Author: lbostgadmin
Piracy
MOGADISHU, July 13, 2013 (AFP) – At least three, and perhaps all, of the 15-man crew of a merchant vessel that sank last week while being held by Somali pirates are alive, their families said Saturday.The Malaysian-flagged MV Albedo container ship, seized by Somali pirates in November 2010, sank last week in rough seas a […]
Petro Search
July 13, 2013 (LBO) – Sri Lanka is revamping its petroleum exploration law to provide better investor protection and to clearly separate regulatory and upstream activities, a top official said.Wickramasuriya told a business forum ahead of a bidding round that is to close in November that since the existing law which was drafted in 2003 […]
Bhutan cements democracy with tight election race
THIMPHU, July 13, 2013 (AFP) – The Himalayan kingdom of Bhutan concludes its second-ever election on Saturday, with the race to form a government too close to call as voters give their verdict on five years of democracy.The incumbent Druk Phuensum Tshogpa (DPT) party is up against the People’s Democratic Party (PDP) to lead the […]
Sri Lanka BOC to finance Rs. 3.9 bn road project
July 12, 2013(LBO) – Sri Lanka’s state run Bank of Ceylon will provide a 3.91 billion rupee loan to the Road Development Authority to rehabilitate and upgrade a 48 kilometer stretch of road. The state information office said in a statement that the project which has approval from the cabinet of ministers will be completed […]
India defeats Sri Lanka in one wicket victory
PORT OF SPAIN, July 12, 2013 (AFP) – India captain Mahendra Singh Dhoni dragged his side to a pulsating one-wicket victory over Sri Lanka in the final of the Tri-Nation Series at Queen’s Park Oval on Thursday.Returning to the team after seeming to be ruled out from the rest of the tournament with a hamstring […]
Sri Lanka plans export trade fair for 2014 August
July 12, 2013 (LBO) – Sri Lanka is planning an export fair to showcase its products and services to the world in August 2014, and has appointed a high level panel to take it forward, the ministry of industry and commerce said. The fair will target buyers outside traditional market in EU and North America. […]
‘s hotels overcharging for rooms: minister
July 11, 2013 (AFP) – Sri Lanka’s hotels are overcharging for rooms in an attempt to cash in on growing visitor numbers after a decades-long war, a minister said Thursday.Investment Promotion Minister Lakshman Yapa Abeywardena said some hotels had hiked up room rates 10-fold since the end of the war in 2009 without improving service. […]
Express Deal
July 12, 2013 (LBO) – A top Chinese toll road company has landed deal to build and run a 1.5 billion US dollar expressway from the capital to central Sri Lanka, which could be the island’s largest single foreign investment to date.Hua Jian Highway Investment Company manages 6,900 kilometres of toll roads, bridges and tunnels […]
Sri Lanka stocks down 0.5-pct, rupee steady
July 12, 2013 (LBO) – Sri Lanka’s stocks closed down 0.55 percent Friday following two consecutive days of gains with large cap stocks making losses, brokers said. Ceylon Tobacco Company closed at 1,000.00 rupees up 2.70 rupees. The benchmark Colombo All Share Index closed 33.64 points higher at 6,028.74 down 0.55 percent and the S&P […]
Sri Lanka forex market firm quotes, liquidity slightly lower
July 12, 2013 (LBO) – Sri Lanka’s forex markets saw firm quotes for the spot US dollar Friday at around 130.85/131.00 though trading was still active for spot-next deals where settlement is made three days ahead, dealers said.On Thursday the debt office sold April 11, 2018 bonds at a weighted average yield of 11.18 percent, […]
Oil Services
July 11, 2013 (LBO) – Sri Lanka’s Hayleys Energy Services, a unit of listed Hayleys Plc said it has started providing services to international oil firms through a business process outsourcing arm.Already ConocPhillips and TAQA were clients of its BPO service, chief executive Chas Charles told an oil and gas exploration conference in Colombo. He […]
Sri Lanka has opportunities in export food processing: economist
July 11, 2013 (LBO) – Sri Lanka has to build capacity opportunities to be a processed food exporter, taking a cue from developments that occurred in East Asian nations such as Thailand and Vietnam, an Australia-based economist said. Prema-chandra Athukorale, professor of economics at Australian National University said in Thailand 23 percent of non-oil exports […]