Category:
Tight Rates
June 10, 2008 (LBO) – Sri Lanka’s Lanka Orix Leasing Company (LOLC) group said net profits for the year ended March 2008 was up 21 percent with revenue growing 50 percent though rising interest costs trimmed profits at company level. Group net profits rose to 1.26 billion rupees from 1.04 billion, while gross revenues rose […]
Sri Lanka fighting kills another 20: military
June 10, 2008 (AFP) – Fighting across Sri Lanka’s embattled northern region left at least 18 Tamil Tigers and two soldiers dead, the defence ministry said Tuesday.Monday’s fighting in the regions of Mannar and Vavuniya also wounded 10 Tiger rebels and 18 government troopers, the ministry said. However, the Liberation Tigers of Tamil Eelam (LTTE) […]
Emirates to start first A380 services to Americas
June 10, 2008 (LBO) – Dubai-based Emirates is starting the first ever commercial Airbus A380 service to the Americas with a 14-hour non-stop flight to New York from August 01, the airline said. Air travellers will be able to experience Emirates Airline’s state-of-the-art A380 aircraft for the first time on 1st August, when the airline […]
Sri Lanka LOLC plans ethanol power plant
June 10, 2008 (LBO) – Sri Lanka’s LOLC group, which has taken over a defunct sugar firm in a public-private partnership, is planning to build an ethanol-based power plant, the company said. LOLC and Brown & Company inked deal with the government in 2007 to revive Gal Oya Plantations, a defunct state sugar firm that […]
Uganda benefiting from world food crisis: president
LONDON, June 10, 2008 (AFP) – Uganda is benefiting from the current hike in world food prices because it is a net producer of goods like bananas, its President Yoweri Museveni said here Tuesday.“We are very happy with the food crisis. Why? Because we produce a lot of food, and our problem has been the […]
‘s ex-king has hundreds of millions stashed away: author
KATHMANDU, June 10, 2008 (AFP) – Nepal’s ousted king is thought to have close to 200 million dollars stashed away inside the country and even more abroad, according to an author who has probed royal finances.Surya Thapa, a journalist who has written three books on the Himalayan royals, said ex-king Gyanendra is unlikely to feel […]
Oil prices slide again on roller coaster run
LONDON, June 9, 2008 (AFP) – Crude oil prices pulled back Monday from last week’s record highs as the dollar firmed against the euro and OPEC kingpin Saudi Arabia stressed its willingness to meet any increase in demand.New York’s main oil futures contract, light sweet crude for July delivery, slid 4.19 dollars a barrel to […]
Arbitrage
June 10, 2008 (LBO) – Laugfs Auto Gas, a Sri Lankan gas distributor that started conversion of vehicles to run on auto gas, said that it was timely for owners to covert to gas because it is now almost 50 percent cheaper than petrol.“Liquid petroleum gas has always been cheaper than petrol and we believe […]
Sri Lankan shares slip further
June 09, 2008 (LBO) – Sri Lankan shares ended weaker Monday on thin trading as weak sentiment continued with investors worried about high inflation and interest rates and lower company earnings, brokers said. Price losers outnumbered gainers 76 to 39, Bartleet Mallory Stockbrokers said.The All Share Price Index lost 0.28 percent (6.94 points) to end […]
Port Bids
June 09, 2008 (LBO) – Sri Lanka has re-appointed project committees to award a container terminal concession to expand Colombo port, with fresh bids expected to be called by end-July, a top official said. Under the new agreement, the loan became effective in May while the government has agreed to award the terminal concession within […]
Sri Lanka Continental hotel new owners seek pricing freedom: report
June 09, 2008 (LBO) – The new owners of Sri Lanka’s Continental Hotel have taken board control and sought approval from tourism authorities to sell rooms at lower rates, a media report said. Hotel Services (Ceylon) Ltd, which owns the Continental Hotel in the Sri Lankan capital Colombo, was sold by former owner U K […]
‘s Horana plantation caps management fees
June 09, 2008 (LBO) – Sri Lanka’s Horana Plantations, which is managed by the Ceylon Theatres group has capped management fees to 15 million rupees a year, the company said. In the second stage the estates were sold to managing agents. Despite gaining ownership, the management companies kept the fees and used them to finance […]