Author: lbostgadmin
Sri Lanka expects most FDI for infrastructure in 2012
Jan 13, 2012 (LBO) – Sri Lanka is expecting most of the two billion US dollars of foreign direct investment targeted for 2012 to flow into infrastructure with 400 million US dollars going into tourism, an official said. Head of Sri Lanka’s Board of Investment, M M C Ferdinando said about a billion US dollars […]
Sri Lanka to expand food stamps to former war zones
Jan 13, 2012 (LBO) – Sri Lanka will expand a food stamp scheme to former war zones in the east adding an estimated 100,000 families to 1. 5 million already on the scheme, deputy economic development minister Lakshman Abeywardene said. “We did not want to remove the program until their incomes are stable. “We have […]
Executive Churn
Jan 12, 2012 (LBO) – Sri Lankan mobile phone operator Dialog Axiata has appointed as its new Group Chief Marketing Officer Amali Nanayakkara, former chief executive of its rival Airtel Lanka. Nanayakkara, who will take up office in February 2012, is a marketing professional with over 20 years of experience in senior management postings in […]
Mobile Awareness
Jan 12, 2012 (LBO) – Sri Lankan mobile phone users showed the highest awareness of the use of the instrument to access health services, according to a new study of countries in the Asian region. “Operators need to target current Internet users and more educated within the BOP segment,” the study said. “The key benefit […]
Elevated
Jan 12, 2012 (LBO) – Sri Lanka will build three elevated highways to ease traffic congestion in the capital Colombo connecting two central locations with expressways out of the city, a minister said. Information minister Keheliya Rambukwelle said Egis Bceom International of France will carry out a feasibility study and prepare outline designs for the […]
Logistics
Jan 12, 2011 (LBO) – Sri Lanka’s Maxim Holdings (Pvt) Ltd, will build a 700 million rupee warehouse complex with a packing plant for its own use and for lease to other tea exporters, an official said. The firm, connected Sri Lanka’s Moslanka Investment (Pvt) Ltd, will build a 70,000 square feet warehouse complex in […]
Sri Lanka stocks up on credit hopes
Jan 12, 2012 (LBO) – Sri Lankan stocks closed 1. 3 percent higher Thursday on expectations of a credit rule relaxation by the securities regulators with illiquid and speculative stocks leading the charge, brokers said. Colombo’s benchmark All Share Index closed 77. 4 points higher at 5,942.4 points up 1.32 points while the Milanka Index […]
India to rebuild 49,000 houses in Sri Lanka with US$260mn grant
Jan 12, 2012 (LBO) – India will help rebuild 49,000 houses of war refugees and estate workers in Sri Lanka with a 260 million US dollar grant, information minister Keheliya Rambukwelle said. The Indian grant will be used in former war zones in the North and Eastern provinces of the island and in the Central […]
Sri Lanka policy rates steady, market rates up
Jan 11, 2012 (LBO) – Sri Lanka’s main policy interest rate at which cash is injected to the market will remain at 8.50 percent but an increase in market rates could help reduce money supply growth, the Central Bank said as it battles pressure on a dollar peg. Sri Lanka’s peg with the US dollar […]
Sri Lanka warns of Tamil Tiger separatist revival
Jan 11, 2012 (LBO) – Sri Lanka is maintaining high defence spending and sizeable military to guard against any possible resumption of violence by Tamil Tiger separatists who are trying to regroup, a senior defence official said. The island’s intelligence services had picked up evidence of attempts to reactivate the Liberation Tigers of Tamil Eelam […]
Sri Lanka gets US2bn in tourism project proposals: minister
Jan 11, 2012 (LBO) – Sri Lanka has received 210 applications worth two billion dollars for new tourism projects in 2011 as the sector became a target for investors after the end of a 30-year war, a minister said. In 2012, the industry will add another 2,500 rooms, he said. Deputy economic development minister Lakshman […]
Rough Waters
Jan 11, 2012 (LBO) – Sri Lanka’s Aitken Spence, may be forced to pullout from a container terminal project in Colombo after financing from a Chinese bank fell through, requiring additional financing from consortium partners, sources said. The new commitment would have been a further 130 million US dollars, which was beyond the capacity of […]