Author: lbostgadmin
Sri Lanka economy expands 8.0-pct in 3Q, 2010: Statistics office
Dec 16, 2010 (LBO) – Sri Lanka’s economy has expanded 8. 0 percent in the third quarter of 2010 from a year earlier, compared to an 8.5 percent growth in the second quarter, the government’s statistics office said. The services sectors 8.0 percent growth (up from 5.1 percent last year) came with hotels and restaurants […]
Sri Lanka hotels, industry to face higher power tariffs
Dec 16, 2010 (LBO) – Sri Lanka’s industries and hotels will face sharply higher power costs of around 25 to 100 percent under new tariffs proposed for 2011, industry representatives told a public hearing called by the regulator. Sri Lanka’s industry has been getting subsidized power, though most of the subsidies went to domestic users […]
Sri Lanka tea exporter goes carbon neutral
Dec 16, 2010 (LBO) – Sri Lankan tea firm Eswaran Brothers Exports has got ‘Carbon Neutral’ certification by reducing emissions and buying carbon offsets from a biomass renewable energy project on a tea estate, a statement said. “It’s among the initial steps we have taken in our drive to become a truly ethical and sustainable […]
Sri Lanka Bairaha to expand broiler production with new farm
Dec 16, 2010 (LBO) – Sri Lankan poultry firm Bairaha Farms aims to increase production by more than half in three years with a total estimated investment of almost 360 million rupees on a new farm, a statement said. The poultry producer, which owns and manages a large-scale chicken processing factory and also operates breeder […]
Commemorative Coin
Dec 16, 2010 (LBO) – Sri Lanka’s central bank has issued a 5,000-rupees commemorative coin to mark its 60th anniversary which will be sold to the public from next month, a statement said. The ‘Frosted Proof’ crown sized silver commemorative coin is the first multi-coloured coin issued by the central bank. The limited issue of […]
Sri Lanka stocks close down 0.2-pct
Dec 15, 2010 (LBO) – Sri Lankan stocks closed down 0. 21 percent Thursday, with a dull day of trading in the market, brokers said. The All Share Price Index closed at 6,360. 34, down 0.21 percent (13.42 points) while the Milanka index of liquid stocks dipped 0. 17 percent (11.58 points) to close at […]
Sri Lanka to issue Rs5,000 note
Dec 16, 2010 (LBO) – Sri Lanka’s central bank plans to print and issue a 5,000-rupee note from next February, deputy governor K G G D Dheerasinghe said. The bank will stop printing a 2,000-rupee note when the new 5,000-rupee note enters money circulation to coincide with its 60th anniversary. The 2,000-rupee note was considered […]
Sri Lanka to protect Buddhism with low power tariffs
Dec 15, 2010 (LBO) – Sri Lanka has further cut tariffs to places of worship in proposed new rates for 2010 to protect Buddhism, which was an obligation of the state, power ministry secretary M M Ferdinando said. Under proposed tariffs for 2011 the lowest tariffs for religious establishments would go down from 2. 50 […]
Sri Lanka power utility cuts losses with rain
Dec 15, 2010 (LBO) – Sri Lanka’s state run Ceylon Electricity Board has turned a small profit in the three months from June to August helped by heavy rainfall, which has allowed the utility to maximize hydro generation, according to power ministry data. The utility has made profits of 772 million rupees in the three […]
Sri Lanka power ministry defends new tariffs
Dec 15, 2010 (LBO) – Sri Lanka’s power ministry has defended new subsidies to state entities in tariffs proposed by the regulator for 2010 and rejected concerns that the move increased the opacity of government fiscal operations. The ministry says offices such as government agents give essential services to the public and cannot afford the […]
Sri Lanka Hayleys MGT Knitting Mills rating downgraded
Dec 15, 2010 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills’ (HMGT) national long-term rating to ‘BBB(lka)’ from ‘BBB+(lka)’ with a negative outlook, a statement said. HMGT’s liquidity was adequate based on unutilised facilities of 8.3 million dollars as at end-September 2010, Fitch said. “The downgrade primarily reflects HMGT’s lower operating margins,” […]
Sri Lanka Asian Alliance Insurance upgraded
Dec 15, 2010 (LBO) – The claims paying ability of Sri Lanka’s Asian Alliance Insurance, the island’s sixth largest insurer has been upgraded to ‘BBB-‘ from ‘BB+’ following the injection of new capital, RAM Ratings Lanka said. “The corporate exercise has strengthened AAI’s capitalisation and is expected to enhance its financial performance through greater investment […]