Author: lbostgadmin
Affordable Access
Mar 11, 2011 (LBO) – Sri Lanka will seek to negotiate with international software vendors to try to bring down prices by up to half in its drive to promote information and communication technology business, a report said. Sri Lanka has recently been cracking down on software piracy after being ranked the second worst offender […]
Sri Lanka tea crops recover
Mar 11, 2011 (LBO) – Tea harvests from Sri Lanka’s main plantations areas have improved following a slump caused by bad weather which affected the first quarter ‘Western quality season’, brokers said. Unseasonal heavy rains had affected tea harvests especially on the western slopes of the island’s central hills which usually produce quality teas in […]
Sri Lanka may temporarily allow maize imports
Mar 11, 2010 (LBO) – Sri Lanka may temporarily lift a 35 percent import tax on maize to prevent prices going higher and hurting the island’s poultry industry after floods destroyed a part of the domestic crop, an official said. Sri Lanka’s agriculture ministry has requested approval from the cabinet of ministers to cut taxes […]
Sri Lanka forced selling drives down stocks
Mar 11, 2011(LBO) – Sri Lankan stocks closed 0. 96 percent lower with active retail trading and forced selling due to credit issues, brokers said. “Forced selling was seen in trading with margin calls coming on several stocks. The credit issue was one of the main reasons,” an analyst said. In November 2010, the Securities […]
Sri Lanka Hilton Hotel state grip tightened
Mar 10, 2011 (LBO) – Sri Lanka’s economic development minister Basil Rajapaksa had told parliament that the state had ‘fully taken over’ a city hotel that is now managed by Hilton, an international chain. The Colombo Hilton is operated on a building owned by Hotel Developers Lanka, a state-controlled firm in which a majority stake, […]
Sri Lanka Hilton to hold talks on management deal
Mar 10, 2011 (LBO) – Hilton Hotels and Resorts says it will continue to manage Sri Lanka’s Colombo Hilton until discussions start with owners following a government move to take over the land on which the hotel is located. Hotel Developers is a majority state controlled firm, which has not filed accounts with the stock […]
Sri Lanka Hilton building firm disclose leased land with state
Mar 10, 2011 (LBO) – Sri Lanka’s Hotel Developers, a listed firm which owns the building on which Colombo Hilton is operated said a land sub-leased from a private party had been taken over by the state. The state land on which the building was put up has been sub-leased from Cornel and Company, a […]
Buck Stops
Mar 10, 2011 (LBO) – Most of the loss of Ceylon Petroleum Corporation, Sri Lanka’s state-run petroleum retailer is due to subsidized sale of furnace oil to a state power utility, the island’s oil minister has said. Furnace oil which cost the CPC 81 rupees a liter is sold to the Ceylon Electricity Board (CEB) […]
‘s power utility in profits, cashflow positive: minister
Mar 10, 2011 (LBO) – Sri Lanka’s Ceylon Electricity Board, the island’s state-run power utility ended 2010 in profits and is also cash positive being able to settle is payments on time, power minister Patali Ranawaka said. The CEB had sold 121.86 billion rupees of power including 2.6 billion rupees worth energy for street lighting […]
Sri Lanka buys new short wave transmitters for air traffic
Mar 10, 2011 (LBO) – Sri Lanka will buy new equipment to replace 24 year old shortwave transmitters for the regional air traffic control centre at Ratmalana Airport, a government minister said. The Colombo flight information region (FIR) controlled from Ratmalana covers a large part of the Indian Ocean. Minister Anura Yapa said the cabinet […]
Close Links
OTTAWA, March 9, 2011 (AFP) – An asylum seeker from Sri Lanka has been ordered deported over his links to an extremist Tamil separatist group, Canada’s Immigration and Refugee Board announced Wednesday. The man, whose identity cannot be revealed under Canadian law, came to Canada last year aboard the rickety cargo ship MV Sun Sea […]
Banking Rules
Mar 10, 2011 (LBO) – Sri Lanka’s banking regulator is examining bonuses and compensation packages of bankers to see if they are excessive with the aim of limiting them if necessary, a central bank report said. “Directions on integrated risk management and Pillar II of Basel II which relate to additional prudential requirements following the […]