Category:
Sri Lanka Ceylinco Insurance says Maldives unit pays big dividend
Oct 09, 2009 (LBO) – The Maldives subsidiary of Sri Lanka’s Ceylinco Insurance said it had declared an interim dividend of 70 percent for its share holders for the year 2009.The majority shares of the Maldives subsidiary is owned by Ceylinco Insurance. “Against a backdrop of worldwide recession that has seen companies struggle for survival, […]
Sri Lanka suffers nationwide power failure
Oct 09, 2009 (LBO) – Sri Lanka’s faced a nation-wide power outage in the early hours of Friday, and state-run Ceylon Electricity Board is working on restoring supply, officials said.Power is distributed in Sri Lanka by two firms, the CEB and Lanka Electricity Company, which is also state-run.The system was energized twice but it failed […]
Sri Lanka, India coal plant deal to be inked in November
Oct 09, 2009 (LBO) – Ceylon Electricity Board, Sri Lanka’s state-run power utility, will sign a firm deal with India’s National Thermal Power Corporation (NTPC) to build a 500MegaWatt coal plant in November, an official said.The plant is a 50/50 joint venture between CEB and NTPC with each partner putting 75 million US dollars of […]
Sri Lanka can avoid foreign pressure by putting economy right: think tank
Oct 09, 2009(LBO) – Sri Lankan can avoid foreign pressure tied to aid or trade concessions by putting its own economic house in order through better management, a think tank has said. Such reforms will sustain higher growth over the longer term, the IPS said. “The immediate task is to restore macroeconomic stability,” it said. […]
Sri Lanka withdraws bonus interest on forex deposits
Oct 08, 2009 (LBO) – The Sri Lankan government has stopped paying bonus interest on the interest earned on foreign currency deposits in banks, the Sri Lanka Banks’ Association said.The Central Bank has withdrawn the payment of bonus interest in rupees on interest paid to foreign currency accounts from October 1, the association said in […]
Sri Lankan shares becalmed, foreigners net buyers
Oct 08, 2009 (LBO) – Sri Lankan shares closed flat Thursday as investors took profits on selected counters, while Hatton National Bank (HNB) and Lanka Cement dominated the day’s trade volumes, brokers said. The All Share Price Index closed up 0.02 percent (0.54 points) to end at 3,117.10 while the Milanka index of more liquid […]
On Target
Oct 08, 2009 (LBO) – Sri Lanka’s state-owned National Savings Bank (NSB) had exceeded its 2009 deposit mobilization target of 30 billion rupees by the end of the third quarter, a senior official said. “So far we have achieved 38 billion rupees and we expect it will exceed 40 billion rupees at year’s end,” H […]
Sri Lanka tea prices recover
Oct 08, 2009 (LBO) – Prices of teas grown on the estates of regional plantations companies recovered at this week’s Colombo auctions, although those of low grown teas fell, brokers said. “Low grown teas once again declined in value, but met with fair general demand,” Asia Siyaka said. High priced FBOP/FBOPF1 varieties of tea declined […]
Moving Up
LONDON, October 8, 2009 (AFP) – US and British universities dominate the top of a league table of universities worldwide published Thursday, but Asian seats of learning are moving up the global rankings. Harvard remains in top spot in the Times Higher Education (THE) league table, followed by Britain’s Cambridge University then Yale in third […]
Indian Ocean countries to stage tsunami exercise
PARIS, October 8, 2009 (AFP) – Eighteen states around the Indian Ocean rim will next week stage the first region-wide test of a tsunami warning system aimed at saving thousands of lives, UNESCO said.Dubbed “Exercise Indian Ocean Wave 09”, the joint exercise on October 14 will replicate the massive earthquake that struck off the Indonesian […]
‘ earnings seen weak but better times ahead
MUMBAI, October 8, 2009 (AFP) – Indian firms are expected to report a fall in profits in the quarterly results season that kicks off Friday, but better times lie ahead as the country’s economic recovery takes hold, analysts forecast. “The economic fundamentals are improving,” Hitesh Agrawal, head of research at Mumbai’s Angel Broking, said Wednesday. […]
Sri Lanka state utility to buy 50MW of wind power
Oct 08, 2009 (LBO) – Sri Lanka’s state-run power utility has given the nod for 50 MegaWatts of wind power to be developed by five parties in the north-western Puttalam area of the island, an official said.Sri Lanka’s government has declared a policy of generating 10 percent of the country’s power needs from renewable sources […]