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Sri Lankan stocks close 0.20-pct down
Mar 10, 2010 (LBO) – Sri Lankan stocks closed down Wednesday as retail investors took profits from midcaps and low value shares, while the Milanka index made small gains from a rise in the price of Environmental Resources Investments shares, brokers said. Touchwood Investments which dragged the market down on Tuesday made a sharp comeback, […]
Airside
Mar 10, 2010 (LBO) – DHL Express, a global logistics company, said it has opened an ‘airside gateway’ facility at Sri Lanka’s sole international airport north of the capital Colombo that will help speed up air cargo shipments. Romesh David, president of JKH’s transportation group, said the two companies had invested over 250 million rupees […]
Trade Flows
Mar 10, 2010 (LBO) – Cargo volumes at a Colombo port private container terminal in which John Keells Holdings has a big stake hit a monthly high in February as trade flows rebounded from global recession last year. South Asia Gateway Terminals handled 164,243 TEUs (Twenty-foot Equivalent container Units) in February 2010, its highest volumes […]
Lower Costs
Mar 10, 2010 (LBO) – Seylan Bank group has slashed its wage bill 30.7 percent to 2.5 billion rupees and is pushing to recover some its 29 percent bad loans as it is re-structured, senior officials in its state-backed management said. “We cut some unnecessary costs, stopped overtime, cut fuel allowances and increased staff retirement […]
Sri Lanka slashes terrorism insurance cover premium
Mar 10, 2010 (LBO) – Sri Lankan authorities said they had decided to slash the premium on general insurance terrorism cover by 75 percent from April 1, 2010 as there were no terrorist activities in the country. Insurance Board of Sri Lanka chairman, Udaya Sri Kariyawasam, has been quoted as saying the reduced premium on […]
Sri Lanka sends high level delegation to EU on GSP+
Mar 10, 2010 (LBO) – Sri Lanka is sending a high level delegation of senior government officials to save a preferential trade deal which is due end later in 2010 and broader relations with the European Union, a senior minister said. “On our part we are eager to engage with the international community,” international trade […]
‘s Dilshan signs for Sussex
HOVE, March 10, 2010 (AFP) – Sri Lankan Twenty20 specialist Tillakaratne Dilshan will play for Sussex this season, the English county announced on Wednesday. Dilshan, whose trademark ‘Dilscoop’ shot has enthralled crowds around the world, was player of the tournament at last year’s World Twenty20 in England where his 317 runs at 52.38 helped power […]
Sri Lanka tax system, state consumption hurting private investment: analysts
Mar 10, 2010 (LBO) – Sri Lanka’s high income taxes is making local firms weaker against others in developing countries, while a government living beyond its means is eating up long terms funds available for private investment, analysts said. “I’m a firm believer until this country drops the tax rate to 15 percent or 20 […]
Sri Lankans, other minorities growing in Canada
OTTAWA, March 9, 2010 (AFP) – Canada’s ethnic makeup will greatly change in the next 20 years as the number of non-Europeans or “visible minorities” rises to nearly one-third of the population, a government agency said Tuesday. The number of Chinese Canadians is projected to grow also, to around 3. 0 million. But as Chinese […]
Sri Lanka signs up US$290mn in railway, airport loans from China
Mar 10, 2010 (LBO) – Sri Lanka has signed up 290 million US dollars in financing from China’s Exim Bank to build an airport in the south of the island and expand railways, the foreign ministry said. The ‘A9’ is the main highway that links the northern Jaffna peninsular with the South. The highway is […]