Author: lbostgadmin
‘s Colombo night race first night-in pictures
Dec 17, 2011 (LBO) – Sri Lanka’s Colombo night race flagged off Friday in practice runs and trials as fans lined the streets to watch as drivers became familiar with the track and sought places for Saturday.
‘s Jetwing managed hotel opens in Laos
Dec 17, 2011 (LBO) – Xiengthong Palace, a hotel in Luang Prabang, Laos, managed by Jetwing a Sri Lanka based group has officially opened targeting luxury travel, a media report said. The Island newspaper said the hotel, which had a soft opening in October and its architecture conformed to the style of the ancient city, […]
Sri Lanka tea meet to seek common standard
Dec 16, 2011 (LBO) – Tea producing and consuming countries will seek to agree on a common standard for pesticide residue levels in tea during a meeting of the United Nations Food and Agriculture organisation body in Colombo early next year. Different MRL standards in markets like Japan and Germany had created problems for exporters […]
Sri Lanka night race will help travel trade: Colombo hoteliers
Dec 16, 2011 (LBO) – A night car race in Sri Lanka’s capital Colombo has increased occupancy in city hotels and will help the travel trade if it is made an annual international event, hoteliers said. “An event like this will put us on the map as a happening city,” Rohit Khosla, head of Taj […]
Lower Outlook
Dec 16, 2011 (LBO) – Fitch Ratings has lowered the outlook on the ‘BB+(lka)’ rating of Sri Lanka’s Union Bank of Colombo to negative from stable on operational risks from its information technology system and weak branch procedures. The rating agency said loan growth was high at 56.5 percent but the bank did not have […]
Implied Support
Dec 16, 2011 (LBO) – Fitch Ratings Lanka has confirmed Singer Finance (Lanka) Plc’s (SFL) national long-term rating at ‘BBB+(lka)’ with a stable outlook. SFL’s rating reflects Fitch’s expectation that support would be forthcoming from the parent, Singer (Sri Lanka) (SSLP) which is rated ‘A(lka)’, given the strategic importance of SFL, a statement said. In […]
Terminal Work
Dec 16, 2011 (LBO) – Construction work has begun on the first deep-water container terminal in a new harbour being built next to Sri Lanka’s Colombo port that will be owned and operated by a Chinese-led consortium. The 500 million US dollar South Container Terminal is to be built and operated by Colombo International Container […]
Sri Lanka stocks slide 0.8-pct
Dec 16, 2011 (LBO) – Sri Lankan stocks sagged further Friday in a deepening slide that saw the main index dip below 5,900 points in thin turnover, brokers said. The main All Share Price Index fell 0.82 percent (48.63 points) to 5,892.69, while the more liquid Milanka index fell 1.08 percent (56.29 points) to close […]
Sri Lanka money rates spike
Dec 16, 2011 (LBO) – Sri Lanka’s overnight money rates spiked Friday amid liquidity shortages from peg defence and seasonal demand, prompting a 10 billion rupee cash auction by monetary authorities, dealers said. Overnight gilt backed repos rose as much as 8.35 percent and eased to 7.75/8.00 percent levels after a cash injection through a […]
Sri Lanka policy rates kept steady, market rates up: CB
Dec 16, 2011 (LBO) – Sri Lanka’s active polity rate at which cash is injected to the market would be maintained at 8.50 percent, the Central Bank said, as defence of a dollar peg pushed market rates up. The central banks said the trade deficit was higher this year. The central bank said there would […]
Sri Lanka to do health checks for resident visa
Dec 15, 2011 (LBO) – Sri Lanka has decided to do health checks on applicants for resident visas to the island, media minister Keheliya Rambukwella said. The cabinet of ministers has decided to conduct a health assessment for the resident visa applicants to Sri Lanka, he told a news conference. A statement said a large […]
Sri Lanka exporters should reclaim duty before April 18: US
Dec 15, 2011 (LBO) – Sri Lanka’s exporters should claim refunds under a resumed generalized system of preferences (GSP) tariff relief scheme before April 18, 2011, the US embassy said. The US GSP scheme expired on Jan 01, 2011 but was retroactively renewed from November 04, 2011. Duties paid during the period could be claimed […]