Author: lbostgadmin
Sri Lanka owes 16 billion rupees to fertiliser importers
July 09, 2012 (LBO) – Sri Lanka owes fertiliser importers some 16.0 billion rupees for purchasing fertiliser to be distributed among farmers growing a wide range of crops, a local fertiliser company said. Agri Expansion Weerasekara said the company was scouting for export opportunities and is investing 200 million rupees for its new agri-venture in […]
Sri Lanka urged to depoliticise tea estate wages
July 09, 2012 (LBO) – Sri Lanka, one of the world™s largest tea exporters, has been urged to replace its ageing politicised wage structure with a productivity linked model, to sustain the viability of the centuries old brew. Trade unions, backed by ethnic minority political groups, prefer a fixed day™s wage instead of a productivity-linked […]
Credit Trend
July 09, 2012 (LBO) – Credit to the state from Sri Lanka’s banking system eased in May 2012 and loans to business were back at levels seen before the Central Bank began to sterilize foreign exchange sales last year, official data show. Credit to private sector rose 36.1 billion rupees in May 2012 to 2,215 […]
Sri Lankan stocks down 0.07 percent
July 09, 2012 (LBO) – Sri Lankan stocks closed down 0.07 percent on Monday, despite investor interest in selected stocks like Carsons Cumberbatch PLC, brokers said. LOLC Group, which has investments in leasing and financial services, saw 214,100 shares trade. But the stock closed down 10 cents to 37.10 rupees. Overseas Realty, the Singaporean owners […]
Sri Lanka state airlines get Rs2.38bn handout
July 08, 2012 (LBO) – Sri Lanka’s loss-making state-run airlines have been given 2. 28 billion rupees in tax payer money during the first half of 2012, a mid -year fiscal report has revealed. Mihin Lanka on the other hand had made a net profit before interest of 2. 0 billion rupees and had finance […]
‘s ITC hotel
July 8, 2012 (LBO) – A mixed property project including a hotel in Sri Lanka’s capital Colombo by India’s ITC has been given sweeping tax breaks under the island’s strategic investment law, a government notice said. Welcome Hotels Lanka (Pvt) Ltd, a newly incorporated ITC unit in Sri Lanka has already paid 73. 5 million […]
Sri Lanka losses on Greece bonds offset by other gains: Central Bank
July 07, 2012 (LBO) – Sri Lanka has lost money by buying Greece government bonds for its foreign reserve portfolio but returns on other assets have offset the losses, the Central Bank said. Sri Lanka has a de facto peg with the US dollar and aggressive investment strategies involving diversifying out of dollar assets can […]
Sri Lanka on business traveller map says Colombo hotel
July 07, 2012 (LBO) – Cinnamon Lakeside, a hotel in Sri Lanka’s John Keells group had won an award from a UK-based business travel publication, giving international recognition to high industry standards, officials said. ‘Business Destinations’, a magazine targeted at corporate buyers and travel professionals, had named Cinnamon Lakeside the best luxury hotel in Sri […]
Logistics
July 07, 2012 (LBO) – Sri Lanka has moved up 56 places to 81 in a World Bank logistics performance index for 2012, as a result of improvements in infrastructure and quality of logistics services, a business chamber has said. To compile the index, nearly a thousand international freight forwarders have been surveyed on areas […]
Sri Lanka expands diplomatic relations in Africa
July 05, 2012 (LBO) – Sri Lanka will start diplomatic relations with 15 African countries, cabinet spokesman Keheliya Rambukwella said. Diplomatic relations will be established with the Islamic Republic of Mauritania, Republic of Malawi, Burkina Faso, Republic of Chad, Republic of Djibouti, Central African Republic, Gabonese Republic, Republic of Cameroon, Republic of Cote d’lvoire, Republic […]
’s Jayasuriya among top picks for premier league
July 06, 2012 (LBO) – Veteran Sri Lankan cricketer turned politician Sanath Jayasuriya, Rangana Herath and Thisara Perera were among the six local players to be valued at a maximum price of 35,000 dollars for the draft of the maiden Sri Lanka Premier League. Uva: Andrew McDonald — 35,000 dollars Umar Gul — 25,000 dollars […]
Sri Lanka power utility losing Rs200mn a day: minister
July 06, 2012 (LBO) – Ceylon Electricity Board, Sri Lanka’s state-run power utility is losing 200 million rupees a day, and a ministerial committee is making proposals to fix the energy sector, power minister Champika Ranawaka said. Ministers John Seneviratne (an former power minister), A H M Fowzie (a former petroleum minister) Nimal Siripala de […]