Author: lbostgadmin
Sri Lanka budget will maintain economic stability: IMF
June 29, 2010 (LBO) – Sri Lanka’s latest budget should ensure the island maintains macro-economic stability that would help accelerate economic growth, the International Monetary Fund representative in the island said. The key element is in ensuring macro-economic conditions remain stable, said Koshy Mathai. “Inflation, interest rates and the exchange rate must remain stable to […]
Sri Lanka travel trade warns tourism boom has risks
June 29, 2010 (LBO) – A sudden influx of tourists in to Sri Lanka after the end of its ethnic war could bring risks such as threats to the island’s environment and cultural values, a senior travel trade official has warned. The trade should also ensure that income from tourism benefits more people, Nilmin Nanayakkara, […]
Cargo Room
June 29, 2010 (LBO) – The Sri Lanka Ports Authority is providing more space at its main container terminal for freight to ease congestion, SLPA managing director Nihal Keppetipola said. New port projects under way at Colombo as well as in southern Hambantota and eastern Trincomalee will also provide large extents of land for logistics, […]
Sri Lankan stocks close up 0.91-pct
June 29, 2010 (LBO) – Sri Lankan shares closed up Tuesday as retailers got back into the market after last weeks profit taking, a troubled tableware firm which got a new investor extended gains, brokers said. The All Share Price Index closed at 4,616.09, up 0.91 percent (41.80 points) while the more liquid Milanka index […]
Sri Lanka president defiant over war probe
NEW DELHI, June 28, 2010 (AFP) – Sri Lanka’s president vowed to resist international calls to investigate war crimes allegedly committed during the country’s civil war in an interview published Monday. President Mahinda Rajapakse told the Times of India he did not care about damage to the country’s image as a result of resisting pressure […]
Graft fears as massive cash sums fly out of Kabul: WSJ
KABUL, June 28, 2010 (AFP) – More than three billion dollars in cash has been flown out of Kabul in recent years amid fears that ill-gotten gains from corruption and narcotics are being stashed overseas, a report said Monday. The Wall Street Journal said the cash — more than the Afghan government collects in tax […]
Imposed Rule
June 28, 2010 (LBO) – In the past four decades, whenever a political party or alliance secured a substantial majority of seats in parliament, that group of politicians has claimed the right to foist a new constitution on the people of this country. Constitution-making is not the prerogative, or indeed a legitimate function, of a […]
Sri Lanka to encourage rubber production for tires
June 28, 2010 (LBO) – Sri Lanka is to encourage small farmers to produce more of a rubber grade suitable for tire manufacture which is in demand, officials said. Plantations industries minister Mahinda Samarasinghe said a policy decision was taken recently aimed at increasing production of the RSS 3 type rubber grade. Although most people […]
Sri Lanka hill country hotels to be refurbished
June 28, 2010 (LBO) – Sri Lanka’s The Kandy Hotels Company plans to refurbish two hotels in the central hill country town of Kandy which is a major tourist attraction, a stock exchange filing said. Many hotels have started or announced plans for refurbishment and upgrades to cater to the anticipated influx of visitors. It […]
Guarantee Rate
June 28, 2010 (LBO) – Sri Lanka’s RAM Ratings has given a ‘BBB+’ long term financial enhancement rating to Construction Guarantee Fund (CGF) saying it has state backing though vulnerable to the volatility of the industry and has no re-insurance as yet. Guarantees are given without any collateral, by evaluating the contractors’ capabilities against the […]
Port City
June 28, 2010 (LBO) – Sri Lanka’s capital Colombo is to be expanded out to sea on reclaimed land with material dredged to build a new port, providing opportunities for businesses and citizens alike, an official said. The Sri Lanka Ports Authority is in charge of the project to create a new ‘port city’, its […]
Shipping Link
June 28, 2010 (LBO) – The permanent secretariat of the Asian Shippers’ Council (ASC), the world’s largest shippers’ body, has been located at the Ceylon Chamber of Commerce in Sri Lanka, a statement said. ASC consists of 20 shippers’ councils from 16 countries in the five regions covering Asia and Oceania. Its permanent secretariat was […]