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Sri Lanka develops new cinnamon varieties
Oct 09, 2009 (LBO) – Sri Lanka has developed new varieties of cinnamon with higher yields and chemical properties that are sought after in the food, pharmaceutical and perfumery industries.Sri Lankan cinnamon industry experts said the island’s production is not enough to meet demand. Production has been held back by a shortage of cinnamon peelers. […]
Sri Lanka mulls fuel from sugar cane
Oct 09, 2009 (LBO) – Sri Lankan prime minister Ratnasiri Wickremanayake has called for lower consumption of sugar, saying diabetes was on the increase, and alternative uses for the crop such as fuel production. “We consume far too much sugar for our health,” he told the 25th anniversary celebrations of the island’s Sugarcane Research Institute. […]
Sri Lanka raises defence budget by 20 percent: report
October 9, 2009 (AFP) – Sri Lanka has raised its defence expenditure by another 20 percent this year following its military victory over separatist Tamil Tiger rebels. Parliament late Thursday approved an additional 33 billion rupees (287 million dollars) to pay for hardware and beef up security in former conflict zones. At the beginning of […]
Sri Lanka Ceylinco Insurance says Maldives unit pays big dividend
Oct 09, 2009 (LBO) – The Maldives subsidiary of Sri Lanka’s Ceylinco Insurance said it had declared an interim dividend of 70 percent for its share holders for the year 2009.The majority shares of the Maldives subsidiary is owned by Ceylinco Insurance. “Against a backdrop of worldwide recession that has seen companies struggle for survival, […]
Sri Lanka suffers nationwide power failure
Oct 09, 2009 (LBO) – Sri Lanka’s faced a nation-wide power outage in the early hours of Friday, and state-run Ceylon Electricity Board is working on restoring supply, officials said.Power is distributed in Sri Lanka by two firms, the CEB and Lanka Electricity Company, which is also state-run.The system was energized twice but it failed […]
Sri Lanka, India coal plant deal to be inked in November
Oct 09, 2009 (LBO) – Ceylon Electricity Board, Sri Lanka’s state-run power utility, will sign a firm deal with India’s National Thermal Power Corporation (NTPC) to build a 500MegaWatt coal plant in November, an official said.The plant is a 50/50 joint venture between CEB and NTPC with each partner putting 75 million US dollars of […]
Sri Lanka can avoid foreign pressure by putting economy right: think tank
Oct 09, 2009(LBO) – Sri Lankan can avoid foreign pressure tied to aid or trade concessions by putting its own economic house in order through better management, a think tank has said. Such reforms will sustain higher growth over the longer term, the IPS said. “The immediate task is to restore macroeconomic stability,” it said. […]
Sri Lanka withdraws bonus interest on forex deposits
Oct 08, 2009 (LBO) – The Sri Lankan government has stopped paying bonus interest on the interest earned on foreign currency deposits in banks, the Sri Lanka Banks’ Association said.The Central Bank has withdrawn the payment of bonus interest in rupees on interest paid to foreign currency accounts from October 1, the association said in […]
Sri Lankan shares becalmed, foreigners net buyers
Oct 08, 2009 (LBO) – Sri Lankan shares closed flat Thursday as investors took profits on selected counters, while Hatton National Bank (HNB) and Lanka Cement dominated the day’s trade volumes, brokers said. The All Share Price Index closed up 0.02 percent (0.54 points) to end at 3,117.10 while the Milanka index of more liquid […]
On Target
Oct 08, 2009 (LBO) – Sri Lanka’s state-owned National Savings Bank (NSB) had exceeded its 2009 deposit mobilization target of 30 billion rupees by the end of the third quarter, a senior official said. “So far we have achieved 38 billion rupees and we expect it will exceed 40 billion rupees at year’s end,” H […]