Author: lbostgadmin
Sri Lanka advised to improve connectivity to prosperous areas
Aug 10, 2010 (LBO) – The World Bank has advised Sri Lanka to change its development approach and improve access of people to prosperous parts of the country instead of shifting economic activity to lagging regions. These measures include investment subsidies, tax rebates, local regulations, local infrastructure development and targeted investment climate reforms, such as […]
‘s war probe panel to start work
August 10, 2010 (AFP) – Sri Lanka announced the government-appointed panel looking into the island’s civil war that ended last year would hold its first public hearings on Wednesday. The eight-member panel will hear testimony for five days in the capital Colombo and two days in Vavuniya, near the former war zone, an official statement […]
Global warming threatens Asian rice production: study
WASHINGTON, August 9, 2010 (AFP) – Even modest rises in global temperatures will drive down rice production in Asia, the world’s biggest grower of the cereal grain that millions of poor people depend on as a staple food, a study published Monday warned. Researchers from the United States, the Philippines and the Rome-based Food and […]
Sri Lanka Finlay unit tea exports slow down
Aug 10, 2010 (LBO) – Tea exports by Finlays Colombo have been slowed down by high prices in the first half of the financial year, a stock exchanging filing said. “In response, we shifted strategy towards including bulk storage of commodities requiring refrigeration, to off-set the drop in volumes in the storage of packaged products. […]
Sri Lanka gets Thai hotel investment
Aug 10, 2010 (LBO) – Thailand’s Minor International has struck a deal with Sri Lanka’s Hemas group to acquire and upgrade a beach resort for 22 million dollars under the ‘Anantara’ brand. A stock exchange filing said Hemas subsidiary Serendib Hotels has got 19.9 percent and Minor International 80.1 percent of the shares of Cyprea […]
Box Trade
Aug 10, 2010 (LBO) – Container volumes at a Colombo port private terminal run by an associate firm of John Keells Holdings rose in July as harbour delays were sorted out and trade continued to grow, latest data showed. South Asia Gateway Terminals, a key contributor to JKH’s bottomline, handled 173,085 TEUs or twenty-foot equivalent […]
Sri Lankan stocks close up 4.73-pct
Aug 10, 2010 (LBO) – Sri Lankan stocks rallied and closed sharply higher, bouncing back over the 5,000 points mark Tuesday, after plunging at the opening, brokers said. In a privately negotiated off-the-floor deal, Perpetual Capital bought 908,000 shares of Housing Development and Finance Corporation (a 14.03 percent stake) at 310.00 rupees per share. Institutional […]
Sri Lanka central bank warns of more shocks, urges policy stability
Aug 09, 2010 (LBO) – Sri Lankan Central Bank governor Nivard Cabraal warned possible economic shocks in future could take different forms and urged policymakers to stick to their policies despite pressure for change in the short term. Policy makers have to learn to balance different competing interests when administering the policies needed to restore […]
Sri Lanka hotels energy effort cuts costs, lures tourists
Aug 09, 2010 (LBO) – An energy efficiency initiative by Sri Lankan hotels is helping them to reduce costs and attract special interest visitors, an official said. “Through it we expect to develop a combined approach to improve energy conservation activities in our hotels,” Deheragoda said. Krishan Deheragoda, former chairman of the Sri Lanka Sustainable […]
Sri Lanka Sigiriya Village Hotels to raise funds for revamp
Aug 09, 2010 (LBO) – Sri Lanka’s Sigiriya Village Hotels is planning a rights issue to raise funds to refurbish and renovate its hotel in the island’s north-central region, a stock exchange filing said. The company, which has a stated capital of 175 million rupees, is to issue 2. 1 million ordinary shares priced at […]
Sri Lanka Keells Hotels losses mount, investments up
Aug 09, 2010 (LBO) – Losses at Sri Lanka’s John Keells Hotels rose in the June 2010 quarter from a year ago but it increased investments in new hotels and upgrading existing ones, a stock exchange filing said. The unit of the John Keells Holdings conglomerate said the net loss for the quarter widened 12 […]
Sri Lankan stocks close down 3.99-pct
Aug 09, 2010 (LBO) – Sri Lankan stocks continued to slide and fell below the 5,000 points mark Monday, on panic selling by retail investors unable to meet margin-calls, while heavy interest on Commercial Bank boosted turnover past a billion rupees, brokers said. Most high value blue chip stocks held their value despite the market […]