Category:
Sri Lanka seen losing status as tea exporter
Dec 17, 2009 (LBO) – China has overtaken Sri Lanka as the world’s second largest tea exporter, and the island is in danger of losing its position as a major export origin, the Sri Lanka Tea Board has warned.But China and Vietnam are understood to have maintained their usual black tea production and enjoyed the […]
Floor Connection
Dec 17, 2009 (LBO) – Sri Lanka is looking at setting an interconnection rate of around 60 cents a minute for mobile operators from February next year, the regulator said, as the industry was gripped in a price war. “We are looking at 60 cents a minute,” director general of Sri Lanka’s telecom regulatory commission […]
Broad Speed
Dec 17, 2009 (LBO) – Mobitel, a unit of fixed access provider Sri Lanka Telecom said it has successfully tested and launched a high speed broad band technology that will double peak download rate that can be offered on its mobile network. The upgraded high speed packet access (HSPA) technology uses multiple antennas in both […]
‘s NDTV Imagine for 126.5 million
NEW DELHI, December 17, 2009 (AFP) – Time Warner Inc said Thursday its board had approved the acquisition of Indian entertainment channel NDTV Imagine Ltd.for 126.5 million dollars. The purchase from NDTV Networks Plc will be made through unit Turner Asia Pacific Ventures, Inc.and will see it gain a 92 percent stake in Imagine, and […]
Sri Lanka faces trade deal suspension: EU
Dec 17, 2009 (LBO) – The European Union will recommend suspending a trade deal giving duty free access to Sri Lankan exports but hopes to reverse the decision following talks with the island’s government, its envoy said. European Union ambassador Bernard Savage said the European Council, its decision-making body, will “logically have to recommend suspension” […]
ICC chief wants day/nighters put to the test
LONDON, December 17, 2009 (AFP) – International Cricket Council (ICC) president David Morgan expects day/night Test cricket to become a reality within the next two years as a way of countering declining attendances for the five-day game.Trials with a pink ball for use under floodlights are underway with officials determined to boost global interest levels […]
Sri Lanka subsidy ideology is a myth: business leader
Dec 17, 2009 (LBO) – Sri Lankan people are being fooled by state subsidies when high inflation triggered by big budget deficits erodes their income, the head of Sri Lanka’s top business chamber said. “The idea of subsidies is an absolute myth,” said Anura Ekanayake, chairman, Ceylon Chamber of Commerce. Most people were not aware […]
Sri Lankan bill yields move up
Dec 16, 2009 (LBO) – Sri Lankan Treasury bill yields edged up across maturities, at Wednesday’s auction, the government’s debt office said, despite only a part of the bids being accepted. The 3-month yield rose 09 basis points to 7.60 percent, the 6-month yield rose 09 basis points to 8.59 percent and the 12-month yield […]
Sri Lankan shares close up 0.41–pct on large JKH deal
Dec 16, 2009 (LBO) – Sri Lankan shares closed up Wednesday, propelled by a foreign of-the-floor deal on John Keells Holdings (JKH) and banking counters headed by a large deal on blue chip Commercial Bank, brokers said. The All Share Price Index closed at 3,089.45 up 0.41 percent (12.49 points) while the Milanka Price Index […]
Liquidity Support
Dec 16, 2009 (LBO) – Sri Lanka’s central bank said it will guarantee loans given by banks to registered leasing and finance companies in liquidity trouble, though the assistance would be conditional. The Central Bank quickly moved to act on the finance companies and also took action against directors of the Ceylinco firm. In providing […]
Managed Finance
Dec 16, 2009 (LBO) – Sri Lanka’s Central Bank said it has appointed People’s Leasing Company as managing agent of Industrial Finance Limited, a company facing liquidity shortages, with immediate effect. The Central Bank said in a statement all directors of Industrial Finance, which is currently under its supervision, will continue to serve as members […]
Lower Step
Dec 16, 2009 (LBO) – RAM Ratings Lanka said it has downgraded the long-term rating of Central Investments and Finance Limited (CIFL) from B+ to C-, reflecting its poor financial performance and liquidity pressures. It also reflects the acute deterioration in the company’s asset quality, the rating agency said in a statement. “The outlook on […]