Author: lbostgadmin
Sri Lanka rupee peg weakens, treasuries flat
Sep 07, 2011 (LBO) – Sri Lanka’s dollar peg weakened by another 10 cents to 110.20 rupees in the spot market, amid continued pressure on the domestic currency, dealers said. The monetary authority’s unofficial two way quote was dropped to 109.70/110.10 Wednesday, in the wake of an earlier drop of 10 cents Monday. In the […]
Sri Lanka, India US$500mn coal plant deal inked
Sept 06, 2011 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board and India’s National Thermal Power Corporation inked a deal to build a 500MegaWatt coal plant in the island’s northeast coast. The 50/50 joint venture will begin construction at Sampur in Trincomalee, in late 2012 and is expected to be commissioned in 2016, CEB chairman […]
India patent case threatens cheap drug supply: MSF
NEW DELHI, September 5, 2011 (AFP) – Supply of cheap copycat drugs for the developing world could be blocked if Swiss pharmaceutical giant Novartis wins a challenge to India’s patent law, medical charity MSF said on Monday. “We couldn’t afford to treat them all without these generic drugs,” said Joanna Keenan, spokesman for the Geneva-based […]
‘t let Doha trade talks collapse: India
NEW DELHI, September 5, 2011 (AFP) – The struggling decade-old Doha Development Round of free-trade talks must not be allowed to collapse, India’s trade minister said on Monday. The call came as failure threatens the negotiations on expanding the global free trade system by cutting subsidies and barriers for farm produce and reducing import tariffs […]
India to introduce key land bill in parliament
NEW DELHI, September 6, 2011 (AFP) – India’s cabinet has cleared a new land acquisition bill to be introduced in parliament Wednesday, aimed at addressing the concerns of farmers whose land is purchased for industrial development. The bill, adopted by the cabinet late Monday, seeks to give farmers fairer prices for their land — a […]
Tele Sale
Sept 06, 2011 (LBO) – Suntel a wireless access unit of Sweden’s Telia will is being chased by at least two suitors, but Sri Lanka Telecom, the island’s largest telco said it was no longer interested in the firm. Lanka Bell, the other standalone wireless operator is however profitable due to its access to the […]
Broad Expansion
Sept 06, 2011 (LBO) – Sri Lanka Telecom, the island’s largest telecom operator, said it will raise 75 million US dollars from a syndicated loan to upgrade and expand its network including Mobitel, the group mobile unit. “We are still in the process of finalizing the syndicated loan,” chief executive Gregg Young said. “The syndicated […]
Sri Lanka nut shortfall hits Renuka Agri profits
Sep 06, 2011 (LBO) – High coconut prices caused by a crop shortfall reduced profits at Renuka Agri Foods last year although exports increased. Net profit fell 20.5 percent to 144 million rupees in the year ended March 31, 2011 from 181 million rupees the year before with earnings per share falling to 36 cents […]
Sri Lanka new tourism strategy to increase earnings, jobs
Sep 06, 2011 (LBO) – Sri Lanka aims to make tourism a key component of post-war economic growth with a new strategy aimed at luring more high-spenders and increasing earnings and employment, an official said. Nalaka Godahewa, chairman of Sri Lanka Tourism, said the government was also working to make it easier for the private […]
Sri Lanka seeks to upgrade skills as tourism booms
Sep 06, 2011 (LBO) – Sri Lanka’s tourism industry intends to ramp up training to meet a critical and growing skills gap amid a tourism boom after the end of the island’s ethnic war, officials said. “As the annual output of about 1,500 graduates is the industry requirement, incentives will be provided to promote skills […]
Sri Lanka stocks end down 0.6-pct
Sep 06, 2011 (LBO) – Sri Lankan stocks closed lower Tuesday, failing to hold on to Monday’s gain, with interest in an investment firm and a tea exporter, brokers said. There was also a crossing of 766,000 Odel shares at 38 rupees each. It closed at 38, up 20 cents. Newly listed Textured Jersey Lanka […]
Sri Lanka mayoral candidate promises jobs, decent housing
Sep 05, 2011 (LBO) – Sri Lanka’s ruling party mayoral candidate for the capital intends to organize job fairs for unemployed youth and promised decent housing for squatters uprooted from prime land being cleared for commercial development. Milinda Moragoda said he œwill bring in a professional and capable administration, which will help ensure that Colombo […]