Author: lbostgadmin
Sri Lanka BOI appoints new chief
Jan 24, 2013 (LBO) – Sri Lanka’s Board of Investment said Lakshman Jayaweera, a Sydney based chemical engineer and entrepreneur, had been appointed as its chairman and director general. The appointment of a person with an overseas private sector background will help Sri Lanka attract investment at a time when global foreign direct investments have […]
Sri Lanka sets 25 year minimum age for maids to Saudi
Jan 24, 2013 (LBO) – Sri Lanka has set a minimum age of 25 years for women seeking to work as maid in Saudi Arabia and 23 years for another seven Middle Eastern countries, information minister Keheliya Rambukwelle said.Rambukwelle said the government would like to phase out sending women as domestic workers gradually. The requirement […]
Sri Lanka regulator starts power price revision process
Jan 24, 2013 (LBO) – Sri Lanka’s power regulator has kicked off a process to revise tariffs saying it has received cost estimates from the main state-run transmission and distribution licensee. Regular energy price revisions based on a rule of law allows the exchange rate to strong and inflation low. A depreciating exchange rate destroys […]
Sri Lanka hosts tea producer forum
Jan 24, 2013 (LBO) – An International Tea Producers’ Forum formed in Colombo will work to secure their common interest, Sri Lanka’s plantation industries minister Mahinda Samarasinghe said. “With an intergovernmental membership of seven of the world™s largest tea producing countries, ITPF will serve as a powerful new channel to tackle the challenges facing the […]
‘s Sampath Bank commissions forex changing ATM
Jan 24, 2013 (LBO) – Sri Lanka’s Sampath Bank, the first domestic bank to operate automated teller machines in the island commissioned an ATM that can change foreign exchange into rupees Thursday.The machine can detect counterfeit notes and also dispense change in coins, he said. “Sampath Bank is one of the most innovative banks introducing […]
Sri Lanka opposition backs stronger economic links with India
Jan 23, 2013 (LBO) – Sri Lanka’s main opposition United National Party said it welcomed a move to start talks on a special economic partnership with India after an earlier deal was put on the backburner due to nationalism. “We welcome the news that Sri Lanka and India have decided to begin discussions to develop […]
Securities Watch
Jan 23, 2013 (LBO) – Sri Lanka’s MillenniumIT, a unit of the London Stock Exchange said its software is being used for monitoring equity and derivative markets in Malaysia. The ‘Millennium Surveillance’ software integrated the equity and derivatives trading platforms to a unified system offering Bursa Malaysia offering a better insight into trading behavior and […]
Sri Lanka China venture to make specialty tea
Jan 23, 2013 (LBO) – Sri Lanka’s Elpitiya Plantations Plc has formed a joint venture with China’s Yunnan Dianhong Group to produce ‘Chinese Specialty Tea’ for export, the island’s investment promotion agency said. The joint venture firm Elpitiya Dianhong Jin Ya Tea Company (Private) Limited has been formed with Dianhong International Limited, Hongkong, the BOI […]
Sri Lanka stocks close up 0.2-pct, rupee weaker
Jan 23, 2013 (LBO) – Sri Lanka’s stocks closed up 0.2 percent Wednesday with banking sector stocks seeing interest, while the rupee weakened in forex markets, brokers and dealers said. The Colombo All Share Index rose 0.22 percent to close at 5,883.66 points up 12.73 points and the S&P SL 20 Index rose 7.23 point […]
Sri Lanka rupee weakens amid liquidity surge
Jan 23, 2013 (LBO) – Sri Lanka rupee has weakened over the past two days amid a surge of liquidity in interbank markets, with the spot US dollar quoted at around 126.85/95 in morning trade Wednesday, dealers said. On Tuesday the rupee closed at 126.75/85 to the US dollar down from Monday’s 126.62.66 levels. Excess […]
‘s finance and economic ministry on trade
Jan 22, 2013 (LBO) – India will begin talks with Sri Lanka’s finance and economic ministry to develop “a framework for a special economic partnership” a joint statement released after a meeting between delegations headed by foreign ministers of the two countries said.“[T]he two sides decided to take several steps to further deepen trade, tourism […]
Sri Lanka axed from AirAsia network
Jan 22, 2013 (LBO) – AirAsia, a low cost carrier said it was ending daily flights to Colombo from February 26, “as part of a commercial realignment.” Affected guest could move their flights to an earlier date without any extra charge, offered credit valued to three months or a full refund, the airline said. AirAsia […]