Author: lbostgadmin
Branching Out
Jan 04, 2011 (LBO) – Sri Lanka’s Union Bank said it plans to open 10 new branches this year with the next being this month in eastern Batticaloa which is recovering from the effects of war. The bank said in a statement its 21st branch was opened in December in Wattala, a northern suburb of […]
Own Risk
Jan 04, 2011 (LBO) – Sri Lankans who invest in high-risk, high-return unauthorised investment schemes will not be bailed out at tax payer expense if they lose money in future, central bank governor Nivard Cabraal said. The regulator will continue public awareness campaigns warning people of the danger of investing money in unauthorised schemes, he […]
Sri Lanka shares end up 0.61-pct
Jan 04, 2011, (LBO) – Sri Lankan stocks closed higher Tuesday with active trading in the information technology sector, brokers said. Dialog Axiata closed at 11.70, down 0.10 cents with over 2.3 million shares traded. The All Share Price Index closed at 6,698.71, up 0.61 percent (40.74 points) while the more liquid Milanka index closed […]
Sri Lanka rupee seen appreciating gently in 2011
Jan 04, 2011 (LBO) – Sri Lanka’s rupee is likely to further strengthen against the dollar in 2011 after gaining 3. 1 percent against the greenback in 2010, Central Bank governor Nivard Cabraal said. Despite the rupee’s gains, export earnings increased last year, Cabraal said. “The exchange rate might have a gentle tendency to appreciate,” […]
Sri Lanka rupee strength helps rein in inflation: CB
Jan 03, 2011 (LBO) – The strengthening of the Sri Lanka rupee helped rein in inflation which was kept at a mid-single digit level in 2010, the central bank said in a statement. The average domestic prices of wheat flour and milk powder decreased while the price of sugar increased compared to 2009. The Sri […]
Sri Lanka considers banning mini-skirts
January 3, 2011 (AFP) – Sri Lanka said Monday it was considering banning mini-skirts following complaints about women wearing skimpy clothing in the conservative island nation. Last year, US singer Akon was denied a visa to perform in Sri Lanka after Buddhist monks took offence at one of his videos that featured women in bikinis […]
Derived Rating
Jan 03, 2011 (LBO) – RAM Ratings Lanka has confirmed State Mortgage and Investment Bank’s (SMIB) long- and short-term financial institutions ratings of A and P1 with a stable outlook for the former, a statement said. “The ratings are based on the bank’s strong capitalisation and the financial flexibility it derives from its sole shareholder, […]
Optional Deal
Jan 03, 2011 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has won an optional contract to build a third Multipurpose Platform Supply Vessels (MPSV) for Greatship Global Offshore Services of Singapore, a statement said. The main contract for the construction of two 78-metre MPSVs, signed in October 2010, provided for Greatship Global Offshore Services (GGOSL) […]
Sri Lanka shares end up 0.33-pct
Jan 03, 2011, (LBO) – Sri Lankan stocks closed higher Monday with activity seen in the index heavy and poultry sector stocks, brokers said. The All Share Price Index closed at 6,657. 91, up 0.33 percent (22.04 points) while the more liquid Milanka index closed flat at 7,061. 36, according to stock exchange provisional figures. […]
Bandwidth Battle
Jan 02, 2011 (LBO) – Sri Lanka Telecom (SLT) has increased bandwidth speeds and data volumes for broadband customers and reduced charges from January 01, 2011, a statement said. “All our volume based broadband packages are free of bandwidth control and contention.” Editor’s note – a spokesman for SLT has clarified that this announcement is […]
Sri Lanka tourist trade raises alarm over new visa rule
Jan 02, 2011 (LBO) – Sri Lanka’s tourist industry wants the government to postpone a new rule to charge for visas, scrapping on-arrival visas, saying it could deter visitors whose numbers boomed after the end of a war, a report said. Approval for a visa would not take more than a single day. ‘New visa […]
Sri Lanka government heads for mid-term test
January 1, 2011 (AFP) – Sri Lanka will hold its first nationwide local elections since the crushing of Tamil Tiger rebels, a minister said, with the mid-March vote seen as a key test for the ruling party. Political sources said the local election would be a key test of the government’s popularity as the country […]