Author: lbostgadmin
Ahletes set to arrive as things look up for Delhi
NEW DELHI, September 23, 2010 (AFP) – New Delhi’s beleaguered Commonwealth Games was set to welcome its first athletes Friday after receiving a much-needed boost when Team England said they would definitely be participating. The announcement came after the Commonwealth Games Federation signalled Delhi was succeeding in fixing the problems that have brought the event […]
Sri Lanka natural resources seen threatened by weak laws
Sept 24, 2010 (LBO) – Protection of natural resources in Sri Lanka is endangered by the lack of peoples’ right to information and legal confusion created by devolution of power, an expert said. “Unless there’s an effective mechanism put in place and implemented vigorously it is not only poor people’s lifestyles but also natural resources […]
Sri Lanka Taj airport hotel expanding, rebranded
Sept 24, 2010 (LBO) – Sri Lanka’s Taj Airport Garden Hotel, a 130 room hotel will be expanded with 100 more rooms and rebranded under the group’s ‘The Gateway Hotel’ as part of a renewed marketing push, officials said. “The rebranding will take place from January 2010,” general manager Mathew Thomas said. “In two months […]
‘s Taj hotels
Sept 24, 2010 (LBO) – India’s Taj group is looking for opportunities in Sri Lanka’s war-torn eastern coast and a city hotel it controls will also need 30 to 35 million US dollars to be upgraded to fit the group’s new brand portfolio, officials said. India itself sends more tourists to Sri Lanka than any […]
Sri Lanka stocks close up 1.71-pct
Sept 24, 2010 (LBO) – Sri Lankan shares closed higher Friday with heavy buying of banking sector stocks, brokers said. The All Share Price Index closed at 6,888. 49, up 1.71 percent (115.78 points) while the more liquid Milanka index rose 1.36 percent (97.14) to close at 7,263.65, according to stock exchange provisional figures. Turnover […]
Sri Lanka urban bond raises Rs4.6bn at opening
Sept 24, 2010 (LBO) – A five-year bond issued by Sri Lanka’s Urban Development Authority (UDA), a state agency, to raise 10 billion rupees which opened Thursday has drawn 4. 6 billion rupees, a stock exchange filing said. The UDA is issuing 50 million debentures at 100 rupees each, to be doubled if oversubscribed, to […]
Sri Lanka tax appeals process seen flawed, unjust
Sept 23, 2010 (LBO) – Sri Lankan tax payers are at the mercy of an unfair system with no proper appeal mechanism and aging members of a review board not bothering to turn up for hearings, an expert said. “Some members do not bother to turn up for the hearing of an appeal and delegate […]
Sri Lanka upgrades growth forecast for 2010
Sept 23, 2010 (LBO) – Sri Lanka has upgraded its growth forecast to between 7.5 to 8.0 percent for 2010, on a better than expected second quarter economic expansion and stronger credit flows, Central Bank governor Nivard Cabraal said. The central bank which cut policy rates for two months in a row held rates in […]
Delhi faces threat of mass exodus from Commonwealth Games
NEW DELHI, September 23, 2010 (AFP) – The chaotic Delhi Commonwealth Games faced dire warnings Thursday of a mass pullout by teams as organisers worked frantically to save the event from disaster with just 10 days to go. Eight countries have written a joint letter to the Indian organisers, demanding a list of conditions covering […]
Vehicle Pact
Sept 23, 2010 (LBO) – Sri Lanka’s SMB Leasing has struck a deal with Lanka Ashok Leyland, the local unit of the Indian vehicle manufacturer, to distribute its vehicles in the former north-east war zone, a statement said. Under the agreement SMB Leasing is to be the sole agent for Lanka Ashok Leyland in Sri […]
Upgrade Potential
Sept 23, 2010 (LBO) – Fitch Ratings Lanka said it has raised the outlook on Sri Lanka’s Sampath Bank (SB) ˜AA−(lka)’ national longterm rating to positive from stable, indicating a potential for an upgrade in the next 1224 months. “This is based on structural improvements that have occurred within the bank since early 2009, across […]
Rate Ceiling
Sept 23, 1010 (LBO) – Sri Lanka’s central bank has asked banks to cut interest rates on housing loans to 14.0 percent and interest on credit cards to 24 percent by end-October following steep policy rates cuts and lower economic risks. The monetary authority, which is also the bank regulator, said rates on other loans […]