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Sri Lanka outlines spending plans for 2010
June 08, 2010 (LBO) – Sri Lanka will spend at least 202 billion rupees on defence, 87. 8 billion rupees on roads, 53 billion rupees on health, 26. 2 billion rupees on ports and 25.1 billion rupees on water supply this year, a bill submitted to parliament said. In 2009 Sri Lanka spent 188.6 billion […]
Sri Lanka must reduce deficits, debt; contain inflation: World Bank
June 08, 2010 (LBO) – South Asian countries like Sri Lanka must reduce high budget deficits and public debt to gain from the global economic recovery that is underway, the World Bank said in a report. The region weathered global recession much better than any other, showing remarkable resilience and is the second-fastest growing area […]
Sri Lanka John Keells retains top rating, buoyed by container terminal
June 07, 2010 (LBO) – Sri Lanka’s John Keells Holdings has retained its ‘AAA(lka)’ rating with a ‘stable’ outlook with strong cashflows from dividends of its container terminal in Colombo port, Fitch Ratings said. “JKH’s ratings reflect its strong financial profile as a result of strong dividend inflows to its parent, significantly low net-debt level […]
Sri Lanka retail buying push shares up 1.77-pct
June 07, 2010 (LBO) – Sri Lankan stocks closed higher Monday with strong buying by retail investors pushing up blue chips and ‘mid-cap’ stocks and sending the Milanka index across the 5,000 point mark, brokers said. The All Share Price Index closed at 4,431. 32, up 1.77 percent (77.12 points) while the more liquid Milanka […]
Global Member
June 07, 2010 (LBO) – Sri Lankan banker Nilam Jayasinghe, a former chief of the Sri Lanka branch of CIMA, a UK accounting body, has been elected to its global council for a three year term. Jayasinghe, who is vice president finance planning and treasury at Sri Lanka’s NDB Bank will represent South Asia in […]
Sri Lanka tourist arrivals up 42-pct in May.
June 07, 2010 (LBO) – Tourist arrivals to Sri Lanka rose 42.3 percent to 35,213 in May 2010 from a year earlier with strong growth in South Asian and Western European markets, data from the island’s tourism office showed. Sri Lanka has seen a revival in tourism after a 30-year war ended on May 18, […]
Stylish Stock
June 07, 2010 (LBO) – Sri Lankan retailer Odel plans to raise 250. 5 million rupees through an initial public offer, according to a Colombo Stock Exchange statement. The company, a clothing and fashion products retailer, will issue 16.7 million ordinary voting shares at 15 rupees a share with subscriptions opening on July 5, the […]
Sri Lanka says could hang former army chief
June 7, 2010 (AFP) – Sri Lanka’s top defence official has threatened to hang the country’s former army chief if he cooperates with any investigation into war crimes during the civil war that ended one year ago. Rajapakse repeated a promise by the president that the authorities would not allow any international investigation into the […]
SriLankan exit this week: Emirates boss
June 07, 2010 (LBO) – Emirates could sign the deal to sell 43. 6 percent of SriLankan, Sri Lanka’s national carrier this week, its president Tim Clarke was quoted as saying in a media report. “I was in Colombo last week to discuss the sale,” Clarke was quoted as saying by Emirates Business, a Dubai […]
Sri Lanka Hemas power to sell preference shares to cut interest bill
June 07, 2010 (LBO) – Sri Lanka’s Hemas Power, a unit of listed Hemas Holdings said it would raise 135 million rupees by selling 11. 5 percent, 5-year preference shares to settle higher cost floating rate debt at a hydro power unit. The firm said the money would be used to settle higher costs loans […]