Author: lbostgadmin
Sri Lanka inks deal for US$4bn port based heavy industry complex
June 14, 2012 (LBO) – Sri Lanka has signed a 4. 0 billion US dollar deal to build port related heavy industries around the north eastern Trincomalee harbhour, the island’s state investment promotion agency said. Sri Lanka Gateway Industries (Pvt) Ltd, a foreign invested project company will build a deep water jetty, bulk commodities terminal […]
‘s Laugfs shoppers to get insurance cover from Chartis
June 14, 2012 (LBO) – Sri Lanka’s Laugfs Holdings, which has interests in cooking gas distribution and retailing has tied up with US based Chartis Insurance, to offer accident and disability cover to customers who patronise their supermarkets, officials said. Chartis, a leading property-casualty and general insurance firm serving more than 70 million clients around […]
Sri Lankan shares rise 1.61 percent
June 14, 2012 (LBO) – Sri Lankan share prices firmed up, closing 1. 61 percent higher, lifted by a one-off deal in Ascot Holdings PLC, brokers said. Colombo’s All Share Price Index gained 78.23 to 4,923.03, while the liquid Milanka Price Index rose 1. 80 percent or 77.68 points to close at 4,381.57, according to […]
‘s parliament should have more oversight on debt: legislator
June 13, 2012 (LBO) – Sri Lanka’s parliament should have more control over the way government debt is raised and its terms, a legislator has said amid rising volumes of commercial debt by the state. Though the constitution by its article 148 gave parliament ‘total control of public finances’ there was very little it could […]
Sri Lanka policy rate unchanged, growth projected at 7.2-pct for 2012
June 13, 2012 (LBO) – Sri Lanka is maintaining it key policy interest rate at which money is injected to the banking system at 9. 75 percent, and the growth is expected to be 7.2 percent for 2012, despite a contraction in trade, the Central Bank said. Sri Lanka raised rates and increased energy prices […]
Sri Lanka secures $3.5 mn from Japan for farm equipment
June 13, 2012 (LBO) – Sri Lanka has inked a 468 million rupee (3.5 million dollar) grant with the Japanese government to buy equipment to secure the island’s food security, a statement said. Under the 380 million Yen programme, Sri Lanka has secured funds to buy 946 tractors that will be distributed among farmers working […]
Sri Lanka should persist with stabilization measures: business chamber
June 13, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce says the state should persist with measures efforts to correct balance of payments pressure and learn lessons to make sure that such incidents are not repeated. “Macroeconomic stability is a crucial element of a conducive investment climate and favourable operating environment for business,” the […]
Virtual Wallet
June 13, 2012 (LBO) – Sri Lanka’s Dialog Axiata had launched a mobile payment service through which its 7.5 million customers can send and receive money through a ‘virtual wallet’, officials said. The mobile payment service can be used to pay utility bills or to payments at thousands of shops across the island, Fariq Cader, […]
Sri Lankan stocks up 0.77 percent
June 13, 2012 (LBO) – Sri Lankan share prices firmed up on Wednesday, driven by investor interest in blue chip stocks, brokers said. Colombo’s broader All Share Price Index was up 37.24 points or 0.77 percent to 4,844.79, the Milanka Price Index gained 34. 65 points or 0.81 percent to end at 4,303.89, according to […]
Sri Lanka Treasuries yields up
June 13, 2012 (LBO) – Sri Lanka’s Treasuries yields edged up at Wednesday’s auction with the three and six month yields picking up data from the state debt office showed, while pressure also developed on forex markets. If interest rates are allowed to float freely, especially in the short term markets, the exchange rate can […]
Sri Lanka, South Asian can benefit from free trade, education
June 12, 2012 (LBO) – Sri Lanka and her South Asian neighbors should give trade freedoms to their citizens, strengthen property rights and increase investments in education, a business executive turned politician has said. While South Asian nations were trading with countries in the West whose citizens had won trade freedoms and had high living […]
Oil Exemption
June 12, 2012 (LBO) – Sri Lanka, India, Malaysia, Korea, South Africa, Turkey and Taiwan has been recognized as countries that have significantly cut oil imports from Iran, US secretary of state Hilary Clinton has said. Financial institutions of countries that traded with Iran faced the possibility of being penalized in international trade settlements by […]