Author: lbostgadmin
Look Out
Sept 29, 2011 (LBO) – Sri Lanka’s navy is monitoring merchant shipping movements to guard against the threat of attacks by Somali pirates who have been extending their raids further east into the Indian Ocean. The International Maritime Bureau has warned that pirate attacks might extended even further east towards Sri Lanka. Sri Lanka Ports […]
Domestic Credit
Sept 29, 2011 (LBO) – Sri Lanka will borrow around 500 million US dollars from local banks to pay domestic contractors who will pave national highways and provincial roads with concrete. The Cabinet of ministers has approved a proposal by the Ministry of Highways for the project to repair part of the road network, a […]
Sri Lanka stocks end up 0.5-pct
Sept 29, 2011 (LBO) – Sri Lankan stocks closed firmer Thursday and turnover also rose with an insurer whose ownership changed hands recently being brought under a price band after a sharp rise in its price, brokers said. The main All Share Price Index rose 0. 55 percent (37.24 points) to 6,747.91, while the more […]
Germany hits out at US as Greece vows action on debt
BERLIN, September 27, 2011 (AFP) – Germany told the United States Tuesday to stop pointing the finger at Europe for its own economic ills while debt-hit Greece promised to do its utmost to avert a financial meltdown in the eurozone. Elsewhere in the German capital, Greek Prime Minister George Papandreou insisted that Athens was pulling […]
Sri Lankan Airlines cuts losses
Sept 28, 2011 (LBO) – State-run SriLankan Airlines said it had lost 202 million rupees in the year to March 2011, down from 6.03 billion rupees a year earlier, helped by 3.6 billion rupees in one-off non-operating incomes. “SriLankan will focus on each of its diverse areas of business, with particular emphasis on transforming our […]
Europe threatens to break off India free-trade talks
BRUSSELS, September 27, 2011 (AFP) – European governments are threatening to break off negotiations with India on a free-trade deal the EU had hoped would be worth 175 billion euros a year, an EU report revealed on Tuesday. Four years after talks began with New Delhi, frustrated European Union trade ministers have taken the decision […]
Tele Hub
Sept 28, 2011 (LBO) – Sri Lankan mobile operator Dialog Axiata has struck a deal with Singapore’s StarHub mobile firm to offer customized international connectivity solutions to customers. “The partnership is focused on delivering the lowest cost connectivity solutions with strict service levels between Sri Lanka and Singapore using each other’s network,” a statement said […]
Criminal Trial
THE HAGUE (AFP) – Dutch prosecutors Tuesday asked for jail sentences between 10 to 16 years against five suspected Tamil Tigers for aiding the Sri Lankan rebel movement from the Netherlands, including collecting funds. Prosecutors said by extension, the men were responsible for the LTTE’s actions like the recruitment of child soldiers and murder. Arrested […]
Sri Lanka leisure group rebrands hotels, raises rates
Sept 28, 2011 (LBO) – John Keells group has revamped and rebranded two hotels on Sri Lanka’s south coast, sharply raising rates as it lures tourists with leopard and whale watching tours. The group spent about 15.5 million US dollars in revamping the Chaaya Tranz Hikkaduwa beach hotel and the Chaaya Wild Yala game lodge, […]
Sri Lanka promises quick electronic entry nod
Sept 28, 2011 (LBO) – Sri Lanka’s new electronic travel authorization system will approve applications within 24 hours but most applications will be approved in a much shorter time, immigration officials said. The portal www.eta.gov.lk will be opened on September 30 and the new process will be applied after a “reasonable time”, Sri Lanka’s immigration […]
Finance Offer
Sept 28, 2011 (LBO) – An initial public offer by Sri Lanka’s Trade Finance and Investments Limited (TIFL) was over-subscribed on the opening day Wednesday. Corporate Services (Pvt.) Ltd, registrars to the offer, told the Colombo Stock Exchange that the IPO would be closed at 4. 30 p.m. Wednesday. Trade Finance and Investments offered six […]
Vehicle Strategy
Sept 28, 2011 (LBO) – The Sri Lankan agency for South Korea’s KIA Motors is to set up three more service stations within the Colombo metropolitan region and then go outside the capital as sales soar. KIA Motors (Lanka) has said it is to invest about a billion rupees in the next three years to […]