Author: lbostgadmin
Sri Lanka businesses warned on planned media curbs
June 07, 2013 (LBO) – Sri Lanka’s businesses had been warned on the future effects on liberty in the island following attempts to impose fresh controls on the media through a ‘code of ethics’. Government officials have said it does not amount to a new law but critics say the island has a history of […]
‘s SMI Housing in US$10mn apartment complex
June 7, 2013 (LBO) – A 26-storey apartment block will be built with a 10 million US dollar investment at Deal Place, in an up market suburb in Sri Lanka’s capital Colombo, the state investment promotion agency said.The Board of Investment of Sri Lanka which gives tax breaks SMI Housing, said the developer will construct […]
Sri Lanka Sunshine Holdings cuts plantations unit stake
June 7, 2013 (LBO) – Sri Lanka’s Sunshine Holdings said it had sold a stake in its plantations unit to Pyramid Wilmar Plantations (Pvt) Ltd, for 910.3 million rupees. The sale cut its stake in Estate Management Services (Pvt) Ltd to 33.15 percent from 51 percent by the sale of 5.59 million shares, the firm […]
Berth Building
May 06, 2013 (LBO) – State-run Sri Lanka Ports Authority has contracted Hyundai Engineering to build a 36 billion rupee berth in an expansion project of the Colombo port, the state information office said.The cabinet of ministers had given the nod to proceed with the project. The berth will be built on the East Terminal […]
Favored Nations
June 05, 2013 (LBO) – Sri Lanka has been included in a list of exempt countries released by the United States on sanctions imposed on crude oil purchases from Iran, a media report said. The US administration ruled that the economies concerned had taken steps to reduce imports of Iranian oil, so their financial institutions […]
Retail Challenge
June 06, 2013 (LBO) – Profits at Sri Lanka’s Cargills (Ceylon) Plc, fell 58 percent to 123 million rupees partly due to a retail tax and higher interest costs on new investments but the group said it was taking counter measures.Cargills reported earnings 55 cents per share for the quarter, in accounts filed with the […]
Sri Lanka Tea Smallholder Factories expands leaf suppliers
June 06, 2013 (LBO) – Sri Lanka’s Tea Smallholder Factories Ltd, a unit of John Keells Holdings, which produces tea from green leaf bought from independent growers said it had expanded suppliers during the past year. The company runs a network of eight factories. Last year it had increased suppliers by 2,714 to 11,532 direct […]
”’ guests
June 6, 2013 (LBO) – Cinnamon Lakeside, a unit of Sri Lanka’s John Keells group said it saw more ’emerging market’ guests in the past year, while facing competition from luxury apartments. The company said in the past year occupancy had risen to a average of 60 percent from 55 percent and room rates had […]
Road Finance
June 6, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will finance 48.2 kilometre road at a cost of 3,915 million rupees, the state information office said.The cabinet of ministers had given the nod for the proposal by the ministry of finance to enter into a loan agreement with the bank. The road will […]
Saudi Connection
June 6, 2013 (LBO) – Sri Lanka Ports Authority inked a deal for a 44 million US dollar yatch and shipbuilding facility, Thursday with Saudi Arabia based Hadi Hamad Al-Hammam Group’s Seagulf Shipyard (Pvt) Ltd, the state port agency said. Chairman of SLPA, Priyath Wickrama, Hadi Hamad Al-Hammam, president, Hadi Hamad Al-Hammam Group and Nazeer […]
Europe looking to take control of Libor: FT
LONDON, June 6, 2013 (AFP) – European Commission officials have drafted plans to take the scandal-hit key interest rate Libor from its current London base, the Financial Times reported on Thursday.It is calculated daily, using estimates from banks of their own interbank rates, and affects the pricing of more than 0-trillion of contracts across the […]
Sri Lanka economic forum to focus on export growth
June 05, 2013 (LBO) – An annual economic policy forum with the participation of businesses, academics and state officials this year will focus on strategies needed to boost the island’s flagging exports, its organizer, Ceylon Chamber of Commerce said.Sri Lanka’s exports fell 18.2 percent to 726.7 million US dollars in January 2013 from a year […]