Author: lbostgadmin
Sri Lanka expects US$850mn from tourism in 2011
Dec 30, 2011 (LBO) – Sri Lanka expects to earn 850 million US dollars from tourists in 2011 with annual arrivals expected to reach 830,000 an increase of 26 percent from a year earlier and the industry targeted a billion dollars next year, officials said. But an electronic visa process, which is promised to be […]
Director Stakes
Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said. Amarasuriya stepped down despite a court […]
Rate War
Dec 30, 2011 (LBO) – Stiff competition among major container shipping lines that has cut freight rates is likely to continue next year, helping Sri Lankan shippers facing a slowdown in demand in key markets, trade officials said. Alphaliner said recent realignments among big shipping lines with vessel sharing and slot exchange deals meant to […]
Sri Lanka stocks close down 0.3-pct
Dec 30, 2011 (LBO) – Sri Lankan stocks closed lower Friday for the second straight day, ending a four-day rally with trades in a bank in which foreigners have been selling out propping up turnover, brokers said. The main All Share Price Index fell 0.25 percent (14.96 points) to 6,074.42, while the more liquid Milanka […]
Sri Lanka finance ministry calls for higher rates, flexible rupee: report
Dec 30, 2011 (LBO) – Sri Lanka’s top Treasury official has called for higher interest rates and a rupee ‘flexible’ exchange rate to ward off balance of payments pressure, a media report said. “Definitely we need a correction on interest rates,” Treasury secretary P B Jayasundera was quoted as saying by Reuters, a news agency. […]
Sri Lanka renewable energy use grows
Dec 29, 2011 (LBO) – Non-conventional renewable energy use has grown sharply this year, accounting for the fastest growth among the different sources of energy in the island, according to latest central bank data. Non-conventional renewable energy mainly consists of hydro- , wind, solar and biomass. Most non-conventional hydro-power in Sri Lanka comes from small […]
‘s Sebi proposes new regulations for investment advisors
MUMBAI, Dec 29 (Asia Pulse) – Indian market regulator Sebi has proposed new rules for investment advisors that will require them to be registered with a self-regulatory organisation (SRO) before undertaking such a role. The services will include financial advice, financial planning service and actions which would influence an investment decision. Besides, representatives of investment […]
Value Exports
Dec 29, 2011 (LBO) – Sri Lanka’s earnings from information communications technology (ICT) services and products grew strongly this year after rising sharply last year, officials said. ICT and BPO (business process outsourcing) exports shot up 47 percent to 310 million US dollars in 2010-11 from the year before and will remain strong, a new […]
Hedging Cost
Dec 29, 2011 (LBO) – A Singapore arbitrator has ordered Citibank to pay Sri Lanka’s state petroleum refiner 2.5 million US dollars as legal fees in an oil hedging deal dispute, a statement said. The arbitrator in August 2011 voided an oil hedging deal between Ceylon Petroleum Corporation and Citibank, rejecting the bank’s demand for […]
Sri Lanka India fishing dispute talks in Jan
Dec 29, 2011 (LBO) – Sri Lanka and India will hold talks on resolving a fishing dispute which escalated after the end of a 30-year war, when a joint working group meets in January. Fisheries minister Rajitha Senaratne said Sri Lanka will hold talks with an Indian delegation made up of state and central government […]
Sri Lanka promises impartial probe on tourist killing
Dec 29, 2011 (LBO) – Sri Lanka says investigations are continuing on an attack which left a British tourist killed and his Russian female friend injured with several suspects including a local politician of the ruling party being arrested, officials said. Sri Lanka’s deputy economic development minister Lakshman Abeywardene said the island’s defence secretary has […]
Sri Lanka stocks close down
Dec 29, 2011 (LBO) – Sri Lankan stocks closed lower Thursday after four days of gains with more deals in a bank dominating turnover that remained at relatively low levels, brokers said. The main All Share Price Index eased 0.07 percent (4.01 points) to 6,089.38, while the more liquid Milanka index fell 0. 19 percent […]