Tag: lbo
Loans to eurozone businesses drop sharply: ECB
FRANKFURT, July 25, 2013 (AFP) – Loans to businesses in the debt-mired eurozone tumbled in June, the European Central Bank said Thursday, weakening a key component of any economic recovery. Private sector loans dropped 1.6 percent last month in a year-on-year comparison, the ECB said, after a 1.1 percent decline in May. Loans to households […]
Base Case
July 26, 2013 (LBO) – Chevron Lubricants Lanka Plc said profits in the June 2013 quarter rose 5.5 percent to 562 million rupees from a year earlier, despite falling revenues on lower raw material prices. The firm reported earnings of 4.69 per share in interim accounts filed with the Colombo Stock Exchange. In the six […]
Many Sri Lanka state agency accounts disclaimed by auditors: COPE report
July 26, 2013 (LBO) – Accounts of 18 state enterprises and agencies had been disclaimed by auditors, while another 04 had adverse opinions, some for two years running, while some others had not even submitted annual reports, a parliamentary report said. An adverse audit opinion refers to an occasion when an auditor finds enough information […]
Petro Price
July 25, 2013 (LBO) – Cairn Lanka, a unit of India-based Cairn is in talks with Sri Lanka’s government over gas pricing and commercial terms following the discoveries made in two wells, the company said. “Monetization of the existing discoveries continues to be evaluated under various development & commercial scenarios,” the parent firm said in […]
Sri Lanka scales back army presence in former rebel stronghold
July 24, 2013 (AFP) – Sri Lanka’s military said Wednesday it will dismantle over a dozen army camps in the former rebel stronghold of Jaffna, weeks ahead of key council elections in the embattled region.Sri Lanka adopted a de facto federal system in 1987 but never held elections in the Tamil-dominated north, which continued to […]
Sri Lanka holds rates, state credit easing: Central Bank
July 24, 2013 (LBO) – Sri Lanka is holding its policy interest rates at 9.00 percent to give money to banks with credit to state starting to ease, which will help private borrowing, the Central Bank said. Sri Lanka’s private borrowings and investment have been crowded out and investments by heavy government borrowing from banks […]
Sri Lanka refugee describes boat sinking tragedy
CIDAUN, July 24, 2013 (AFP) – Rescuers searched the seas off Indonesia’s Java island Wednesday for possibly dozens of asylum-seekers missing after their Australia-bound boat sank, leaving at least three dead, with 157 saved, an official said.Hundreds have drowned making the journey — as recently as last week a boat sank, killing four people — […]
Sri Lanka to curb supermarket expansion
July 22, 2013 (LBO) – Sri Lanka is to curb the expansion of self-service supermarkets, a media report said shortly after new taxes were imposed on privately owned chains.Sri Lanka’s privately owned Hiru radio channel quoting President Mahinda Rajapaksa as saying that small traders and individual sellers were being displaced by supermarkets. “The vegetable lady […]
‘s
July 22, 2013 (LBO) – Sri Lanka’s credit profile has stabilized but external debt and debt servicing costs are rising, Moody’s Investors Services, which has rated the country ‘B1’ said in a credit update.About 73 percent of total spending was current spending, though there were some improvements. Of the current spending 91 percent was for […]
Riots rock Australian refugee centre on Nauru
SYDNEY, July 20, 2013 (AFP) – Buildings were torched as hundreds of asylum-seekers escaped detention during riots at an Australian refugee facility on Nauru, witnesses said Saturday, following the unveiling of a hardline immigration policy.The programme was ramped up Friday with an announcement that Australia was effectively closed to asylum-seekers arriving by boat in a […]
Protests in Sri Lanka over French film festival
COLOMBO, July 17, 2013 (AFP) – Hundreds of government supporters protested outside the French embassy in Colombo Wednesday over a film festival which included a local movie considered by Sri Lanka’s military to be insulting. Demonstrators chanted anti-French slogans, denouncing the Sinhalese-language movie “Flying Fish” and the embassy for showing it at the French film […]
Sri Lanka bets on high-end casinos to boost economy
COLOMBO, July 17, 2013 (AFP) – Multi-million-dollar casinos planned for Colombo have boosted Sri Lanka’s ambitious hopes of becoming Asia’s new gambling hotspot, but the projects still face political and religious opposition. “In the alcohol and tobacco industries, we have a good idea of how much is produced, what the sales are and more importantly […]