Author: lbostgadmin
Collective Voice
May 09, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce has asked authorities to probe a recent purchase of stock of a finance company by a state bank at more than 65 percent above market price. The state-run National Savings Bank has since stopped payment on the deal raising another hornet’s nest, with a […]
Sri Lanka Nestlé unit says milk collection up 45-pct
May 09, 2012 (LBO) – Nestle Lanka, said its fresh milk collections were up 45 percent in the four months to April from a year earlier, amid claims by some dairy farmers that their milk was not bought by collectors. “Our milk processing facility in Kurunegala is now running at its fullest capacity¦and we are […]
Sri Lanka Treasuries edge up
May 09, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction with 11. 9 billion rupees of bills being sold to market bidders, the state debt office said. The 3-month yield rose 09 basis points to 12. 19 percent, the 6-month yield rose 10 basis points to 12. 30 percent and […]
Sri Lanka to work out surveillance deal with IMF: CB Governor
May 08, 2012 (LBO) – Sri Lanka will work out a surveillance program with the International Monetary Fund to boost investor confidence after a current deal with the agency ends in July 2012, Central Bank Governor Nivard Cabraal said. “Thereafter the type of relationship we will have with them is something we will have will […]
Sri Lanka income taxes have to be paid by all: Treasury secretary
May 07, 2012 (LBO) – Amid pressure from a parliamentary committee for remaining workers of state-enterprises to pay income taxes, finance ministry secretary P B Jayasundera has said all persons must get used to paying taxes. Jayasundera said even a person earning 200,000 a month only paid about 10 percent in tax and the average […]
Sri Lanka Taj hotel hit by liability dollarization
May 07, 2012 (LBO) – Profits of Taj Lanka Hotel Plc, a unit of India’s Taj Hotels and Resorts Ltd, plunged 87 percent to just 6.7 million rupees in the March 2012 quarter due to exchange losses from a dollar loan. Taj Lanka’s revenues rose 6 percent to 450 million rupees in the December quarter […]
Sri Lanka Hilton property in US$45mn upgrade: report
May 06, 2012 (LBO) – Hotel Developers Ltd, a state-run property where Colombo’s Hilton is housed will go a 45 million US dollar refurbishment, as it gears up to meet competition from spruced up city hotels, a media report said. Hotel Developers was one of the firms that was expropriated by the state through a […]
‘s forex reserves fal to US$5.5bn in Feb 2012: data
May 6, 2012 (LBO) – Sri Lanka’s foreign reserves fell to 5,552 million US dollars at the end of February 2012, down 32 percent from a peak of 8,098 million US dollars in July 2011, official data shows. Sri Lanka’s reserves fell steeply during the second half of 2011 credit taken by state enterprises to […]
Japanese deputy premier tours Sri Lankan hydro power plant
May 5, 2012 (LBO) –Japan’s Deputy Prime Minister Katsuya Okada, began his second day in Sri Lanka on Saturday touring the island’s last hydro power plant that is being built with Japanese assistance. Accompanied by Sri Lankan President Mahinda Rajapakse, Okada inspected the 150 megawatte Upper Kotmale hydro power project, that is scheduled to finish […]
‘s Asia Leisure in Japan tie for beach resort
May 05, 2012 (LBO) – Teoria Investment Company Limited, a Japan based company is investing two million US dollars in a beach resort built by Sri Lanka’s Asia Leisure, which is seeking partners for new hotels, officials said. “We need to raise seven-to-eight million dollars each (for each hotel), to start projects in Galle and […]
Sri Lanka hikes prices of cooking gas, milk powder, cement
May 4, 2012 (LBO) – Sri Lanka on Friday raised prices of cooking gas, milk powder and cement, after a weak rupee, tax hike and higher energy prices raised costs. The price of a 12.5 kilo liquefied petroleum gas cylinder goes up by 350 rupees to 2,396 rupees from midnight Friday, Internal Trade Minister Johnston […]
” ratings confirmed: Fitch
May 04, 2012 (LBO) – Sri Lanka has to persist with reducing its budget gap and tighten monetary policy further if needed to ward off balance payments pressure, Fitch Ratings which confirmed a sovereign rating at ‘BB-‘ said. The outlook on the rating was ‘stable’. “The ratings reflect Fitch’s view that the authorities have taken […]