Author: lbostgadmin
Sri Lanka exporter warns against tea nationalism
Aug 27, 2012 (LBO) – An exporter of branded teas that has catered to emerging global consumer needs has warned that nationalism and protectionism in tea was losing Sri Lanka an opportunity to play a bigger role in the global tea industry. He said demands to ban such an export hub will require Sri Lankans […]
Stock Woes
COLOMBO, Aug 26, 2012 (AFP) – Sri Lanka’s stock market, once a darling of investors, has seen its value plummet 26 percent in the past year and now faces a crisis of confidence after its regulator quit in a storm of controversy. The tiny bourse became the world’s top gainer soon after the country ended […]
Medical Service
Aug 27, 2012 (LBO) – Denmark’s Falck, an emergency medical services company has taken a 50 percent stake in a Sri Lankan firm Med1 (Pvt) Ltd, and will invest in a 24-hour ambulance service, Sri Lanka’s Board of Investment said. The BOI said visitors to the island “whether tourists, entrepreneurs or investors will be reassured […]
Health Injection
Aug 27, 2012 (LBO) – Sri Lanka’s Asiri hospital group will get a 2. 26 billion rupee cash injection from Actis, a private equity group, on top of a 604 million rupees last week, taking the total to 2. 87 billion rupees (21 million US dollars) so far. Last week Actis invested 604 million rupees […]
Sri Lanka offers islets, beaches, wetland on 99-year leases for tourism
Aug 27, 2012 (LBO) – Sri Lanka’s tourist development agency has offered islets, hundreds of acres of land bordering beaches, a wildlife reserve and a wetland on 99-year leases to build tourism related projects. Eight islets in Kalpitiya off the western coast of Sri Lanka 150 kilometres north of the capital Colombo are being offered […]
Sri Lanka stocks up 1.2-pct, rupee weaker
Aug 27, 2012 (LBO) – Sri Lanka’s stocks closed up 1.2 percent in a broad based rally that saw index heavy and several small caps making gains, brokers said, while the rupee traded weaker, dealers said. The Colombo All Share Index closed up 60.2 points at 5,073.10, and the S&PSL20 closed up 0.88 percent at […]
Sri Lanka Navy arrests over 1,000 Australia bound migrants over three months
Aug 26, 2012 (LBO) – Sri Lanka’s Navy said it arrested 98 boat people in two multi-day fishing vessels who were bound for Australia, taking the total arrested or rescued to 1,076 in the past three months, according to data released so far. In July the Navy had rescued or intercepted 542 people including 08 […]
Sri Lanka forex reserves US$7.1bn by July 2012
Aug 25, 2012 (LBO) – Sri Lanka’s foreign reserves had risen to 7.1 billion US dollars by end July 2012 from 6,045 million US dollars in June, helped by a loan from the International Monetary Fund and other inflows, the Central Bank said. When remittances, tourism receipts and foreign borrowings are spent by those that […]
Sri Lanka tea brand expands China café franchise, R&Ds new products
Aug 24, 2012 (LBO) – Sri Lanka’s HVA Foods, a branded tea producer and exporter said a franchise tea café network in China had expanded to 25 in the past year, while the firm was also researching new forms of delivering tea to customers. First established in 2009, the franchise network grew to 20 by […]
Sri Lanka state-carrier and Royal Jordanian in code-share deal
Aug 24, 2012 (LBO) – SriLankan Airlines and Royal Jordanian has a signed a code-share deal which will be effective from August 26, for three weekly flights between Colombo and Amman. “Royal Jordanian becomes SriLankan’s sixth codeshare partner, and the first that is a full-fledged oneworld member,” SriLankan Airlines chief exective, Kapila Chandrasena, said in […]
Capital Projects
Aug 24, 2012 (LBO) – Sri Lanka’s urban development agency will take-over several state properties in two key locations in the island’s capital Colombo for city development and leisure projects, a minister said. It will be converted in to a leisure and tourism zone with hotels, restaurants and entertainment activities. The UDA is also set […]
Sri Lanka listed firms to merge, build new hotel
Aug 24, 2012 (LBO) – Sri Lanka’s listed Palm Gardens and Riverina Hotels said they would merge through a share swap and the new entity would build a 500 room hotel. Investors holding 14.1 million Riverina shares would get one share of Palm Garden for every two held, the two firms said in stock exchange […]