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Sri Lanka tourist arrivals up 31-pct in January
Feb 12, 2010 (LBO) – The number of tourists visiting Sri Lanka rose sharply in January with a recovery in traditional Western European markets and more visitors from newer south Asian markets after the end of the war. Latest data from the government tourism authority showed arrivals rose 31.9 percent to 50,757 in January 2010, […]
Sri Lanka Keells Hotels December net soars
Feb 12, 2010 (LBO) – Sri Lanka’s John Keells Hotels said net profit for the December quarter shot up 471 percent to 83 million rupees from a year ago as tourism recovered from the effects of recession and a war. Revenue rose seven percent to 1.6 billion rupees, the company, part of the John Keells […]
Sri Lanka seeks lower Russian import duty on tea
Feb 12, 2010 (LBO) – Sri Lanka has asked Russia, the biggest importer of Ceylon tea, to reduce import duty on value-added tea exports, a senior minister said. Export Development and International Trade Minister Gamini Peiris said the issue was discussed when Sri Lankan president Mahinda Rajapaksa held talks with his Russian counterpart Dmitry Medvedev […]
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February 12, 2010 (AFP) – Sri Lanka’s Supreme Court agreed Friday to hear a challenge to the arrest of defeated presidential candidate Sarath Fonseka, as opposition parties stepped up a campaign for his immediate release. The court accepted a petition by Fonseka’s wife requesting that his arrest be ruled illegal, and ordered the state to […]
Sri Lanka opposition urges Rajapakse to free rival
February 12, 2010 (AFP) – Sri Lanka’s main opposition pressed President Mahinda Rajapakse on Friday to release detained presidential candidate and former army chief Sarath Fonseka. Opposition leaders say Fonseka was arrested on Monday as he was talking with them about the possibility of running in upcoming legislative elections. President Rajapakse dissolved parliament on Tuesday […]
Sri Lanka stocks end down 1.31-pct
Feb 11, 2010 (LBO) – Sri Lankan shares ended sharply lower Thursday, dragged down by profit taking and the fall in prices of stocks with a heavy weighting in the indices, brokers said. Environmental Resources Investments shares closed at 234 rupees, down 4. 50 with 760,500 shares traded. The company’s warrants were also heavily traded […]
Box Trends
Feb 11, 2010 (LBO) – Cargo volumes at a Colombo port private container terminal in which John Keells Holdings has a big stake rose sharply in January, albeit from a low base the year before as trade recovers from recession. South Asia Gateway Terminals handled 162,890 TEUs (Twenty-foot Equivalent container Units) in January 2010, data […]
Weak Spots
Feb 11, 2010 (LBO) – Fitch Ratings said it has downgraded Sri Lanka’s Abans’ (ABL) National Long-term rating to ‘A-(lka)’ from ‘A(lka)’ with a stable outlook. The downgrade reflects weaknesses in its management information system (MIS), coupled with concerns regarding the quality and timeliness of information provided by the company to Fitch, the rating agency […]
Retail Network
Feb 11, 2010 (LBO) – Sri Lanka’s LB Finance said December quarter net profit rose 47 percent to 123 million rupees from a year ago and that it was expanding its branch network. The company said in a stock exchange filing that total income rose three percent to 1.05 billion rupees in the quarter. Interest […]
Sri Lanka tourist industry draws Russian interest
Feb 11, 2010 (LBO) – Russian investors are keen to invest in Sri Lanka’s tourism industry, which is recovering after the end of a 30-year war, a senior official said. Export Development and International Trade Minister Gamini Peiris said Sri Lanka gets a large number of Russian tourists and that Russian companies were keen to […]