Author: lbostgadmin
Sri Lanka to get US1.5bn from China bank
June 23, 2011 (LBO) – China Development Bank Corporation has agreed to finance infrastructure projects in Sri Lanka amounting 1.5 billion US dollars over the next three years, minister Anura Yapa said. China is becoming a key financier of Sri Lanka displacing traditional donors, Japan and the Asian Development Bank. “The financial assistance will be […]
Sri Lanka Orient Garments 11-month net up 9.7-pct to Rs96.7mn
June 23, 2011 (LBO) – Orient Garments that is to list on Colombo Stock Exchange’s second board made a net profit of 96.7 million rupees in the 11 months to February 28, 2011, up 9.7 percent from a year ago. Orient Garments is to list 54,916,656 shares through a process of ‘introduction’ where a formal […]
State Banking
June 23, 2011 (LBO) – Sri Lanka’s state run Lankaputhra Development Bank’s bad loans had increased to 66. 4 percent of gross loans from 55.9 percent a year earlier, though the bank had become more selective in new lending, a finance ministry report said. It had received capital injections from people’s tax money earlier. The […]
Trucking Delays
June 23, 2011 (LBO) – Lengthy delays in entering Colombo port are making Sri Lankan truckers providing services to move cargo containers unprofitable, an official said. “The question to us is why the present infrastructure is not being used. It is a serious issue. If well-managed, we will be able to cut down cost by […]
Rest Insurance
June 23, 2011 (LBO) – State-run Sri Lanka Insurance Corporation will develop and run rest areas on a tolled expressway running from the capital Colombo to Galle in the south of the island, a government minister said. The completed highway will run to Matara at the southern tip of the island. Minister Anura Yapa said […]
Sri Lanka stocks end down 0.8-pct
June 23, 2011 (LBO) – Sri Lankan stocks closed 0. 81 percent lower Thursday with heavy trading in Blue Diamonds Jewellery Worldwide on news of buying by Sri Lanka Insurance-General fund, brokers said. Brokers said investors are now moving away from high market capitalization, low return shares to low market capitalization but high return penny […]
Sri Lanka appoints four foreign banks to manage bond issue
June 23, 2011 (LBO) – Sri Lanka’s Central Bank has appointed Bank of America Merrill Lynch, Barclays Capital, Hongkong and Shanghai Banking Corp, and Royal Bank of Scotland as joint lead managers to advise and handle a future international sovereign bond issue. “There is no doubt in anyone’s mind about Sri Lanka’s performance so we […]
Sri Lanka regime rejects press freedom bill
June 21, 2011 (AFP) – Sri Lanka’s ruling party used its parliamentary majority Tuesday to defeat an opposition-initiated bill to grant greater media freedom, a parliamentary official said. President Mahinda Rajapakse’s United People’s Freedom Alliance, which enjoys a two-thirds majority in the 225-member assembly, shot down the Freedom of Information Bill presented by an opposition […]
Sri Lanka gets China Eastern flights
BEIJING, June 21, 2011 (AFP) – China Eastern Airlines said Tuesday that the company and its subsidiary Shanghai Airlines Co. have joined global air carrier alliance SkyTeam. The nation’s biggest carrier, China Southern Airlines, is already a member of SkyTeam while Air China belongs to the Star Alliance. Members of the China Eastern Airlines frequent […]
Renault to launch low-cost 4×4 in India
PARIS, June 21, 2011 (AFP) – French auto group Renault announced on Tuesday the launch in India of its low-cost four-wheel drive “Duster” vehicle built by its Dacia subsidiary. Duster, a model first introduced in 2010, will be especially adapted for the Indian market, the statement said. Before the end of the year, Renault hopes […]
Sri Lanka to restrict coconut land sales
June 22, 2011 (LBO) – Sri Lanka aims to bring in new laws restricting sale of coconut land to extents below five acres under efforts to prevent further reduction of acreage and to increase crops, an official said. Minister of coconut development Jagath Pushpakumara said the new laws would be introduced in parliament in about […]
Sri Lanka tea production falls in May
June 22, 2011 (LBO) – Tea production in Sri Lanka in May 2011 fell 5. 3 percent to 32 million kilos from a year ago, according to statistics released by the Tea Board. The shortfall in production came from the high and medium elevations while low grown teas, which make up the bulk of the […]