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Sri Lankan airlines to boost flight training capacity with second simulator
August 05, 2012 (LBO) – State run Sri Lankan airlines is to take delivery of a new Dutch built A330 flight simulator early next year increasing the airline’s capacity to offer flight simulator services to regional carriers, the airline said. The A320 flight simulator installed at the airline’s flight training school last year has helped […]
New Sri Lankan book tackles alternatives to revive state firms
August 05, 2012 (LBO) – A Sri Lankan infrastructure specialist is sharing ideas on how loss-making state enterprises can transform themselves into a profitable venture in a new book written in Sinhala. Apata Galapena Arthika Kramaveda, a collection of articles on economics in Rohan Samarajiva, expert on infrastructure policies and C J Amaratunga, veteran journalist, […]
Sri Lanka, India trade deal seen containing deficit
August 04, 2012 (LBO) – A free trade deal between India and Sri Lanka has actually helped stabilise the island’s trade deficit with her larger neighbour, a senior economist has said. Concerns among Sri Lankan protectionist forces about the Indo-Lanka free trade agreement, that it was lopsided and favoured India, were largely misplaced, said Saman […]
Digging Deep
August 03, 2012 (LBO) – Sri Lanka’s Dialog Axiata PLC, the island’s largest mobile operator, said its group profits fell to 879.45 million rupees for the June quarter from 1.26 billion rupees reported in the same quarter 2011. A unit of Malaysia’s Axiata Berhard, Dialog’s group revenues grew to 14.1 billion rupees in the June […]
’s Trincomalee district
August 03, 2012 (LBO) – India has agreed to set-up a dedicated economic zone and to build a pharmaceutical hub in Sri Lanka as part of bilateral ties to strengthen economic trade between the South Asian neighbours, a minister said. The manufacturing investment zone, is due to come up in Sri Lanka’s eastern seaport district […]
Sri Lanka budget under pressure in May, but current gap narrows
August 03, 2012 (LBO) – Sri Lanka’s budget continued to be under pressure in May with the gap between total revenues at 119 billion rupees or 1.6 percent of gross domestic product but the pace of spending increases has slowed from a month earlier, official data showed. State finances performed much worse that last year, […]
Sri Lanka stocks up 0.31 pct
August 02, 2012 (LBO) – Sri Lankan stocks closed flat Thursday after about an hour of spike triggered by investor confidence that credit rules would be reconsidered by treasury secretary P.B Jayasundara. The Colombo Stock Brokers Association has met treasury secretary P.B. Jayasundara and discussed ways to revive the bourse and better manage risks, and […]
Financial Intelligence
August 02, 2012 (LBO) – The Financial Intelligence Unit (FIU) of Sri Lanka’s Central Bank has signed a Memoranda of Understanding (MOU) with FIUs of Mongolia, Russia, Saudi Arabia, and the United States, the bank releasing a statement said. Under the MOU the countries will share financial information to facilitate the investigation and prosecution of […]
Urban Dwelling
Aug 02, 2012 (LBO) – Sri Lanka is set to begin work on the second stage of a housing project to relocate Colombo’s shanty dwellers in a bid to improve living standards and transform the congested Slave Island area to a modern residential and commercial zone, officials said. Housing units starting from a minimum five […]
’s John Keells, Phoenix Ventures floats local air taxi service
August 02, 2012 (LBO) – Sri Lanka’s John Keells Holding PLC has joined with Phoenix Ventures Limited to start a 6.8 million dollar domestic air taxi service, a statement said. Saffron Aviation (Pvt) Ltd, will be a 8.4 million dollar project becoming the second such air taxi operator after national carrier SriLankan Airlines. The start-up […]