Author: lbostgadmin
Sri Lanka stock rally takes pause
Sept 11, 2012 (LBO) – Sri Lanka’s stocks closed marginally lower Tuesday ending a 10 straight days of gains that followed the replacement of a regulator who was tough on securities fraud, brokers said. Politically connected investors and brokers blamed SEC rules and investigations of micro cap fraud including pump and dump scams for the […]
Sri Lanka budget deficit 4.0-pct of GDP in first half
Sep 10, 2012 (LBO) – Sri Lanka has run a deficit of 4. 0 percent of gross domestic product in the first half of the year, though there are signs that more taxes are being extracted out of citizens to cover state spending, official data shows. The revenue deficit or the gap between money spent […]
‘s ruling party sweeps local polls
Sept 9, 2012 (AFP) – Sri Lanka’s ruling party secured victory in three provincial council elections including one area ravaged by the island’s ethnic war that ended in 2009, according to results released on Sunday. President Mahinda Rajapakse’s United People’s Freedom Alliance (UPFA) swept the council polls in the north-central and central regions with near […]
Tele Trends
Sept 10, 2012 (LBO) – Sri Lanka’s wireless fixed access users fell 6. 6 percent to 2.46 million by end June 2012, from a year earlier, with most of them dropping off in the second quarter, while wireline use expanded with broadband popularity, official data shows. Data released by the Central Bank shows that 180,796 […]
Social Award
Sept 10, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said applications for its ‘best corporate citizen award’ for companies engaging in social work will close on September 14 as scheduled. The awards were started in 2004 to recognize companies which engaged in so-called corporate social responsibility activities. The Ceylon Chamber said application could […]
Sri Lanka stocks up 11-pct over two weeks
Sept 10, 2012 (LBO) – Sri Lanka’s stocks closed up for the tenth straight session Monday in gaining 1.7 percent in a broad based rally where index heavy stocks, finance companies and poultry firms were in demand, brokers said. CDB closed at 46.50 up 1.50 rupees, Lanka Orix Finance closed up 20 cents at 4.90 […]
Time Share
Sept 09, 2012 (LBO) – Citrus Kalpitiya, a unit of Sri Lanka’s Citrus Leisure group said it will build 32 villas bordering a lagoon in the Indian Ocean Island’s western coast to be sold on 99-year leases with an offer to manage on a time-share basis. The firm is also planning a hotel in 78 […]
Sri Lanka Vietnam direct flights can boost tourism: travel trade
Sept 08, 2012 HUE/COLOMBO (LBO) – Tourist traffic between Sri Lanka and Vietnam could be boosted with direct air links which can cut travel time and ticket costs helping make the destination competitive, officials said. “In July a new air services agreement was reached,” Vietnam’s ambassador Ton Sinh Thanh said during an even in Colombo […]
Sri Lanka and South Africa in moves to expand trade links
Sept 07, 2012 (LBO) – Sri Lanka and South Africa has potential to further increase trade links, deputy economic development ministry Lakshman Yapa Abeywardene told a business forum attended by a visiting business delegation. He said South Africa belonged to the so-called BRICS group of countries with Brazil, India and China which together now accounted […]
US keen to boost investment, trade with Sri Lanka
Sept 07, 2012 (LBO) – Sri Lanka’s largest trading partner, the United States is keen to boost investment in the island and attract more Sri Lankan exports, the American chamber of commerce in Sri Lanka (AMCHAM) said. “The US has expressed its desire to increase more FDI (foreign direct investment) flows to Sri Lanka and […]
Sri Lanka halts power cuts
Sept 06, 2012 (LBO) – Sri Lanka has halted daily power cuts that came into effect last month after a coal fired power plant that was crucial to the system broke down, until further notice, the ministry of power and energy said. Data from the Ceylon Electricity Board shows about 25 percent of the energy […]
Golden Plan
Sep 06, 2012 (LBO) – Pure Gold, a Dubai based group wants to set up a chain of 30 outlets in Sri Lanka selling 18 carat gold jewellery by 2016, the island’s industries ministry said in a statement. Bank of Ceylon and Commercial Bank of Ceylon are the top suppliers of gold, and in 2011 […]