Author: lbostgadmin
Sri Lanka tea demand perks up after devaluation
Dec 02, 2011 (LBO) – Demand for Sri Lanka’s low grown teas, which make up the bulk of the crop, perked up at this week’s Colombo auctions after increased orders from key overseas buyers and the snap devaluation of the rupee, brokers said. “Despite Sri Lanka tea production in the month of October recording a […]
Sri Lanka among 2012 best tourist destinations: National Geographic
Dec 02, 2011 (LBO) – Sri Lanka has been among the best destinations to visit in 2012 National Geographic Traveler, by US-based magazine, which has focused on the island’s hill country. Sri Lanka’s tourist arrivals have been rising since the end of a 30-year war in 2009. “Nuwara Eliya is a colonial-era resort town in […]
Sri Lanka stocks end down 0.9-pct
Dec 02, 2011 (LBO) – Sri Lankan stocks closed lower Friday, losing most of Thursday’s gains with some profit-taking seen, brokers said. Share prices have been gyrating in recent days as influential investors and stock brokers sought government intervention to prop up the market by forcing out regulators who probed insider dealing and fraud and […]
Sri Lanka child care project gets Japanese support
Dec 01, 2011 (LBO) – The Japanese government has provided almost 60 million rupees worth of aid for an early childhood care and development project in the eastern Trincomalee district, part of the former war zone. “It is expected that more than 1,000 families and their community members will benefit from the project,” the statement […]
Sri Lanka National Insurance Trust retains AAA rating
Dec 01, 2011 (LBO) – RAM Ratings Lanka has confirmed National Insurance Trust Fund’s (NITF) long- and short- term claims-paying ability ratings at AAA and P1, with the long-term rating having a stable outlook. “NITF’s ratings reflect its status as a statutory body of the government of Sri Lanka and the Fund’s systemic importance as […]
Resigned
Dec 01, 2011 (LBO) – Sri Lanka’s Securities and Exchange Commission chief Indrani Sugathadasa has resigned, within weeks of the watchdog’s director general being removed by the cabinet of ministers. Sugathadasa is a retired public official who has been in many senior positions in government service. Sugathadasa said she had tendered her resignation “having considered […]
Sri Lanka on arrival visa extended till March: report
Dec 01, 2011 (LBO) – An on-arrival visa facility for many countries will continue till March 2012 and will not be discontinued by the end of December 2011, due to teething problems in an electronic approval system, a media report said. Citizens of South Asian nations will be able to get the visa for 10 […]
‘s to get US$300mn Sheraton hotel
Dec 01, 2011 (LBO) – India’s ITC Ltd, franchisee for US-based Sheraton leisure group will invest 300 million US dollars in Sri Lanka’s on a beachfront in Sri Lanka’s capital Colombo, minister Keheliya Rambukwelle said. But the firm has now been offered alternative land, reports said. The mixed development project will be built on five […]
Bank Stake
Dec 01, 2011 (LBO) – Sri Lanka’s DFCC Bank bought a 9. 9 percent stake in Nations Trust Bank for 1. 3 billion rupees Thursday, a source close to the deal said. DFCC Bank bought 22,865,356 shares at 57. 80 rupees each in three crossings or off-market private deals. The deals helped push up turnover […]
Future Flows
Dec 01, 2011 (LBO) – The International Finance Corporation (IFC), part of the World Bank Group, has given a seven-year, 65 million US dollars financing facility to Sri Lanka’s Commercial Bank to expand its lending to Small and Medium Enterprises (SMEs). IFC said it believes that the future flow structure employed in the transaction with […]
Sri Lanka stocks end up 0.9-pct
Dec 01, 2011 (LBO) – Sri Lankan stocks closed higher Thursday with turnover pushed up by a bank deal amid news that the chairperson of the regulatory body was quitting just weeks after powerful investors forced out its director general. The main All Share Price Index rose 0.94 percent (57.27 points) to 6,144.67, while the […]
Sri Lanka state port agency to sell $500mn bond
Dec 01, 2011 (LBO) – State-run Sri Lanka Ports Authority will sell a 500 million dollar bond to settle loans from Japan which are causing losses due to the appreciation of the yen, an official said. He said SLPA had taken yen loans to the value of 46 billion rupees from mid 1980s, repaid a […]