Author: lbostgadmin
Sri Lanka overnight rates high amid liquidity shortages
Mar 12, 2012 (LBO) – Sri Lanka overnight cash rates topped 10 percent Monday for the third day running amid liquidity shortages pointing to heavy off-market forex interventions, dealers and analysts said. Sri Lanka’s foreign reserves fell to 5,957.7 US dollars in December 2011 from a peak of over 8.0 billion US dollars in July. […]
Sri Lanka to slap price controls on drugs amid warnings
Mar 11, 2012 (LBO) – Sri Lanka will soon bring a law to control prices of drugs, a media report said amid protests from the pharmaceuticals trade which had warned that price controls may create shortages of essential drugs from time to time. Sri Lanka’s post-independence rulers, who printed money to run deficit budgets, depreciated […]
Sri Lanka India venture commissions BOT waste treatment plant
Mar 11, 2012 (LBO) – Sri Lanka’s Puritas (Pvt) Ltd, a unit of the listed Hayleys group and Veolia Water India, a part of a France based Veolia Water has commissioned a waste treatment plant for a new tourist resort on the island’s east coast. Already two of the 13 hotels are running and the […]
Credit Trend
Mar 10, 2012 (LBO) – Credit to business from Sri Lanka’s commercial banks fell to 44.5 billion rupees in January 2012 from 60.2 billion rupees a month earlier, but credit to the state zoomed to a new monthly peak 73.7 billion rupees, official data showed. Rising state borrowings from the banking system, particularly central bank […]
Three Sri Lanka soldiers found shot dead in Jaffna: Update
Mar 09, 2012 (LBO) – Three soldiers assigned to provide security to a Hindu temple were found shot dead in Jaffna in Sri Lanka’s north Friday morning, military spokesman brigadier Nihal Hapuarachchi said. He said initial investigations had indicated that the incident was due to a personal dispute. “There were no third parties involved,” he […]
Sri Lanka airport light industry proposals to close on March 15: official
March 09, 2012 (LBO) – Requests for proposals to start medium and light industries near Sri Lanka’s new international airport in Hambantota will close on March 15, the head of a state-run airport agency said. “Companies can visit there see land available there,” chairman of Sri Lanka’s Airport and Aviation Services Ltd, Prasanna Wickramasuriya told […]
‘s Tata on US$50mn project
Mar 08, 2012 (LBO) Sri Lanka’s Urban Development Authority is in talks with India’s TATA Housing Development Company, to develop an underserved area in Colombo an official said. The Urban Development Authority says slum dwellers are living in appalling conditions without proper ventilation and basic infrastructure. “They can’t even open their windows because it touches […]
Two Indian firms unite to make small tractor
NEW DELHI, March 8 (AsiaPulse) – Chennai-based Tractors and Farm Equipment Ltd (TAFE) has entered into an alliance with Captain Tractors Pvt Ltd (CTPL) to develop and manufacture compact tractors in the sub-20 horsepower segment. “Through this alliance, TAFE aims to offer a complete range of products to the farming community of India,” TAFE Chairman […]
Lower Gear
Mar 08, 2012 (LBO) – Sri Lanka’s automobile sales are expected to dip in 2012 with pent up demand being met and rapidly rising interest rates, Tilak de Zoysa, deputy chairman of Associated Motorways, the island’s largest auto dealer said. Sri Lanka’s rupee also dipped from 110 to around 120 rupees in the second week […]
Sri Lanka rupee weaker
Mar 08, 2012 (LBO) – Sri Lanka’s rupee was quoted around 121.55/70 against the spot US dollar in mid-morning trade after opening around 121.30/70 rupees, dealers said. On Tuesday the rupee closed around 121.30/60 against the greenback. In money markets overnight gilt-backed repos were quoted at 8.80/90 percent levels and call money was at 9.75/85 […]
‘s Janashakthi Insurance says focusing on underwriting
Mar 07, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance has focused on containing claims and writing more profitable business in 2011, though investment income took a hit due falling stock market values, officials said. Gross written premium rose 15.7 percent to 7.1 billion rupees. The firm said motor premiums rose 13 percent to 3.8 billion […]
Sri Lanka opportunities scouted by Dubai group
Mar 06, 2012 (LBO) – Dubai-based All Futtaim group which already owns a motor dealer and insurer is scouting fresh opportunities in leisure and real estate, group vice chairman Omer Al-Futtaim said. “We are exploring a number of new of new opportunities,” he said. “Real estate and leisure is one of the areas we are […]