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Sri Lanka Cargills adds northern farmers to network
Oct 13, 2010 (LBO) – Sri Lanka’s Cargills, the island’s largest retail chain said it had added farmers from the former war-torn north to its country wide network that keeps its outlets supplied with fruits and vegetables. “We have added 1,600 farmers from the North,” Cargills chief Ranjith Page told the annual annual sessions of […]
Sri Lanka losing ground in US apparel market: Martin Trust
Oct 13, 2010 (LBO) – Sri Lanka is losing ground to China and Bangladesh in the United States apparel market, but the country can retain its place in the top end by banking on non-price competitive strengths, the island’s top US apparel buyer said. “Sri Lanka has not recovered from China’s surge in the US […]
US in small business road show in Sri Lanka
Oct 13, 2010 (LBO) – The United States is organizing a series of forums Sri Lanka country giving an opportunity especially to smaller businesses outside the capital to find out how to increase trade with the US. The ‘Doing Business’ seminar with assistant trade representative Micheal Delaney will off in Colombo on October 15. Similar […]
Sri Lanka gets first boxing gold in 72 years
NEW DELHI, October 13, 2010 (AFP) – Manju Wanniarachchi on Wednesday won Sri Lanka’s first gold medal in boxing in 72 years after beating Wales’ Sean McGoldrick in the bantamweight division. The 30-year-old from Kandy won a points decision 16-14 to beat the 18-year-old, who caused an upset in the semi-finals by beating the Olympic […]
Sri Lanka president guest of honour at Games close
NEW DELHI, October 12, 2010 (AFP) – Sri Lankan President Mahinda Rajapakse will be the guest of honour at Thursday’s closing ceremony of the Delhi Commonwealth Games, where participants include nations deeply critical of his rights record. “I can confirm that the Sri Lankan president will be the guest of honour. He will also be […]
Sri Lanka should be re-assessed by US business: Asst. Trade Rep
Oct 13, 2010 (LBO) – Sri Lanka should be re-assessed by US businesses after the end of a 30-year war as the country moves forward in a peaceful environment though ethnic reconciliation remained a challenge, a top US trade official said. “We think that political reconciliation could be greatly accelerated with economic growth. We need […]
Sri Lanka fund manager sells capital protected plan
Oct 12, 2010 (LBO) – Sri Lanka’s largest fund management firm is selling an investment plan which allows cautious savers participate in a stock market upside but be protected from a steep fall by putting the bulk of the money in debt. “If you are an investor who wants higher returns (because interest rates are […]
Sri Lanka stocks fall 4.4-pct
Oct 12, 2010 (LBO) – Sri Lanka’s benchmark share index plunged 4.4 percent Tuesday wiping out 95 billion rupees off stock values in a steep correction amid some margin calls on retail investors brokers said. The index is now down 8.5 percent from an October 01 peak of 7,147 points. Sri Lanka is still the […]
Tighter Margins
Oct 12, 2010 (LBO) – The efficiency in Sri Lanka’s banking system can be improved with interest margin tightening at least 150 basis points over the next nine months to 5. 0 percent with banks remaining profitable, Central Bank Governor Nivard Cabraal said. Profits are needed to build capital to buffer deposits. “About a year […]
Sri Lanka tourism industry should focus on niche: officials
Oct 12, 2010 (LBO) – Sri Lanka’s tourism future lies in focusing on niche products and not in the mass market, given its small size and excess capacity in competing destinations, industry officials said. The country’s target of attracting 2. 5 million visitors and adding 25,000 rooms by 2016 might not be achievable nor desirable, […]