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Sri Lanka stocks up 0.3-pct
June 24, 2011 (LBO) – Sri Lankan stocks rebounded slightly Friday after four consecutive days of falls, mainly due to slight price increases of high market capitalization stocks, brokers said. Friday’s other notable crossing was 2,454,260 shares of Reefcomber Hotel at 80 rupees each. The All Share Price Index closed at 6,892.56, up 0.30 percent […]
Port City
June 24, 2011 (LBO) – The Sri Lanka Ports Authority (SLPA) has secured a 700 million US dollar investment to build a ‘port city’ on land reclaimed on the capital’s seafront with the construction of a new harbour. SLPA chairman Priyath Wickrama said material dredged to build the new port next to the existing Colombo […]
Bus Fares
June 24, 2011 (LBO) – Sri Lanka’s bus fares have been raised by 7.6 percent from July 01, following discussion between authorities and bus owners, though a key bus-owner union wanted a higher increase, reports said. The minimum fare for buses would go up to seven rupees from the current six. Minister C B Ratnayake […]
Big Leaks
June 24, 2011 (LBO) – Sri Lanka’s state water supply agency is unable to get revenue for one third of its production and the control of “excessive leakages” will improve productivity and allow it to repay loans, a finance ministry report said. The Water Board is expanding supply especially in the north and east after […]
Sri Lanka doubles ICT workforce in four years
June 24, 2011 (LBO) – Sri Lanka’s information and communications technology workforce has doubled in the past four years as the island ramps up training and investment to make the sector a key export industry. The industry aims to increase the ICT sector export earnings to a billion dollars by 2016, he said. A new […]
India to press ahead on nuclear power
WASHINGTON, June 24, 2011 (AFP) – India’s commerce minister called Thursday for more cooperation with the United States on nuclear energy and brushed aside talk of scrapping ambitious plans in the wake of Japan’s Fukushima crisis. On a visit to Washington, Commerce Minister Anand Sharma said he has faced questions on whether India should rethink […]
Sri Lanka economic forum to fast track investment, growth
June 24, 2011 (LBO) – An economic forum next month organized by Sri Lanka’s largest business chamber hopes to come up with initiatives to boost actual investments and growth after the end of a 30-year war, officials said. Set on a theme of ‘Driving growth through fast track implementation’ this years’ two day forum will […]
Sri Lanka defence expenses upped
June 24, 2011 (LBO) – Sri Lanka has asked parliament permission to increase the money allocated for defence expenses for 2011 by 20 billion rupees to build a new headquarters for the military, a media report said. Some military facilities on prime land in Sri Lanka’s capital Colombo had been cleared for commercial development with […]
Sri Lanka appoints four foreign banks to manage bond issue
June 23, 2011 (LBO) – Sri Lanka’s Central Bank has appointed Bank of America Merrill Lynch, Barclays Capital, Hongkong and Shanghai Banking Corp, and Royal Bank of Scotland as joint lead managers to advise and handle a future international sovereign bond issue. “There is no doubt in anyone’s mind about Sri Lanka’s performance so we […]
Sri Lanka stocks end down 0.8-pct
June 23, 2011 (LBO) – Sri Lankan stocks closed 0. 81 percent lower Thursday with heavy trading in Blue Diamonds Jewellery Worldwide on news of buying by Sri Lanka Insurance-General fund, brokers said. Brokers said investors are now moving away from high market capitalization, low return shares to low market capitalization but high return penny […]