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Sri Lanka needs to depreciate rupee: ADB
Mar 31, 2009 (LBO) – Sri Lanka should adopt a more flexible exchange rate policy and depreciate the rupee to make exports more competitive and better manage import demand, the Asian Development Bank said.ADB Lead Economist for Sri Lanka Narhari Rao said two issues of concern are the fiscal deficit and the external account in […]
Sri Lanka inflation drops to 5.3-pct in March
Mar 31, 2009 (LBO) – Consumer price inflation in Sri Lanka’s capital Colombo dropped to 5.3 percent in the 12-months to March 2009 from 7.6 percent in February, with prices dropping for six straight months, the government’s statistics office said. Consumer prices have dropped absolutely from October 2008, when the revised Colombo Consumer Price Index […]
Sri Lanka reconstruction after war could stimulate economy: ADB
Mar 31, 2009 (LBO) – Sri Lanka’s economic growth will slow down this year but could revive the next helped by reconstruction activity expected with the end of the war against Tamil Tigers, the Asian Development Bank said.The ADB report said the island economy remained resilient last year, bolstered by strong growth in the agriculture […]
Sri Lanka stocks close down despite Light House deal
Mar 30, 2009 (LBO) – Sri Lankan shares closed down Monday despite large crossings of Lighthouse Hotels Limited (LHL) which went through during the last minutes of trading at a premium, brokers said. The All Share Price Index was down 0.23 percent (3.85 points) to end at 1,644.59 while the more liquid Milanka slid 0.23 […]
Rating Cut
Mar 30, 2009 (LBO) – Fitch Ratings has downgraded the long-term rating of Singer Finance (Lanka) Limited (SFL) to BBB-(lka) from ‘BBB(lka)’.The outlook is ‘stable’. “SFL’s rating is linked to Singer Sri Lanka PLC’s (Singer), of which it is a fully-owned subsidiary, and takes into account the implied support assumed to be available from Singer, […]
Branching Out
Mar 30, 2009 (LBO) – Sri Lanka’s Nations Trust Bank (NTB), a unit of John Keells Holdings, is growing its personal banking small business segments to maintain above industry average growth rates during the next four years, an official said. Last year, the bank went through a behind-the-scenes transformation introducing a number of products as […]
Sri Lanka agro firm helps combat mealy bug menace
Mar 30, 2009 (LBO) – A Sri Lankan agro firm has set up a help desk to combat the spread of ‘mealy bug’ which is sweeping through home gardens in the island’s capital Colombo, and is threatening several agro areas. Hayleys Agro says its pesticide ‘Admire SL 20’ has been found to be effective in […]
Growing Pool
Mar 30, 2009 (LBO) – Sri Lanka’s software export industry said it is trying to promote the island as a BPO (business process outsourcing) destination for finance and accounting outsourcing (FAO). The Sri Lanka Association of Software and Service Companies (SLASSCOM) and the Information and Communication Technology Agency recently held meetings in London and Barcelona […]
25 killed in Sri Lanka sea battle: navy
March 30, 2009 (AFP) – At least 24 Tamil Tiger rebels and a navy sailor were killed in a major sea battle off Sri Lanka’s northeast coast on Monday, a navy spokesman said. Government forces sank four boats of the Liberation Tigers of Tamil Eelam (LTTE) off the coast of Mullaittivu, spokesman D.K. P. Dassanayake […]
Sri Lanka airport firm gets new boss
Mar 30, 2009 (LBO) – The Sri Lankan government has appointed Prasanna Wickramasuriya as the new chairman of Airport and Aviation Services Ltd., which runs the island’s airports, from Tuesday, an official said.Airport and Aviation Services also provides air traffic control services and manages the Sri Lanka airspace as well as the Colombo flight information […]