Author: lbostgadmin
‘ forum
Apr 01, 2011 (LBO) – Sri Lanka’s Minister of Industry and Commerce has decided to revive a regular meeting with exporters which allowed them to air grievances and get speedy solutions for problems. The Exporters’ Forum will be conducted with the Export Development Board (EDB), a government agency tasked with supporting exporters. The decision to […]
Japan PM says stricken nuclear plant to be scrapped
SENDAI, March 31, 2011 (AFP) – Japan said Thursday its crisis-hit nuclear plant must be scrapped, but currently had no plans to evacuate more people, despite calls for a larger exclusion zone around the crippled facility. “At the moment, we do not have the understanding that it is necessary to evacuate residents there. We think […]
Sri Lanka mulls airport mono-rail, multi-storey car park
Apr 01, 2011 (LBO) – Sri Lanka is looking for investors to build a multi-storey car park and a hotel close to the international airport to which a mono-rail link is also envisaged, an official said. Johanne Jayaratne, executive director of Airports and Aviation Services (Sri Lanka), a state agency which operates airports, said the […]
Sri Lanka private airline hit by road re-opening, state competition
Apr 01, 2011 (LBO) – Sri Lanka’s scheduled domestic private passenger air services to the north were forced to stop after the re-opening of road travel and competition from the air force, an official said. H M C Nimalsiri, director general of the civil aviation authority, said the island’s domestic aviation sector was small and […]
India eases foreign investment rules
NEW DELHI, April 1, 2011 (AFP) – India has eased regulations governing foreign companies and their Indian joint venture partners as it seeks to halt a decline in direct foreign investment. Foreign companies with an existing joint venture in India will no longer need the local partner’s permission if they want to set up a […]
Remanded
March 31, 2011 (AFP) – Sri Lankan police remanded in custody on Thursday an employee of an anti-government website over allegations that he made threats to the brother of an arson suspect. Police spokesman Prishantha Jayakody said Bennet Rupasinghe, the Sri Lanka-based news editor of lankaenews.com, was arrested and remanded in custody until April 7. […]
Forex Fine
Apr 01, 2011 (LBO) – Sri Lanka has fined Standard Chartered Bank 27 billion rupees, (245 million US dollars) under the country’s exchange controls laws for a capital transfer over a disputed oil derivative, a media report said. Sri Lanka’s Standard Chartered Bank, Citibank, Deutsche Bank and two local banks sold complex leveraged options positions […]
Director Controversy
Apr 01, 2011 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has released a statement on the action led by state-connected shareholders to oppose the re-election of an independent director. 3. The Board wishes to clarify and re-iterate that Mr. Ranjit Fernando’s decision not to stand for re-election was his own independent decision and was […]
Outlook Upgrade
Apr 01, 2011 (LBO) – Fitch Ratings Lanka has raised Ceylease Financial Services’ rating outlook to stable from negative and confirmed its ‘BB+(lka)’ rating. CFS’s total assets amounted to 1.5 billion rupees in 2010. The outlook revision reflects CFS’s improving financial profile, underpinned by better credit controls and more stringent recovery efforts, a statement said. […]
Sri Lanka shares close up 2-pct
Apr 01, 2011 (LBO) – Sri Lankan shares closed sharply higher Friday with interest in banking and manufacturing stocks, brokers said. Central Finance fell 31.10 to close at 1,242.60 rupees. The All Share Price Index closed at 7,377. 22, up 2.09 percent (151.10 points) while the more liquid Milanka index rose 2.18 percent (149.89 points) […]
Sri Lanka draws Irish investors
Mar 31, 2011 (LBO) – Thirteen companies and representatives from two universities from Northern Ireland will visit Sri Lanka on a business mission from April 2-5, the British High Commission said. Most of the members of the Invest Northern Ireland delegation are new to Sri Lanka and are keen to develop long-term relationships in their […]
Sri Lanka industrial exports surge in January, trade deficit narrows
Mar 31, 2011 (LBO) – Sri Lanka’s exports surged 72. 4 percent in January 2011 to 813.4 million US dollars, helped by 121. 9 percent increase in apparel exports to 385.4 million US dollars, the Central Bank said. Consumer goods imports rose 35.6 percent to 316.7 million US dollars. Intermediate goods rose 15.7 percent while […]