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Sri Lankan stocks recover
July 12, 2010 (LBO) – Sri Lankan stocks closed up Monday as midcap and index heavy stocks made gains, while keen investor interest on Lanka Hospitals pushed its share price by over 50 percent, brokers said. Conglomerates, Aitken Spence closed at 1,563.00 rupees, up 62.75 on thin trading volumes, Hayleys closed flat at 300. 00 […]
Sri Lanka Jetwing upgrading two hotels, mulling new ones
July 09, 2010 (LBO) – Sri Lanka’s Jetwing leisure group has is spending 1. 3 billion rupees to expand and upgrade two hotels during this year and is evaluating other projects to meet a tourism boom after the end of a 30-year war, an official said. He said the group had 30 projects in a […]
Sri Lanka Spence to put US$78mn in hotels
July 12, 2010 (LBO) – Sri Lanka’s Aitken Spence group is planning to put 78 million US dollars in to the leisure sector after a war ended in Sri Lanka with new hotels in the south western coast being started first, an official said. “We envisage a post-war investment around 9. 0 billion rupees (78 […]
Bangladesh police bust extortion town
DHAKA, July 12, 2010 (AFP) – Bangladesh’s elite security forces said Monday they had made a major breakthrough in the fight against extortion with a raid on town where nearly every resident was involved in racketeering. A series of raids on Lundhi, 90 kilometres (60 miles) south of the capital Dhaka and home to 2,000 […]
Sri Lanka price floor for mobile calls
July 12, 2010 (LBO) – It is not the responsibility of a regulatory agency to ensure the profitability of telecom operators. Yet, when every single operator in the country, including the incumbent who used to make profits even under inefficient government management, starts bleeding red ink, it is not possible for the government and the […]
Asia must brace for choppy capital flows: IMF warns at Korea forum
Daejeon, KOREA July 12, 2010 (LBO) – Asian economies must prepare to face huge and highly volatile capital flows and possibly more economic shocks given recent problems in Europe, the International Monetary Fund has warned. The sharp rebound in capital inflows, and related risks of overheating and credit and asset bubbles, remain key challenges for […]
South Korea presses for IMF reforms
Daejeon, KOREA July 12, 2010 (LBO) – The finance minister of South Korea, which is hosting an International Monetary Fund conference on Asia, pressed for reforms of the multi-lateral institution and its support to prevent destabilizing capital flows. “Up until now, it seems the IMF has not fully assumed its role of ensuring macro-economic stability […]
Sri Lanka Continental Hotel in US60mn expansion
July 11, 2010 (LBO) – Continental Hotel, the oldest 5-star rated property in Sri Lanka’s capital Colombo will spend 60 million US dollars to expand and refurbish to cater to an expected influx of tourists after the end of a long running war, an official said. Sri Lanka’s listed Hayleys group bought a 51 percent […]
‘s captain
July 11, 2010 (AFP) – Sri Lanka’s captain Kumar Sangakkara has urged world cricket chiefs to win back fans to Test and one-day games with a balanced international calendar that gives equal opportunities to all teams. Sangakkara said global viewership of the sport had dwindled over the past year, despite a packed schedule of Tests, […]
Sri Lanka Amaya Leisure in US$100mn expansion
July 10, 2010 (LBO) – Amaya Leisure, a firm connected to Sri Lanka’s Vallibel group said it would invest 100 million US dollars in the next four years in four new hotels in an aggressive expansion to meet growing demand post-war demand in the island, an official said. “We intent completing all these projects before […]