Author: lbostgadmin
Policy Position
Mar 22, 2012 (LBO) – Central bank ‘moralsuasion’ on commercial banks in Sri Lanka may have to be strengthened if current credit demand prevails, Treasury secretary P B Jayasundera said. He said the monetary authorities will wait and watch how the economy responds to recent interest rate hikes and curbs on lending. The economy is […]
Sri Lanka rupee weaker
Mar 22, 2012 (LBO) – Sri Lanka’s rupee opened firmer against the US dollar Thursday but weakened in mid-morning trade with no sign of intervention by state banks to support the currency, dealers said. It said in a statement more inflows of dollars were expected in the weeks ahead as several commercial banks raise funds […]
FlyDubai Sri Lanka flights increased
Mar 21, 2012 (LBO) – Emirates-based Flydubai, a budget carrier has upped frequencies to daily to Colombo from five a week and the carrier is seeing a surge in tourists to Sri Lanka from former Soviet republics, an official said. Flydubai chief executive Ghaith Al Ghaith said tourists from former Soviet republics to Colombo had […]
Sri Lanka set to lose Kingfisher connections
Mar 21, 2012 (LBO) – India’s debt-laden Kingfisher Airlines is to cancel all international flights, a move that would affect its connections to Sri Lanka, news reports said. Flights to Dubai, Colombo, Kathmandu, Bangkok will stop operating by Sunday, March 25, 2012. “We have decided to suspend our international operations as we are not on […]
Sri Lanka to get rail link to international airport
Mar 21, 2012 (LBO) – Malaysia’s Airport Express Air and Rail Company is to build a rapid transit rail link between Sri Lanka’s capital Colombo and the international airport at Katunayake, a northern suburb. The planned new railway terminal can be accessed directly from the arrivals and departures lounges of the Bandaranaiyake International Airport building […]
Indian service tax exemption to leave advertisers with surplus funds
NEW DELHI, March 21 (Asia Pulse) – Service tax exemption on advertising on media platforms, excluding TV and radio, could result in availability of up to Rs 1,500 crore (US7 million) more to advertisers for spending on campaigns, according to industry experts. “Given that marketing budgets of companies always take into account the service tax […]
Sri Lanka shares end down 0.6-pct
Mar 21, 2012 (LBO) – Sri Lankan shares closed weaker Wednesday for the second straight day with trading falling sharply and interest seen mainly in low value or speculative stocks, brokers said. The main All Share Price Index fell 0. 55 percent (29.92 points) to 5,384.10, while the more liquid Milanka index fell 1. 11 […]
Sri Lanka rupee weakens
Mar 21, 2012 (LBO) – Sri Lanka’s rupee was quoted at 130. 50/ 131.00 against the US dollar in mid-morning trade, weakening slightly from opening levels in the absence of state bank intervention, dealers said. “The rate dropped because there was no intervention,” said a dealer. “When there’s intervention the rate tends to pick. The […]
Sri Lanka Treasuries yields rise
Mar 21, 2012 (LBO) – Yields on most Sri Lankan Treasury Bills rose at Wednesday’s auction for the roll-over of 10 billion rupees of debt, the state debt office which is part of the central bank said. Sri Lanka’s market rates have to move up according to state credit demand to help stabilize the exchange […]
Sri Lanka consumer protection activism seen weak
Mar 20, 2012 (LBO) – Sri Lankan consumer protection activism remains weak because of a lack of awareness and will, leaving consumers vulnerable to the lobbying power of big business and utilities, an official said. The Public Utilities Commission plans to step up its campaign to educate consumers this year. “After making people aware, we […]
Oil Opportunity
Mar 20, 2012 (LBO) – A wide range of business opportunities is opening up for Sri Lankan companies in the emerging hydrocarbon exploration and production programme after two offshore gas strikes by Cairn India, an official said. These range from providing banking and financial services, oil well insurance, risk management, and training to catering services […]
Sri Lanka business groups oppose UN war crimes resolution
Mar 20, 2012 (LBO) – Sri Lanka’s business chambers have opposed a resolution in the United Nations Human Rights Council against alleged war crimes in the campaign that crushed Tamil Tiger separatists. “The joint Chambers of Commerce of Sri Lanka express concern over the resolution to be tabled at the UNHRC against Sri Lanka,” they […]