All Blogs
Stock Woes
COLOMBO, Aug 26, 2012 (AFP) – Sri Lanka’s stock market, once a darling of investors, has seen its value plummet 26 percent in the past year and now faces a crisis of confidence after its regulator quit in a storm of controversy. The tiny bourse became the world’s top gainer soon after the country ended […]
Sri Lanka exporter warns against tea nationalism
Aug 27, 2012 (LBO) – An exporter of branded teas that has catered to emerging global consumer needs has warned that nationalism and protectionism in tea was losing Sri Lanka an opportunity to play a bigger role in the global tea industry. He said demands to ban such an export hub will require Sri Lankans […]
Sri Lanka Navy arrests over 1,000 Australia bound migrants over three months
Aug 26, 2012 (LBO) – Sri Lanka’s Navy said it arrested 98 boat people in two multi-day fishing vessels who were bound for Australia, taking the total arrested or rescued to 1,076 in the past three months, according to data released so far. In July the Navy had rescued or intercepted 542 people including 08 […]
Sri Lanka forex reserves US$7.1bn by July 2012
Aug 25, 2012 (LBO) – Sri Lanka’s foreign reserves had risen to 7.1 billion US dollars by end July 2012 from 6,045 million US dollars in June, helped by a loan from the International Monetary Fund and other inflows, the Central Bank said. When remittances, tourism receipts and foreign borrowings are spent by those that […]
Sri Lanka stocks down 0.50 pct
Aug 24, 2012 (LBO) – Sri Lanka stocks closed down 0.50 percent Friday with large cap stocks trading at lower levels, brokers said. The All Share Price Index dropped 25.31 points to close at 5,012.84 down 0.50 percent. The Milanka Index of more liquid stocks fell sharply by 56.29 points to close at 4,636.53 down […]
Micro Framework
Aug 24, 2012 (LBO) – Sri Lanka’s micro finance institutions will be regulated through a three tier framework where large scale entities will be brought under the direct supervision of the Central Bank, minister Keheliya Rambukwelle said. The Central Bank will set principles and standards to regulate the micro financiers. The cabinet of ministers had […]
Sri Lanka listed firms to merge, build new hotel
Aug 24, 2012 (LBO) – Sri Lanka’s listed Palm Gardens and Riverina Hotels said they would merge through a share swap and the new entity would build a 500 room hotel. Investors holding 14.1 million Riverina shares would get one share of Palm Garden for every two held, the two firms said in stock exchange […]
Capital Projects
Aug 24, 2012 (LBO) – Sri Lanka’s urban development agency will take-over several state properties in two key locations in the island’s capital Colombo for city development and leisure projects, a minister said. It will be converted in to a leisure and tourism zone with hotels, restaurants and entertainment activities. The UDA is also set […]
Tighter Rules
Aug 24, 2012 (LBO) – Sri Lanka will tighten its anti-money laundering and terrorist financing laws to comply with international requirements, minister Keheliya Rambukwella said. Rambukwella said cabinet of minister had given the nod to draft necessary changes to an existing Convention on Suppression of Terrorist Financing Act No 25 of 2005 to comply with […]
Sri Lanka state-carrier and Royal Jordanian in code-share deal
Aug 24, 2012 (LBO) – SriLankan Airlines and Royal Jordanian has a signed a code-share deal which will be effective from August 26, for three weekly flights between Colombo and Amman. “Royal Jordanian becomes SriLankan’s sixth codeshare partner, and the first that is a full-fledged oneworld member,” SriLankan Airlines chief exective, Kapila Chandrasena, said in […]