All Blogs
Sri Lanka to work out surveillance deal with IMF: CB Governor
May 08, 2012 (LBO) – Sri Lanka will work out a surveillance program with the International Monetary Fund to boost investor confidence after a current deal with the agency ends in July 2012, Central Bank Governor Nivard Cabraal said. “Thereafter the type of relationship we will have with them is something we will have will […]
Sri Lanka Taj hotel hit by liability dollarization
May 07, 2012 (LBO) – Profits of Taj Lanka Hotel Plc, a unit of India’s Taj Hotels and Resorts Ltd, plunged 87 percent to just 6.7 million rupees in the March 2012 quarter due to exchange losses from a dollar loan. Taj Lanka’s revenues rose 6 percent to 450 million rupees in the December quarter […]
Sri Lanka income taxes have to be paid by all: Treasury secretary
May 07, 2012 (LBO) – Amid pressure from a parliamentary committee for remaining workers of state-enterprises to pay income taxes, finance ministry secretary P B Jayasundera has said all persons must get used to paying taxes. Jayasundera said even a person earning 200,000 a month only paid about 10 percent in tax and the average […]
‘s forex reserves fal to US$5.5bn in Feb 2012: data
May 6, 2012 (LBO) – Sri Lanka’s foreign reserves fell to 5,552 million US dollars at the end of February 2012, down 32 percent from a peak of 8,098 million US dollars in July 2011, official data shows. Sri Lanka’s reserves fell steeply during the second half of 2011 credit taken by state enterprises to […]
Sri Lanka Hilton property in US$45mn upgrade: report
May 06, 2012 (LBO) – Hotel Developers Ltd, a state-run property where Colombo’s Hilton is housed will go a 45 million US dollar refurbishment, as it gears up to meet competition from spruced up city hotels, a media report said. Hotel Developers was one of the firms that was expropriated by the state through a […]
‘s Asia Leisure in Japan tie for beach resort
May 05, 2012 (LBO) – Teoria Investment Company Limited, a Japan based company is investing two million US dollars in a beach resort built by Sri Lanka’s Asia Leisure, which is seeking partners for new hotels, officials said. “We need to raise seven-to-eight million dollars each (for each hotel), to start projects in Galle and […]
Japanese deputy premier tours Sri Lankan hydro power plant
May 5, 2012 (LBO) –Japan’s Deputy Prime Minister Katsuya Okada, began his second day in Sri Lanka on Saturday touring the island’s last hydro power plant that is being built with Japanese assistance. Accompanied by Sri Lankan President Mahinda Rajapakse, Okada inspected the 150 megawatte Upper Kotmale hydro power project, that is scheduled to finish […]
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 […]