Author: lbostgadmin
Oil Agenda
Mar 15, 2012 (LBO) – Sri Lanka will auction shallow water blocks in the Mannar Basin to oil exploration companies soon following the discovery of gas by Cairn India in two of three test wells, an official said. Total of France is one of the oil majors which have shown interest in Sri Lanka. “They […]
Safe Search
Mar 15, 2012 (LBO) – Sri Lanka is considering setting up a regional safety training for the oil and gas industry following the discovery of gas in its offshore waters, an official said. Saliya Wickramasuriya, the island’s Director General of Petroleum Resources Development, said safety training is an important requirement for the oil industry which […]
Iranian traders default on US37mn payment to India
NEW DELHI, March 15 (AsiaPulse) – Two Dubai-based Iranian private traders have defaulted on payment of Rs 184 crore (US$36.8 million) to nine Indian rice exporters, Parliament was informed Wednesday. There have been payment issues between India and Iran after sanctions imposed by the US. Iran mainly imports basmati rice from India. “Embassy of India, […]
Sri Lanka tea trade warns of threat to Middle East market
Mar 15, 2012 (LBO) – Sri Lanka’s tea industry has called for urgent improvements in productivity and new markets to ride out volatility in major Middle Eastern markets that continue to dampen tea export earnings. January and February tea prices have averaged about 40 rupees a kilo below that of January February 2011. While there […]
‘ death in Sri Lanka: report
Mar 15, 2012 (LBO) – The deaths of two UAE nationals, soon after their arrival in Sri Lanka, could be due to food poisoning from an in-flight meat, a media report said. A mother and a small child had died on Tuesday evening, after arriving in the country earlier in the day. Sri Lanka’s The […]
‘s tourist arrivals up 27-pct in Feb: data
Mar 15, 2012 (LBO) – Sri Lanka’s tourist arrivals increased 27 percent to 83,549 in February 2012, from a year earlier, and visitors during the first two months were up 21 percent to 169,423, the state tourist promotion office said. South Asia, the second largest generating market, showed an increase of 14.1 percent with Indian […]
Mentality Mend
Mar 15, 2012 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has urged authorities to get rid of a war-time mentality and loosen regulations to allow business to grow amid a post-war economic boom. Colombo Dockyard managing director Mangala Yapa said the end of the 30-year ethnic war has opened up new business opportunities but growth […]
Sri Lanka stocks close down 0.4-pct, rupee in new low
Mar 15, 2012 (LBO) – Sri Lanka’s stocks closed 0. 4 percent Thursday amid continued foreign interest, and the rupee peg weakened to a new low below 125 rupees, dealers and brokers said. The rupee closed at 125.00/25 against the greenback with the peg weakening as low as 125. 10 in intra-day trade, dealers said. […]
Sri Lanka 2012 economic growth downgraded to 7.2-pct
Mar 14, 2012 (LBO) – Sri Lanka’s economic growth for 2012 has been downgraded to 7.2 percent from an earlier projected 8.0 percent, but inflationary pressures may remain weak, the Central Bank said amid measures to counter a balance of payments crisis. The central bank raised policy rates in February, allowed a rupee peg to […]
India plans 2G spectrum auction
NEW DELHI, March 14 (AsiaPulse) – India’s Department of Telecommunications plans to start auction of 2G spectrum by December 20 and allocate spectrum to players in March next year. “We will need time at least till December 20 to start auction of spectrum. There are various processes before it and will have to stick to […]
Sri Lanka devaluation seen improving tea export margins
Mar 14, 2012 (LBO) – The fall in the value of the Sri Lankan rupee following a snap devaluation last year has helped tea exporters improve profit margins and regain competitiveness, Finlays Colombo, a top exporter has said. Its chairman Kumar Jayasuriya said the firm had a difficult year in 2011 because of problems in […]
Moral Suasion
Mar 14, 2012 (LBO) – Sri Lanka’s central bank has asked banks to limit credit to buy motor cars, in a bid to reduce imports, as the country faced balance of payments pressure and lost more than a quarter of its foreign reserves. The Central Bank said vehicle dealers had built up large inventories of […]