Author: lbostgadmin
Sri Lanka Pakistan CEPA talks in August: report
July 6, 2011 (LBO) – Sri Lanka and Pakistan will have talks on a comprehensive economic partnership agreement (CEPA) to broaden economic links in August in Colombo, a media report in the wake of annual trade talks in Islamabad said. Sri Lanka’s commerce minister Rishad Bathiudeen and Pakistan’s state minister for foreign and economic affairs […]
Sri Lankan shippers warned against forged trade documents
July 06, 2011 (LBO) – Documents used for international trade such as bills of lading are easily forged, a maritime fraud expert has warned Sri Lankan shippers, saying physical verification of cargoes would help reduce risk. “They don’t get resolved quickly and can take years – many banks have been caught in that position. ” […]
Legal Status
July 6, 2011 (LBO) – Sri Lanka’s recent state land sales to investors have procedural flaws that could result in the contracts being challenged in courts and deemed illegal, opposition lawmakers warned at an economic forum. Sri Lanka had sold two blocks of state land to CATIC, a Chinese defence contractor, and Shangri La, a […]
Sri Lank, India ferry opens new route for people, vehicles
July 06, 2011 (LBO) – A new ferry service between India and Sri Lanka offers a cheaper alternative to airlines for tourists, traders and pilgrims and even the ability to drive across, the head of the company running the service said. “Our aim was to keep the price much less than that of airlines which […]
Lending Risk
SINGAPORE, July 6, 2011 (AFP) – The Asian Development Bank (ADB) and reinsurer Swiss Re announced an agreement Wednesday to boost regional trade by guaranteeing financing risks for exporters and importer in poor countries. The guarantee means banks can be more comfortable lending to these companies, which need short-term funds to pay for their import-export […]
Port Prospects
July 06, 2011 (LBO) – A new deep-water terminal in Colombo port will help Sri Lanka take advantage of increasing Indian cargo volumes, said the head of a local firm doing the project in a joint venture with a Chinese company. Parakrama Dissanayake, chairman of Aitken Spence Maritime, said Indian efforts to modernise its own […]
Sri Lanka stocks end up 0.3-pct
July 06, 2011 (LBO) – Sri Lankan stocks closed higher for the second day running although turnover remained lower than usual with no big deals done, brokers said. The main All Share Price Index closed at 6,884.06, up 0.31 percent (21.27 points) while the more liquid Milanka index rose 0.28 percent (18.23 points) to close […]
Sri Lanka one year Treasuries slip
July 05, 2011 (LBO) – Sri Lanka’s 12-month Treasury bill yield slipped 10 basis points to 7.25 percent at Wednesday’s auction, where 10 billion rupees of Treasuries were offered for sale, the government’s debt office said. The 3-month yield eased 01 basis point to 7. 11 percent and the 6-month yield fell 02 basis points […]
Sangakkara wants politics out of Sri Lankan cricket
LONDON, July 4, 2011 (AFP) – Sri Lanka star Kumar Sangakkara has welcomed the International Cricket Council (ICC) directive requiring all national boards to be elected without political interference. His call came just days after Sri Lanka’s sports minister said he had forced the national cricket board committee to step down following allegations of financial […]
Sri Lanka to scale down T20 league
July 5, 2011 (AFP) – Sri Lanka’s cash-strapped cricket governing body is likely to scale down its inaugural Twenty20 league and go ahead without foreign players, a source close to the process said Tuesday. The Sri Lanka Premier League (SLPL) was scheduled to kick off on July 19 with players from Australia, India, New Zealand, […]
Sri Lanka appeals for power saving as reservoirs run dry
July 05, 2011 (LBO) – Sri Lanka has appealed to the public to reduce consumption during peak hours, saying hydro-power reservoirs were running dry and several thermal plants had broken down but no power cuts will be imposed. The power ministry said in a statement no power cuts will be imposed despite reports of unofficial […]
Sri Lanka carrier seeks Boeing long-haul aircraft
July 5, 2011 (LBO) – Sri Lanka’s state-run national carrier SriLankan Airlines has sought a quote from US-based Boeing aircraft to replace its ageing long-haul Airbus fleet, but the European aircraft maker is also in the running, an official said. SriLankan Airlines chairman Nishantha Wickremasinghe said the supplier of its new long haul fleet will […]