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Oct 20, 2006 (LBO) – SriLankan Airlines says it will consider lowering fuel surcharges on tickets in January if oil prices continue to fall, while it also expands further into Indian metropolitan cities this winter. The airline is currently buying jet fuel at 1.92 dollars a gallon, down from the highs of 2.28 dollars a […]
Sri Lanka lowers tourist arrival targets, as Australia issues tough travel warning
Oct 20, 2006 (LBO) – Sri Lanka may still cross the half a million tourist arrival mark this year though falling short of targets, even as Australia issued a tough warning on Friday not to travel to the troubled island. Fighting between Sri Lanka government and Tamil rebels have escalated in recent months, with some […]
Sri Lanka slaps limits on non-essential imports to curb credit growth
October 20, 2006 (LBO) – Sri Lanka has imposed fresh restrictions to limit imports of 44 non-essential items like electrical goods, chocolates, palm oil and cosmetics, in a bid to curb excessive credit growth. “A 50 percent margin deposit on the invoiced value of the imports should be placed by the importers at the time […]
Sri Lanka rupee gains despite negatives
October 19, 2006 (LBO) – The Sri Lankan rupee closed stronger at 105.70 against the U.S. dollar Thursday, gaining more than a rupee and shaking off losses made earlier in the week, dealers said. Dealers believe extra dollars flowed through a portfolio investment, and state banks which are usually on the buying side also stayed […]
Speedy transfers
October 19, 2006 (LBO) – Sri Lanka’s People’s Bank, has tied up with global money transfer giant Western Union, to enable their customers to remit funds to their families here. “This is a 240-250 billion dollar market and we have around 16 percent of market share in this field,” Kapur said. Over a million Sri […]
Tourism campaign in India boosts Indian visits to the island
Oct 19, 2006 (LBO) – Sri Lanka has seen a 22 percent jump in Indian visitors during a six months promotional campaign across top metro cities India, a local industry group said Thursday. The Sri Lanka – Small Island, Big Trip campaign ran from March to August this year across Mumbai, New Delhi, Chennai, Bangalore […]
GrameenPhone
DHAKA, Oct 19, 2006 (AFP) – Bangladesh’s top mobile phone company, GrameenPhone, is mulling whether to list itself on the stock market, a report said Thursday.GrameenPhone (GP), majority owned by Norwegian telecom company Telenor, is Bangladesh’s biggest mobile phone company with over 9.5 million subscribers. “We are in the process of analysing the option of […]
Security stepped up after bombing of Sri Lankan port
GALLE, Sri Lanka, Oct 19, 2006 (AFP) – Police and troops stepped up security in Sri Lanka’s port city of Galle Thursday, one day after a bold suicide attack that killed at least two people, a police official said. Additional troop reinforcements were poured into the area while military patrols were also stepped up, even […]
’s economic growth
October 19, 2006 (LBO) – Sri Lanka’s economy is expanding at a blistering pace led by the telecommunications sector, but an escalation in violence could erase some of the gains, the Asian Development Bank said. Less red tape, more deregulation would boost South Asia growth: ADBMANILA, Oct 19, 2006 (AFP) – South Asia has the […]
Treasury bill yields up 0.6%, above policy rates
October 18, 2006 (LBO) – Sri Lanka’s borrowing costs went up sharply by over 0.5 percent following Wednesday’s weekly treasury bill auction, prompting market speculation that the central bank may hike policy rates further, dealers said.Yields for three month treasuries were up 62 basis points to 11.87 percent, six months gained 60 basis points to […]