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Sri Lanka Marriott hotel with East West to open in 2014
July 11, 2012 (LBO) – US based Marriott International said it has signed up with Sri Lanka’s East West Properties Plc, to open a 200-room hotel in Weligma, on the island’s Southern coast in 2014. The 11-storey Weligama Bay Marriott Resort & Spa, will be operated under Marriott’s flagship Marriott Hotels & Resorts brand. “Sri […]
Sri Lanka holds policy rates, credit slowing, IMF targets met: CB
July 11, 2012 (LBO) – Sri Lanka is holding its key interest rates at which money is injected into the economy at 9.75 percent amid rising inflation, though credit and money supply growth is starting to slow, the Central Bank said. In February energy prices were raised, the exchange partially floated to reduce the need […]
Sri Lankan stocks fall 0.39 percent
July 10, 2012 (LBO) – Sri Lankan stock prices remained in the red, despite large deals in Confifi Hotel, Hatton National Bank and Aitken Spence that helped swell Tuesday’s turnover, brokers said. Hatton National Bank’s non-voting stock gained 2.80 rupees to 92.80 rupees on 2.34 million shares. Brokers said a large block of 1.22 million […]
Trinco Projects
July 10, 2012 (LBO) – Sri Lanka’s state-run ports agency is evaluating nine proposals from nine investors to build industries near the northeastern port of Trincomalee, chairman Priyath Wickrema said. Sri Lanka’s Hambantota port has already received about 800 million US dollars of investments and a second investment round where bids are closing on August […]
Port Industries
July 10, 2012 (LBO) – Sri Lanka’s state-run ports agency is targeting a billion US dollars of investment at the southern Hambantota Port in a request for proposals that is closing in August 2012, an official said. The Chinese finance port is positioned as an industrial port with transshipping via roll-on-roll off vessels, entrepot trade […]
Port City
July 10, 2012 (LBO) – Sri Lanka is expecting 15 billion US dollars of investments to pour into a ‘port city’ on reclaimed beachfront land bordering the island’s main port in Colombo, during the next 10 years, an official said. Reclamation of the 243 acre site is set to begin in October and is expected […]
Pow Wow
July 09, 2012 (LBO) – A two day sea trade conference aimed at examining Sri Lankan’s maritime infrastructure and positioning the island as a transshipment logistic hub will kicks off Tuesday in Colombo. Sessions will also analyze and review major maritime development projects in Sri Lanka, look at attracting investments for maritime projects and oil […]
Credit View
July 10, 2012 (LBO) – Ram Ratings Lanka has downgraded the Bimputh Lanka Investments Plc, from ‘BB’ to ‘BB-‘ after a related sugar mill was expropriated by the state last year. “The downgrade reflects the loss of financial and operational synergies derived from Sevanagala Sugar Industries (Pvt) Ltd, previously one of Bimputh’s significant counterparties.,” RAM […]
Sri Lanka hydro power gets brief boost
July 10, 2012 (LBO) – Sri Lanka’s hydro storage rose 30.4 GigaWatt hours to 319.1 GWh after strong showers on July 09 brought inflows mostly into small ponds in the Kelani River complex. According Sri Lanka’s state-run Ceylon Electricity Board data total hyrdo storage slipped to 288.7 GWh (millions of units) on Sunday, after slipping […]
Sri Lankan stocks down 0.07 percent
July 09, 2012 (LBO) – Sri Lankan stocks closed down 0.07 percent on Monday, despite investor interest in selected stocks like Carsons Cumberbatch PLC, brokers said. LOLC Group, which has investments in leasing and financial services, saw 214,100 shares trade. But the stock closed down 10 cents to 37.10 rupees. Overseas Realty, the Singaporean owners […]