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Boat Deal
July 01, 2011 (LBO) – Sri Lanka based SOLAS Marine has won an order for 80 fast interception craft from the Indian Navy in a deal valued at 3,000 million rupees (67 million Us dollars), a media report said. The Times of India newspaper said the boats would be delivered over three years. FICs have […]
Sri Lanka to create compliance standard for Ceylon tea
July 01, 2011 (LBO) – Sri Lanka will launch a globally recognized industry standard for Ceylon Tea early next year addressing consumer concerns, including ethical trade and environmental issues, Ceylon Tea Traders Association Chairman Avi de Silva said. If a competitor country does not have any such laws, their firms will still be compliant with […]
Sri Lanka May tea export volumes, earnings up
July 01, 2011 (LBO) – Sri Lanka’s tea exports in May 2011 rose five percent to 25 million kilos from a year ago with earnings also up six percent to 12. 8 billion rupees, brokers said. Exports of tea packets, on which earnings are more than bulk exports. were also up after a change in […]
”’wealth bid
July 01, 2011 (LBO) – Sri Lanka hopes the Commonwealth Games Federation Evaluation Commission considering its bid to host the games would play a ‘clean game’ in making the selection. Namal Rajapaksa, a lawmaker from the ruling coalition representing the southern Hambantota district where a games city is to be built to host the event, […]
Sri Lanka warned by UN rights chief
GENEVA, June 30, 2011 (AFP) – The UN’s human rights chief Thursday warned Sri Lanka not to take too long in probing war crimes allegations, saying failure to carry out a credible inquiry could lead to international action. Colombo has questioned the authenticity of the Channel 4 footage but said that a local panel, known […]
Oily Issue
July 1, 2011 (LBO) – Long queues of cars have built up around some fuel stations of the Sri Lanka unit of India Oil Corporation after car owners complained of engine trouble after filling up from their competitor. Customers who used petrol sold by state-run Ceylon Petroleum Corporation have complained that they had to replace […]
Sri Lanka economy grows 7.9-pct in first quarter
July 01, 2011 (LBO) – Sri Lanka’s economy grew 7. 9 percent in the first quarter of 2011, up from 7. 1 percent in the same period a year ago, with strong growth in industry and services while the agriculture sector contracted. Economic growth has been picking up with the end of the island’s 30-year […]
Sri Lanka can trade more with Asia: IMF official
July 1, 2011 (LBO) – Sri Lanka should expand trade links with Asia, especially with fast growing economies of India and China, at a time when consumption in industrialized nations is weak, an International Monetary Fund official said. Trade among East Asian nations have grown fast partly due to their integration with global supply chains […]
Sri Lanka stocks close down 0.76-pct
June 30, 2011 (LBO) – Sri Lanka stocks closed weaker Thursday with heavy trading in Aitken Spence Hotel Holdings and Distilleries Company bolstering turnover, brokers said. The main All Share Price Index closed at 6,825.94, down 0.76 percent (52.21 points) while the more liquid Milanka index fell 1.32 percent (84.29 points) to close at 6,301.02, […]
Speed Breaker
June 30, 2011 (LBO) – Sri Lanka’s motor sector companies’ profitability has fallen after the reversal of some import tax cuts that caused a profit surge, although vehicle demand remains strong with rising incomes and economic growth, a report said. Motor sector companies reported the highest growth in net profit for the last couple of […]