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Sri Lanka tea trade warns of lower orders, prices
Mar 16, 2012 (LBO) – Sri Lanka’s tea trade has warned that tea export orders and prices could fall in the months ahead as crops rise and consumption falls off in key markets. And smallholders, whose returns have been sharply diminishing, find that their operations are increasingly becoming financially unsustainable, the CTTA said. “The prognosis […]
Sri Lankan consumers seen cheated by protectionist lobbies
Mar 16, 2012 (LBO) – Powerful protectionist lobbies and lack of awareness are denying Sri Lankan consumers the benefits of free trade which could significantly reduce costs if more imports are allowed from neighbouring countries, a new study said. Opposition from influential business groups to the proposed Comprehensive Economic Partnership Agreement with India, to replace […]
Sri Lanka targets US$12bn in exports in 2012
Mar 16, 2012 (LBO) – Sri Lanka is targeting 12 billion US dollars in exports in 2012 up from 10. 4 billion in 2011 which will be helped by an upcoming trade fair and a weaker rupee, export development board chief Janaka Ratnayaka said. Ratnayaka said if current trends continue exports may reach a 2015 […]
Sri Lanka stocks close down 0.4-pct, rupee in new low
Mar 15, 2012 (LBO) – Sri Lanka’s stocks closed 0. 4 percent Thursday amid continued foreign interest, and the rupee peg weakened to a new low below 125 rupees, dealers and brokers said. The rupee closed at 125.00/25 against the greenback with the peg weakening as low as 125. 10 in intra-day trade, dealers said. […]
Mentality Mend
Mar 15, 2012 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has urged authorities to get rid of a war-time mentality and loosen regulations to allow business to grow amid a post-war economic boom. Colombo Dockyard managing director Mangala Yapa said the end of the 30-year ethnic war has opened up new business opportunities but growth […]
‘s tourist arrivals up 27-pct in Feb: data
Mar 15, 2012 (LBO) – Sri Lanka’s tourist arrivals increased 27 percent to 83,549 in February 2012, from a year earlier, and visitors during the first two months were up 21 percent to 169,423, the state tourist promotion office said. South Asia, the second largest generating market, showed an increase of 14.1 percent with Indian […]
‘ death in Sri Lanka: report
Mar 15, 2012 (LBO) – The deaths of two UAE nationals, soon after their arrival in Sri Lanka, could be due to food poisoning from an in-flight meat, a media report said. A mother and a small child had died on Tuesday evening, after arriving in the country earlier in the day. Sri Lanka’s The […]
Sri Lanka tea trade warns of threat to Middle East market
Mar 15, 2012 (LBO) – Sri Lanka’s tea industry has called for urgent improvements in productivity and new markets to ride out volatility in major Middle Eastern markets that continue to dampen tea export earnings. January and February tea prices have averaged about 40 rupees a kilo below that of January February 2011. While there […]
Iranian traders default on US37mn payment to India
NEW DELHI, March 15 (AsiaPulse) – Two Dubai-based Iranian private traders have defaulted on payment of Rs 184 crore (US$36.8 million) to nine Indian rice exporters, Parliament was informed Wednesday. There have been payment issues between India and Iran after sanctions imposed by the US. Iran mainly imports basmati rice from India. “Embassy of India, […]
Safe Search
Mar 15, 2012 (LBO) – Sri Lanka is considering setting up a regional safety training for the oil and gas industry following the discovery of gas in its offshore waters, an official said. Saliya Wickramasuriya, the island’s Director General of Petroleum Resources Development, said safety training is an important requirement for the oil industry which […]