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Sri Lankan lantern makers feel the pinch from Chinese rivals
May 5, 2012 (LBO) – They are round in shape, colourful, sturdy, covered with cloth, with a little Buddhist flag competing for attention among pictures of pretty flowers. Chinese lanterns have slipped into Sri Lanka’s Vesak market threatening to dislodge the traditional paper lanterns. Colourful Tradition Colourful hexagon lanterns in many homes and places of […]
Sri Lanka interest rates move up, liquidity tighter
May 04, 2012 (LBO) – Sri Lanka’s overnight interest rate hovered nearer to a recently hiked policy rates Friday amid tighter liquidity, supporting its exchange rate and bond yields spiked, a day earlier, dealers said. A 2-year bond maturing on March 01, 2014 rose was quote around 12.75.13.00 percent. A 4-year bond maturing on August […]
Sri Lankan shares weak
May 4, 2012 (LBO) – Sri Lankan share prices closed the week in the red on Friday, with large trades in conglomerate John Keells Holdings and computer parts vendor, PC House, brokers said. Colombo’s 240-tracker All Share Price Index slipped 7.33 points or 0.13 percent to close at 5,382.14, while the liquid Milanka Price Index […]
Sri Lanka raises taxes on foreign milk powder
May 04, 2012 (LBO) – Sri Lanka’s finance ministry said it has raised taxes on imported milk powder by a further 15 percent or 92 rupees a kilogram, pushing up prices further as domestic dairy farmers threw away fresh milk saying there was no demand. Import taxes work by inflicting harm of the poorest sections […]
SriLankan extends wings to Jaffna Peninsula
May 04, 2012 (LBO) – SriLankan Airlines on Friday extended wings to the northern tip of the island, opening a branch in the Jaffna Peninsula. The state-run airline said the office will facilitate travel arrangements for a large clientele in the Jaffna and Kilinochchi areas. Considering the increasing customer base for air travel to and […]
Sri Lanka exports grow 7.6-pct in Feb
May 04, 2012 (LBO) – Sri Lanka’s exports grew 7. 6 percent from a year earlier to 878 million US dollars in February 2012 with tea exports falling and apparels barely growing, while imports powered ahead, official data showed. In the first two months of the year exports grew only 3. 3 percent to 1.79 […]
” ratings confirmed: Fitch
May 04, 2012 (LBO) – Sri Lanka has to persist with reducing its budget gap and tighten monetary policy further if needed to ward off balance payments pressure, Fitch Ratings which confirmed a sovereign rating at ‘BB-‘ said. The outlook on the rating was ‘stable’. “The ratings reflect Fitch’s view that the authorities have taken […]
Sri Lanka hikes prices of cooking gas, milk powder, cement
May 4, 2012 (LBO) – Sri Lanka on Friday raised prices of cooking gas, milk powder and cement, after a weak rupee, tax hike and higher energy prices raised costs. The price of a 12.5 kilo liquefied petroleum gas cylinder goes up by 350 rupees to 2,396 rupees from midnight Friday, Internal Trade Minister Johnston […]
Road Plan
May 03, 2012 (LBO) – Sri Lanka is planning to firm up private finance for a 1. 5 billion US dollar expressway within two months, as the country seeks to connect the north and east to the capital Colombo, Treasury Secretary P B Jayasundera said. “Inquiries are very much active on the now recognized Northern […]
Brand Extension
May 3, 2012 (LBO) – Sri Lanka’s state-owned Bank of Ceylon is to increase its network of overseas branches following a sharp increase in profits of two existing units in neighbouring south India and the Maldives. The bank, the island’s biggest lender, is to open two new branches in the south Indian cities of Tuticorin […]