Author: lbostgadmin
Sri Lanka energy, transportation projects draw US firms
Mar 28, 2012 (LBO) – The United States is keen to expand trade and investment in Sri Lanka, a senior official said at talks on a proposed bilateral Trade and Investment Framework Agreement between the two countries. Her remarks came in the wake of a US-sponsored resolution adopted by the United Nation Human Rights Council […]
Sri Lanka Expo foreign presence sign of confidence: president
Mar 28, 2012 (LBO) – The presence of a large delegation of foreign visitors at Sri lanka’s Expo2012 international trade fair and exhibition is an expression of confidence placed in the country, President Mahinda Rajapaksa said. The fair is meant to show the world the new prospects for investment and trade in Sri Lanka after […]
” deal
Mar 28, 2012 (LBO) – Sri Lanka’s Commercial Bank has struck a deal with Ceylinco Insurance to offer the latter’s general and life insurance products through the bank’s islandwide network of branches. “The agreement strengthens Commercial Bank’s commitment to offer a wide choice in ‘Bancassurance’ to existing and potential customers, through partnerships with the country’s […]
Indian gold loans to slow after new curbs: rating agency
NEW DELHI, March 28 (AsiaPulse) – The Reserve Bank of India (RBI)’s recent guidelines for the gold loan sector will significantly moderate the growth and profitability over the next year, said a Crisil report. “Business growth is likely to fall from 80 per cent per annum to 20-25 per cent per annum and return on […]
Legal Overhaul
Mar 28, 2012 (LBO) – An overwhelming majority of Sri Lankan employers have asked for changes in the island’s labour laws, saying they are archaic and actually hinder employment creation and growth. “We firmly believe labour regulation needs an overhaul in line with changes taking place today,” Peiris said. “We do not propose a hire […]
Work Trial
Mar 28, 2012 (LBO) – Sri Lankan employers are seeking the extension of a trial run allowing a five-day work week as part of moves to reform archaic labour laws and improve efficiency, an official said. Ravi Peiris, director general of the Employer’s Federation of Ceylon (EFC), said they have been lobbying with the government […]
Sri Lanka hotel makes US$35mn cake
Mar 28, 2012 (LBO) – Sri Lanka Heritance Ahungalle, a hotel in the island’s Aitken Spence leisure group said it has made a 35 million dollar sapphire studded cake, in a bid to make the world’s most expensive one. “Created by their celebrity Chef Dimuthu Kumarasinghe, the ten-layered ‘Pirate’s Fantasy’ comes studded with jewels and […]
Knowledge Base
Mar 28, 2012 (LBO) – International Finance Corporation, an arm of the World Bank said it is training Sri Lankan bankers in trade finance to help provide better services to customers to interact with the global markets. During the training program, participants were taught how to structure basic and complex trade finance transactions, improving risk […]
Sri Lanka shares end down 0.2-pct
Mar 28, 2012 (LBO) – Sri Lankan shares closed weaker Wednesday with some interest seen in conglomerates although trading volumes were low, brokers said. The main All Share Price Index fell 0.15 percent (8.07 points) to 5,428.01, while the more liquid Milanka index rose 0.50 percent (24.22) to close at 4,888.39. Turnover was 627 million […]
Sri Lanka Treasuries yields up
Mar 28, 2012 (LBO) – Sri Lanka’s Treasury bill yields rose across maturities at Wednesday’s auction, though only a part of the 10 billion rupees of bills offered was sold through the auction, the state debt office said. The debt office, which is a unit of the Central Bank, said 3-month yields rose 25 basis […]
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Mar 27, 2012 (LBO) – A top Japanese economist has warned Sri Lanka of continuing a ‘subsidy culture’ that could retard growth and also of letting slip opportunities for closer trade ties with neighbouring India. Shinji Asanuma, a professor in the school of international and public policy, Hitotsubashi University said Sri Lanka’s economic growth provided […]
Sri Lanka forex reserves down 28-pct in Jan
Mar 27, 2012 (LBO) – Sri Lanka’s forex reserves fell 28 percent to 5,806 million dollars in January 2012, from a peak of 8,098 million US dollars reached in July 2011, around the time a balance of payments crisis started, official data showed. The currency board had helped keep inflation low and allowed Sri Lanka […]