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Sri Lanka electronic visa system starts
Jan 01, 2012 (LBO) – Sri Lanka has ended a free visa on arrival scheme from today with an electronic authorization system coming online, but anyone who arrives without an e-visa will be able to buy one for 50 dollars, a media report. Sri Lanka gave free visa on arrival to a number of countries […]
Sales growth of 6,500 Indian firms drop to 20% in Jul-Sept
NEW DELHI, (Asia Pulse) – The sales growth of about 6,500 Indian companies declined by 7 percentage points to 20 per cent in the July-September quarter compared to the previous quarter, a study by Assocham has said. “With rising interest rates, the cost of borrowing has increased, investments have dried up and profit margins have […]
Sri Lanka to get US800mn tourism project from South Africa: report
Dec 31, 2011 (LBO) – South Africa’s Sun City gaming and resort group will invest 800 million dollars in the biggest ever leisure development in Katana, north of the capital Colombo the island, a media report said. “Sun City of South Africa is now going to make an 0 million investment in a 200-acre private […]
’13
NEW DELHI, (Asia Pulse) – The Indian auto industry may continue to face tough times till the first quarter of 2012-13 as firms are expected to hike car prices by up to 10 per cent, resulting in reduced demand, a study has said. “The hike in car prices would mainly be driven by high interest […]
Sri Lanka finance ministry calls for higher rates, flexible rupee: report
Dec 30, 2011 (LBO) – Sri Lanka’s top Treasury official has called for higher interest rates and a rupee ‘flexible’ exchange rate to ward off balance of payments pressure, a media report said. “Definitely we need a correction on interest rates,” Treasury secretary P B Jayasundera was quoted as saying by Reuters, a news agency. […]
Sri Lanka stocks close down 0.3-pct
Dec 30, 2011 (LBO) – Sri Lankan stocks closed lower Friday for the second straight day, ending a four-day rally with trades in a bank in which foreigners have been selling out propping up turnover, brokers said. The main All Share Price Index fell 0.25 percent (14.96 points) to 6,074.42, while the more liquid Milanka […]
Rate War
Dec 30, 2011 (LBO) – Stiff competition among major container shipping lines that has cut freight rates is likely to continue next year, helping Sri Lankan shippers facing a slowdown in demand in key markets, trade officials said. Alphaliner said recent realignments among big shipping lines with vessel sharing and slot exchange deals meant to […]
Director Stakes
Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said. Amarasuriya stepped down despite a court […]
Sri Lanka expects US$850mn from tourism in 2011
Dec 30, 2011 (LBO) – Sri Lanka expects to earn 850 million US dollars from tourists in 2011 with annual arrivals expected to reach 830,000 an increase of 26 percent from a year earlier and the industry targeted a billion dollars next year, officials said. But an electronic visa process, which is promised to be […]
Knowledge Export
Dec 30, 2011 (LBO) – Sri Lanka’s information communications technology (ICT) industry is focusing more on value added software products and knowledge services where profits are higher, officials said. Over half the firms in the sector are building and exporting software products rather than providing services such as low-end call centres, they said. The services […]