Author: lbostgadmin
Sri Lanka to reduce travel fee for South Asian tourists
Oct 24, 2011 (LBO) – Sri Lanka is likely to charge a reduced fee from south Asian tourists visiting the island under a new scheme that provides online approval for travel that will replace an on-arrival visa scheme next year. Minister of economic development Basil Rajapaksa said the proposed 50 US dollar per person fee […]
Loan Growth
Oct 24, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB- and P3 to Softlogic Finance with a stable outlook on the long-term rating. The ratings are premised upon the improvement in its market position while maintaining its asset quality at a level that commensurate with the BBB-rating […]
Sri Lanka stocks end up one percent
Oct 24, 2011 (LBO) – Sri Lankan stocks rose Monday with many shares pushed up in thin trade, led by sharp gains in illiquid ones, amid a controversy over an attempt to push out a regulator cracking down on equities fraud, brokers said. There was one crossing of Seylan Bank of 529,300 shares at 65 […]
Sri Lanka rice gifted to Somalia
Oct 23, 2011 (LBO) – Sri Lanka has gifted 250 metric tonnes of rice to Somalia as domestic production increased, economic development minister Basil Rajapaksa said. This year no rice has been imported to the country, Rajapaksa told an ‘investor’s day’ in Colombo Saturday. “Our paddy stores are now full,” Rajapasksa said. “We have three […]
India set for 13th rate hike despite growth worries
NEW DELHI, October 22, 2011 (AFP) – India’s central bank is set to raise interest rates for the 13th consecutive time this week in a bid to tame near double-digit inflation, even as “dark clouds” gather over Asia’s third-largest economy. The Reserve Bank of India has increased interest rates 12 times since March 2010 — […]
Still There
Oct 23, 2011 (LBO) – The head of Sri Lanka’s Securities and Exchange Commission said she had not received instructions to sack its director general, following strong speculation that he would be dismissed for probing securities fraud. Asked by reporters whether the SEC would continue its investigations, Sugathadasa said before a formal investigation is started, […]
Sri Lanka Tamil Tigers jailed by Dutch court
THE HAGUE, October 21, 2011 (AFP) – Five members of Sri Lanka’s Tamil Tigers were on Friday jailed for between two and six years for having sent millions of euros gathered illegally in the Netherlands to the rebel group. The men, all of them Dutch nationals, were convicted of having raised money mainly through illegal […]
Ton-up Sangakkara keeps Pakistan on bay in first Test
ABU DHABI, October 21, 2011 (AFP) – Kumar Sangakkara put his wealth of experience on show with a pugnacious unbeaten hundred to keep Pakistan’s victory bids on hold in the first Test here on Friday. Walking into bat after Sri Lanka lost opener Tharanga Paranavitana off the very first ball of their second innings on […]
First Pakistan-Sri Lanka Test drawn
ABU DHABI, October 22, 2011 (AFP) – The first cricket Test between Pakistan and Sri Lanka ended in a draw at Abu Dhabi stadium on Saturday after Kumar Sangakkara hit a match-saving 211 in his team’s total of 483. Prasanna Jayawardene scored 120. The second of three Tests starts in Dubai on October 26. Scores: […]
Sri Lanka GSP benefits extended by US
Oct 22, 2011 (LBO) – President Barak Obama has signed a law extending temporarily halted generalized system of preferences (GSP) trade concessions to Sri Lanka till July 31, 2013 the US embassy said. More information could be found at the Customs and Border Patrol website, the embassy said. The concessions will become effective from November […]
Sri Lanka mulls wage limits, industry forum
Oct 21, 2011 (LBO) – Sri Lanka is considering setting a minimum domestic wage and maximum expatriate wage for industries and also creating a forum for industrialists to air their grievances. The proposals were revealed at a meeting with industrialists held organised by the ministry of industry & commerce as part of consultations in preparation […]
Sri Lanka disclosure rules help propel rise in business ranking
Oct 21, 2011 (LBO) – Tighter corporate disclosure rules helped propel Sri Lanka up the ease of doing business rankings, moving it closer to the target ranking of 30, a regulator said. According to the ‘Doing Business Ranking’ computed by the World Bank Group, Sri Lanka was ranked 89 of 183 countries in 2012, a […]