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Sri Lanka will not sign economic pact with India: minister
July 24, 2008 (LBO) – Sri Lanka will not sign an economic pact with India until fears of local industrialists and professionals which suddenly cropped up despite four years of discussions are allayed, the island’s international trade minister said.On the same day, Wimal Weerawansa, a Marxist-nationalist lawmaker, challenged the government to release the draft CEPA […]
Sri Lanka stocks firm, turnover thin
July 24, 2008 (LBO) – Sri Lankan stocks closed up for the second day Thursday after a long slide but thin turnover showed investors opted to stay out of the market owing to uncertainties about corporate earnings. The All Share Price Index closed up 0.86 percent (20.34 points) at 2,376.87 while the Milanka was up […]
Shock Waves
July 24, 2008 (LBO) – A landmark court ruling against Sri Lanka’s John Keells group involving the privatization of a profitable marine bunkering unit which was coupled with a tax holiday, is sending shockwaves through the island’s private and public sectors. Sri Lanka’s Supreme Court said JKH had got a tax break through a ‘false […]
Sri Lanka Coke unit in plastic bottle recycle venture
July 24, 2008 (LBO) – The Sri Lankan unit of soft drinks maker Coca Cola has teamed up with Manisha Polymer, a local firm, to recycle plastic bottles.“We want to be a part of the solution and not the problem,” says Basil Gadzios, country manager, Coca Cola Beverages Sri Lanka. The firm has been selling […]
Sri Lankan military says 29 killed in fresh fighting
July 24, 2008 (AFP) – At least 25 Tamil Tiger rebels and four soldiers have been killed in fighting and air strikes across Sri Lanka’s northern region, the defence ministry said Thursday. The ministry said the clashes between troops and members of the Liberation Tigers of Tamil Eelam (LTTE) happened Wednesday and brought the number […]
Sri Lanka A&E unit in new deal with apparel industry
July 24, 2008 (LBO) – American & Efird Lanka (Pvt) Ltd. has secured a deal to be the preferred sewing thread supplier to Sri Lanka’s apparel industry for the third year running, a company statement said. A&E (Lanka) commands a large share of the Sri Lankan market for sewing thread. The company has signed a […]
Sri Lanka approves Indian power cable link
July 24, 2008 (LBO) – Sri Lanka’s cabinet of ministers has approved a proposal to link Southern India and Sri Lanka through a submarine power cable, a senior minister said.The high voltage direct current link cable was proposed by Power Grid Corporation of India to link Dhanushkodi with Talaimannar in north western Sri Lanka. The […]
India mobile phone giant Bharti Q1 profit up 34 percent
MUMBAI, July 24, 2008 (AFP) – India’s top mobile phone company, Bharti Airtel, said its first-quarter net profit increased by a better-than-expected 34 percent, as subscriptions rose in the world’s fastest-growing wireless market.Net profit for the three months to June was 20.25 billion rupees (470 million dollars) from 15.12 billion rupees for the same period […]
Vietnam inflation hits 27 percent, trade gap widens
HANOI, July 24, 2008 (AFP) – Vietnam’s annual inflation rate hit 27 percent in July, the government said Thursday, as rocketing food and fuel costs saddle its economy with one of Asia’s toughest battles against rising prices. The figure was only a little higher than June’s 26.8 percent, but the government’s decision earlier this week […]
Japanese business chief calls for change of government
TOKYO, July 23, 2008 (AFP) – One of Japan’s top business leaders called Wednesday for a change of government to shake up Asia’s largest economy, which faces major challenges from a shrinking population. Democracy is still “immature” in Japan, where the Liberal Democratic Party has ruled almost continuously since it was created in 1955, said […]
Oil tumbles to US$124 a barrel after Plosser hints at rate hike
NEW YORK, July 23, 2008 (AFP) – Oil prices tumbled Wednesday as supply concerns eased after a bigger-than-expected increase in gasoline reserves was reported in the United States.The threat to supply from Hurricane Dolly in the Gulf of Mexico diminished as the storm veered away from offshore oil installations. New York’s main contract, light sweet […]
Sri Lanka on top as Jayawardene emulates Bradman
July 24, 2008 (AFP) – Mahela Jayawardene equalled former Australian legend Don Bradman’s record of nine centuries at one venue to put Sri Lanka in a commanding position in the opening Test against India here on Thursday. Skipper Jayawardene cracked a stylish 136 to help his side post 422-4 in the first innings at stumps […]