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Sri Lanka test fires coal plant furnace
Nov 17, 2010 (LBO) – Sri Lanka has successfully test fired a furnace of a 300 Mega Watt Chinese-built coal plant using liquid fuel Wednesday, in the island’s Western coastal area of Norochcholai. The first 300 MW stage is part of a 900MW coal fired complex. A ship carrying a 40,000 tonnes of coal from […]
Sri Lanka to smoothen path for investors: ministers
Nov 17, 2010 (LBO) – A Sri Lankan state committee has finalized a report that has identified issues blocking investment and has proposed remedies to fast track projects, especially by speeding relevant government approvals, ministers said. Analysts say many laws passed in the legislature contain clauses such as the need for ‘ministers’ concurrence’ which promotes […]
Sri Lanka Treasuries flat
Nov 16, 2010 (LBO) – Sri Lanka’s Treasuries yields were steady at Tuesday’s auction with 13.0 billion rupees in bills being sold with 12.0 billion maturing, the government’s debt office said. The government sold 2.7 billion rupees in 3-month bills, 6.6 billion rupees in 6-month bills and 3.8 billion rupees in 12-month bills. The 3-month […]
Sri Lanka stocks close 0.53-pct down
Nov 16, 2010 (LBO) – Sri Lanka stocks closed 0.53 percent lower, extending losses with index heavy stocks dragging the market down, brokers said. Turnover was 3.5 billion rupees. There were 53 gainers and 137 losers. “Sector wise 2.3 billion of the revenue came from diversified sector, 667 million from the hotels and 187 from […]
Cruise Call
Nov 16, 2010 (LBO) – A luxury passenger vessel, MV Le Diamant, operated by the CMA CGM shipping line, has begun calls at Sri Lankan ports following the end of the island’s 30-year ethnic war. Its second voyage is planned for May 2011. The Sri Lanka Ports Authority said the ship called at the eastern […]
Faster Pace
Nov 16, 2010 (LBO) – Chennai-based Indian Bank’s Sri Lanka branch will open new branches in former war torn areas and is looking to double its loan book over the next two and a half years, a top official said. Indian Bank has been in Sri Lanka’s capital Colombo since 1932 and has mainly been […]
Night Banking
Nov 16, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon will start a branch that will stay open 24 hours to support government efforts to expand night economic activities in Colombo, an official said. The branch in Colombo’s Fort areas is expected to start on November 19, chairman Gamini Wickramasinghe said. The government legalized […]
Drill Deal
Nov 16, 2010 (LBO) – Cairn Lanka, which bought Sri Lanka’s first offshore oil exploration block has hired a Japanese ship to start drilling wells from July 2011, the Japan Drilling Company had said. The firm will use the ship ‘Chikyu’, owned by Japan Agency for Marine-Earth Science and Technology (“JAMSTEC”) to drill three wells […]
Sri Lanka holds policy rates, amid stronger credit growth
Nov 16, 2010 (LBO) – Sri Lanka’s central bank said it was holding its policy rates steady with credit growth picking up to 15. 5 percent in September 2010 from a year earlier and inflation despite an increase in commodity prices. “However, broad money growth remains compatible with the targeted path, with year-on-year growth in […]
Sri Lanka stocks close 1.4-pct lower
Nov 15, 2010 (LBO) – Sri Lanka stocks closed 1.4 percent lower Monday in a broad sell-off in a continuing correction in thin trade, as buyers awaited a budget next week, brokers said. The All Share Price Index closed at 6,507.15, down 1.41 percent (92.91 points) while the more liquid Milanka index fell 1.81 percent […]