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Visa Fraud
Oct 17, 2012 (LBO) – The United Kingdom has not endorsed any agent in Sri Lanka to help with visa applications and applicants who submit false documents will face a 10-year travel ban and action by domestic authorities, the UK High Commission in Colombo has said. “We welcome genuine visitors, students and workers to the […]
Sri Lanka power plant to use up to 700,000 tonnes of coal a year
Oct 17, 2012 (LBO) – Sri Lanka will use between 650,000 to 700,000 metric tonnes of coal a year for its first 300 MegaWatt coal power plant when it is in full operation, power minister Champika Ranawaka has said. The firm had supplied 362,682 tonnes in the period. Jayasekera then said Holcim’s bid was higher […]
Sri Lanka stocks closed down 0.81 pct
October 16, 2012 (LBO) – Sri Lanka stocks closed down 0.81 percent Tuesday with several blue chips losing ground. The Colombo All Share Index closed at 5,608.13 down 45.67 points and the S & P SL 20 Index closed 18.92 points lower at 3,036.94 down 0.62 percent. Turnover was 515 million rupees. Top contributors to […]
Sri Lanka hotel gets US$10mn IFC loan
Oct 16, 2012 (LBO) – International Finance Corporation, a World Bank group unit will loan 10 million US dollars to Sri Lanka’s Soflogic group to renovate a hotel in the island’s South Western beach. The will be used to renovate and expand Ceysands Hotel, a 66-room hotel in Bentota into a 166 room 4-star resort, […]
Bhutan office to be opened by ADB amid expanded lending
Oct 16, 2012 (LBO) – Asian Development Bank, a regional multilateral lender said it will open an office in the South Asian nation of Bhutan in early 2013 with economic growth expected to reach 8.4 percent in the current year. “To understand Bhutan’s needs, and the development challenges it faces, ADB needs an on-the-ground presence,” […]
‘s second international airport welcomes first aircraft
Oct 16, 2012 (LBO) – A Beechcraft Super King Air, belonging to Pakistan’s civil aviation authority has landed in a newly built runway at the second international airport in Mattala in Southern Sri Lanka, the state information office said. The information office quoted Saliya Wickramasuriya, chairman of Sri Lanka’s airports agency as saying the aircraft […]
” debate meaningless: IMF Rep
Oct 16, 2012 (LBO) – Debating whether Sri Lanka’s rupee is ‘overvalued’ is a wasteful exercise as models used to determine some intrinsic value of an exchange rate are not worth the paper they are written on, an International Monetary Fund official said. “Economists – we – have these models,” IMF’s resident representative Koshy Mathai […]
Sri Lanka Sampath Bank to limit 16.5-pct debentures
Oct 15, 2012 (LBO) – Sri Lanka’s Sampath Bank which offered 1. 5 billion rupees of debentures in three types coupons has said that applications for 16.5-pct fixed rate securities will only be partially filled. Those who had applied for over 100,000 will get 100,000 debentures and the balance will be prorated. Samapath offered one […]
Sri Lanka stocks closed down 1.47 pct
October 15, 2012 (LBO) – Sri Lanka stocks closed down 1.47 percent Monday with most blue-chips trading below previous closing prices. Coco Lanka fell with investors giving thumbs down to a cash call to move into fast moving consumer goods retailing. The Colombo All Share Index closed at 5,653.80 down 84.44 points and the S […]
Sri Lanka has to pay more attention to pricing energy: officials
Oct 16, 2012 (LBO) – Sri Lanka has to take actions to diversify the country’s energy mix and pay more attention to pricing energy and cut losses in state energy enterprises to keep the economy stable, top officials said. State-run Ceylon Petroleum Corporation ran up losses as it subsidized state-run Ceylon Electricity Board. The CEB […]