Author: lbostgadmin
‘s Veyangoda town to get US$2.6mn hotel
May 11, 2013 (LBO) – A 2.6 million US dollar ‘eco-friendly’ hotel will be built in Veyangoda town, Sri Lanka’s state investment promotion agency said.Coco Agro Hotels (Pvt) Ltd plans to build a 4-star class hotel with a 700-person conference centre which they expect to complete in 2014, the Board of Investment, which gives tax […]
Sri Lanka has to watch inflation, banks, taxes and draw more FDI: IMF
May 10, 2013 (LBO) – Sri Lanka has to watch inflation, bank credit, tax revenues, keep monetary policy tight and avoid guaranteeing bank forex borrowings and instead create an environment for foreign direct investments, the International Monetary Fund has said.The executive board of the IMF in a review of Sri Lanka’s economy said Sri Lanka’s […]
Sri Lanka cuts rates to boost credit – Update
May 10, 2013 (LBO) – Sri Lanka has cut its policy interest rate corridor by 50 basis points to 7.0 and 9.0 percent to boost credit, saying inflationary pressures were in check, amidst warnings by the International Monetary Fund to be careful. “[T]here is now a need to stimulate the domestic economy, particularly in the […]
Emerging
By Arun Perera May 10, 2013 (LBO) – Samsung hopes to double phone sales in Sri Lanka in 2013 to one million handsets with smart phones making up 40 percent of the total, official said. “We have seen a growth in the mobile market of Sri Lanka and the market is adapting to smartphones, especially […]
Rising Sun
May 10, 2013 (LBO) – Sri Lanka’s Pan Asia Bank said it was in a strong position to boost investments from Japan with Tokyo-based Bansei Securities, also becoming a shareholder.“Pan Asia Bank with its strong understanding of Japanese investor concerns has been playing a pivotal role in securing and executing several large scale investment activities […]
Sri Lanka stocks close up 0.18-pct
May 10, 2013 (LBO) – Sri Lanka’s stocks closed up 0.18 percent on Friday helped by retail and institutional buying, brokers said. The benchmark Colombo All Share Index closed 11.29 points higher at 6,250.00 up 0.18 percent and the S&P SL 20 Index closed 04.39 points higher at 3,530.90 up 0.12 percent. Turnover was 1.4 […]
Sri Lanka electricity tariffs hiked on earlier charging system
May 9, 2013 (LBO) – Sri Lanka’s Public Utility Commission has set electricity tariffs reverting to an earlier system of charging by slabs, responding consumer comments at a public hearing.The regulator also made no change to users of up to 60 units complying with a speech made by President Mahinda Rajapaksa on May Day following […]
Sri Lanka flights by Air Arabia to Mattala stopped
May 09, 2013 (LBO) – Travel agents said they have stopped issuing tickets on Air Arabia, a UAE based budget carrier, in the Sharjah to Mattala sector, after the airline halted flights to the new airport.Aviation ministry secretary Ravindra Ruberu said flights have been temporarily suspended but they are likely to resume by August. Air […]
Tele Profits
May 09, 2013 (LBO) – Sri Lanka’s Dialog Axiata reported profits of 1.59 billion rupees in the March 2013 quarter from a loss of 540 million rupees made a year earlier mostly due to currency depreciation. The group reported earnings of 20 cents per share, in accounts filed with the Colombo Stock Exchange. In mid-day […]
PayTV
May 09, 2013 (LBO) – Sri Lanka’s Dialog Axiata said its pay television users grew to 274,000 by March 2013 from 264,000 in December, up 25 percent from a year earlier while mobile subscribers topped 8.0 million. . Revenues in the pay TV business rose 25 percent to 848 million rupees in the March quarter […]
Indian poaching in Sri Lanka waters reduced: fisheries minister
May 09, 2013 (LBO) – Poaching by Indian fishing vessels in Sri Lanka’s northern waters is now much reduced, fishermen in the island have been warned not to go into other territories, fisheries minister Rajitha Senaratne said.“In the north fishermen are now much happier,” Senaratne told reporters in Colombo. “They had two problems. They earlier […]
Publication
May 09, 2013 (LBO) – A book on interest rates written by assistant governor W M Hemachandra has been published to improve economic knowledge, Sri Lanka’s central bank said.‘Interest Rates The Theory and Practice’ is aimed at university students, academics, analysts, researchers and policy makers.It will also be useful for high school students and teachers. […]