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Sri Lanka plantations industry demands former benefits
Oct 01, 2009 (LBO) – Sri Lanka’s plantations industry is demanding the release of funds taken as an export tax and is asking to treated as exporters under the value added tax regime as they were before, to help cope with a recent wage hike to workers. “We’ve got to see where we can get […]
Sri Lanka Treasuries yields fall
Sept 30, 2009 (LBO) – Sri Lanka Treasuries bill yields fell across the board at Wednesday’s auction with the 3-month yield dropping 22 basis points to 9.48 percent, the government’s debt office said. The 6-month yield fell to 09 basis points to 10.63 percent. The 12-month yield fell 08 basis points to 11.09 percent. The […]
Sri Lanka central bank to issue own securities to mop up inflows
Sept 30, 2009 (LBO) – Sri Lanka’s central bank will soon issue its own securities to mop rupee liquidity generated from purchasing foreign exchange, because the monetary authority is about to run out of its Treasury Bills portfolio, Governor Nivard Cabraal said. On Monday the monetary authority’s net Treasury bills position fell to 2.7 billion […]
Sri Lankan shares close up 0.87-pct
Sep 30, 2009 (LBO) – Sri Lankan shares closed up Wednesday in an end-quarter rally with buyers chasing plantation sector stocks, and hotel stock extending gains, brokers said. The All Share Price Index was up 0.87 percent (25.39 points) to end at 2,938.64 while Milanka index liquid stocks gained 1.15 percent (37.47 points) to close […]
Fresh Capital
Sept 30, 2009 (LBO) – Sri Lanka’s state-owned Bank of Ceylon said it has bought a 10 percent stake in Seylan Bank, once part of the troubled Ceylinco group.Bank of Ceylon said in a stock exchange filing that it bought 13 million Seylan shares at 35 rupees a share, amounting to an investment of 455 […]
Sri Lanka Aitken Spence in deal to manage south Indian hotel
Sept 30, 2009 (LBO) – Sri Lanka’s Aitken Spence Hotels has struck a deal to manage another hotel in south India as part of an expansion in the sub-continent, a senior official said.The company has said several more hotels are scheduled to commence operations under its management within the next two years.Malin Hapugoda, managing director […]
Sri Lanka plantations say productivity link to future wages
Sept 30, 2009 (LBO) – Sri Lanka’s plantations industry has said new wage models are being considered in talks with labour unions after managing to link worker productivity to wages in recent negotiations.Dhamitha Perera, chairman of the Planters’ Association of Ceylon (PA), said the recent near 40 percent wage hike, raising a worker’s daily wage […]
India over the moon with water discovery
BANGALORE, September 25, 2009 (AFP) – India on Friday hailed the discovery of water on the moon as a triumph for its lunar programme as the country aims to cement its reputation as a serious player in the space industry.“There could be much more interesting facts.We will talk about all of it once we have […]
Sri Lanka insurance upgrade on national rating, Fitch says
Sept 30, 2009 (LBO) – Fitch Ratings said it was correcting a previous announcement on Sri Lanka Insurance Corporation (SLIC), saying it had upgraded its National Long-term rating, and not the National Issuer Default Rating. It said in a statement the announcement corrects the version issued on 14 August 2009. According to the corrected version, […]
Sri Lanka inflation slows to 0.7 percent in September
Sept 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 0.7 percent in September from a year earlier, down from 0.9 percent in August, the government’s statistics office said.The monetary authority, which keeps the rupee pegged to the US dollar, has relaxed policy rates, but has been engaging in steady “quantity tightening” […]