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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 […]
Rest Insurance
June 23, 2011 (LBO) – State-run Sri Lanka Insurance Corporation will develop and run rest areas on a tolled expressway running from the capital Colombo to Galle in the south of the island, a government minister said. The completed highway will run to Matara at the southern tip of the island. Minister Anura Yapa said […]
Trucking Delays
June 23, 2011 (LBO) – Lengthy delays in entering Colombo port are making Sri Lankan truckers providing services to move cargo containers unprofitable, an official said. “The question to us is why the present infrastructure is not being used. It is a serious issue. If well-managed, we will be able to cut down cost by […]
State Banking
June 23, 2011 (LBO) – Sri Lanka’s state run Lankaputhra Development Bank’s bad loans had increased to 66. 4 percent of gross loans from 55.9 percent a year earlier, though the bank had become more selective in new lending, a finance ministry report said. It had received capital injections from people’s tax money earlier. The […]
Sri Lanka Orient Garments 11-month net up 9.7-pct to Rs96.7mn
June 23, 2011 (LBO) – Orient Garments that is to list on Colombo Stock Exchange’s second board made a net profit of 96.7 million rupees in the 11 months to February 28, 2011, up 9.7 percent from a year ago. Orient Garments is to list 54,916,656 shares through a process of ‘introduction’ where a formal […]