Author: lbostgadmin
Sri Lanka tourist arrivals up 26-pct in Aug; India, China surge
Sept 16, 2013 (LBO) – Sri Lanka’s tourist arrivals surged 26.1 percent in August 2013 from a year earlier to 100,224, with India, Germany and China surging, official data showed.Middle East which was also lacklustre this year was up 75.4 percent to 8,683 in the month with visitors so far up 4.0 percent 35,931. East […]
Sri Lanka stocks close lower, rupee steady
Sept 16, 2013 (LBO) – Sri Lanka’s stocks closed 0.3 percent down in a broad sell-off led by a a tobacco monopoly, and the rupee was steady, brokers and dealers said. LBO’s economic analyst fuss-budget says the rupee can come under renewed pressure if the Central Bank buys the dollars from the loan, generates tens […]
Japan to be nuclear free as last reactor switched off
TOKYO, September 15, 2013 (AFP) – Japan is to start the process of switching off its last working nuclear reactor Sunday for a scheduled inspection with no restart in sight due to public hostility towards atomic power.No one is officially recorded as having died as a direct result of the meltdowns at Fukushima, but tens […]
Rail Connection
COLOMBO, September 14, 2013 (AFP) – A train linking the political home of Sri Lanka’s Tamil Tiger rebels with the rest of the island rolled into service on Saturday after a 23-year interruption, officials said.The Sinhalese-dominated government is under international pressure to promote ethnic reconciliation and investigate allegations of war crimes by its forces in […]
US nominee for South Asia post sees strong Indian economy
WASHINGTON, September 12, 2013 (AFP) – The nominee to be the top US diplomat for South Asia said Thursday that India’s economy remained strong despite recent concerns, and that further liberalization would strengthen relations. Biswal would replace Robert Blake, a former US ambassador to Sri Lanka who frequently urged the island to provide greater accountability […]
Sri Lanka plantations facing labour shortages
Sept 14, 2013 (LBO) – Sri Lanka’s large plantations, especially those growing tea, are facing labour shortages, with young people moving out to cities in search of other jobs, a senior industry official said.During feudal and European colonial times Sri Lanka had to import labour from India for many activities ranging from tapping toddy, peeling […]
Sri Lanka casino resort tax breaks firmed
Sept 13, 2013 (LBO) – Tax breaks for two casino resorts including one by Australia’s Crown group have been firmed with the cabinet of ministers giving the nod for tax breaks previously announced for large investments.Sri Lanka is pushing a casino strategy to draw high spending tourists, which can fill city five star hotel rooms […]
Pressure on Sri Lanka finances shown by high bond yield: opposition
Sept 14, 2013 (LBO) – Sri Lanka’s willingness to go as high as 9.00 percent a year to raise dollars from international markets shows the fiscal pressure brought on by high spending, an opposition legislator has said. Harsha de Silva, an economist said, dollar loan rates of around 9.00 percent was too high for people […]
Sri Lanka police find explosives in seized truck after 17 years
COLOMBO, September 13, 2013 (AFP) – Police in Sri Lanka have discovered 100 kilos (220 pounds) of TNT on a truck impounded at a Colombo police station for the past 17 years, officials said Friday.The vehicle had been seized in February 1996, during the country’s civil war, less than two weeks after a truck bomb […]
Top Rating
Sept 13, 2013 (LBO) – A ‘AAA(lka)’ rating of Sri Lanka’s Dialog Axiata has been confirmed by Fitch Ratings with a stable outlook.“Dialog’s rating reflects Fitch’s expectations that its 83 percent-parent, Axiata Group Berhad of Malaysia (Axiata), is likely to provide support if required, given operational and strategic linkages between the companies,” the rating agency […]
Chinese Links
Sept 13, 2013 (LBO) – A top delegation from Sri Lanka’s banking sector headed by Central Bank Governor Nivard Cabraal had talks with key Chinese banks which are among the largest in the world. “We are establishing links with Chinese banks,” Cabraal told LBO in a telephone interview. “There has been a very good interaction. […]
Sri Lanka NSB raises 750mn at 8.875-pct
Sept 13, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank has raised 750 million US dollars at 8.875 percent, international capital market sources said. Price guidance for the bond was initially set at 9.25 percent amid volatile global conditions but narrowed to 8.875 percent amid stronger orders. The bank went to the market for […]