, February 18, 2010 (AFP) – The US Federal Reserve said Thursday it was increasing the interest rate it charged on emergency loans to banks in a move to normalize lending after radical measures to jolt the economy from recession. “The modifications are not expected to lead to tighter financial conditions for households and businesses […]
Sri Lanka shares becalmed
Feb 18, 2010 (LBO) – Sri Lankan shares closed virtually stagnant Thursday with trading in a speculative stock boosting turnover and some interest in property stocks, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index closed at 3,732.77, up 0.31 percent […]
Lost Gains
Feb 18, 2010 (LBO) – Sri Lanka’s Commercial Bank said dividends not claimed by shareholders after six years are to be considered forfeited from March. Any interim or final dividend declared by Commercial Bank from February 2000 to February 2004 which remains unclaimed will be considered as fortified by the owners and considered as the […]
Healing Numbers
Feb 18, 2010 (LBO) – Sri Lanka’s Seylan Bank group said losses narrowed to 16.5 million rupees in the December quarter from 689 million a year ago and that it ended the year with a profit. The bank said in a stock exchange filing that it made a full year net profit of 569 million […]
Sri Lanka coconut exporter mulls acquisitions
Feb 18, 2010 (LBO) – Sri Lankan coconut products exporter Coco Lanka has said it plans to expand and is holding talks with companies it had identified for possible takeover. Finance costs reduced sharply in both the quarter and the nine-month period, the accounts showed. According to a segmental analysis of the business for the […]
Smuggling Route
February 18, 2010 (AFP) – Sri Lankan police on Thursday seized 28 kilos (62 pounds) of heroin worth 780,000 dollars in a major blow to smugglers who are believed to be use the island as a drug trafficking route from India. The narcotics were found during a raid early Thursday in the northwestern fishing village […]
Oil Slick
Feb 18, 2010 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation, said it was making ship oil or bunker deliveries from Colombo port through locally registered vessels after barges contracted by the firm were detained by Sri Lanka shipping authorities. Shipping sources say the bunker tankers of other operators are mostly idle […]
Sri Lankan stocks close 0.81-pct up
Feb 17, 2010 (LBO) – Sri Lankan stocks recovered Wednesday on gains in the prices of shares with a heavy weighting on the indices like Distilleries, Sampath Bank, Aitken Spence and Environmental Resources, brokers said. The All Share Price Index closed at 3,721.12, up 0.81 percent (30.08) points while the Milanka index of more liquid […]
Terminal Target
Feb 17, 2010 (LBO) – Construction of a new deep-water container terminal to be built and run by the private sector in Colombo port is to start in the second quarter of this year, a Sri Lanka port official said. Colombo port’s cargo flows are also recovering as trade recovers from recession, Wickrama said. “Our […]
High Capacity
February 17, 2010 (LBO) – Sri Lankan computer hardware distributor eSys Technologies has launched a range of high capacity, eco-friendly network storage devices. The products include Universal Tech’s NoTouchâ„¢ Elite 2800 External Storage and MyXerverâ„¢ MX3600 Network Storage devices, eSys said in a statement. Universal Tech is an Asian brand for external storage devices, offering […]
Pirate Peril
Feb 17, 2010 (LBO) – Software piracy by private sector companies in Sri Lanka is the main problem facing software developers, the Business Software Alliance (BSA), an industry body said. The organization, which represents the commercial software industry and its hardware partners, said in a statement it has taken legal action against companies using pirated […]