Author: lbostgadmin
Sri Lanka growth accelerates: CB Governor
June 11, 2010 (LBO) – Sri Lanka’s first quarter growth is likely to be “more than 6.0 percent” allowing year-end growth to reach 7. 0 percent, higher than originally forecast, Central Bank Governor Nivard Cabraal said. The Central Bank originally projected a growth of 6. 5 percent for 2010. “Our estimates are the first quarter […]
Sri Lanka gets Indian aid to rebuild transport infrastructure
June 11, 2010 (LBO) – India will lend about a billion dollars to help develop Sri Lanka’s transport infrastructure, rebuilding railways, a port and an airport in the war-torn north, a joint statement by the two neighbours said. India will give soft loans of about 800 million dollars for railway projects in Sri Lanka and […]
Sri Lanka to sign trade deals with China: official
June 11, 2010 (AFP) – Chinese Vice Premier Zhang Dejiang will hold talks with Sri Lanka’s president at the weekend and sign several trade and economic deals, the island’s foreign ministry said Friday. China is also building a port in the south of the island and is involved in constructing highways, power stations and petroleum […]
Sri Lanka moves to allow president to run again
June 11, 2010 (AFP) – The Sri Lankan government has approved lifting the two-term limit for presidents in a move that would allow incumbent Mahinda Rajapakse to run for office again, an official said Friday. Rajapakse, 64, came to power in 2005 and has increased his firm grip on power since defeating the separatist Tamil […]
Sri Lanka parley mulls action against terrorist financing
June 11, 2010 (LBO) – Ways to counter terrorism and terrorist financing which is becoming increasingly sophisticated were discussed at a meeting of South Asian police and prosecutors in the Sri Lankan capital Colombo this week, officials said. Closer co-operation between police and prosecutors in convicting terrorists and recognizing evidence was also taken up at […]
Direct Links
June 11, 2010 (LBO) – Mobile phone applications have the potential to reduce the gap between rich and poor in developing countries like Sri Lanka, the island’s minister of technology and research said. The mobile phone is joining the personal computer and television in empowering people and giving them access to information to make their […]
Sri Lanka Carsons groups palm oil estates under Singapore unit
June 11, 2010 (LBO) – Sri Lanka’s Carsons group has brought all its South East Asian oil palm plantations under its Singapore subsidiary with the transfer of stakes in Indonesian and Malaysian units, a stock exchange filing said. “With the transfer of the assets the plantations land bank and the asset base of GAHL will […]
‘s Carsons group 2010 profits up 84-pct
June 11, 2010 (LBO) – Sri Lanka’s Carsons group profits rose 84 percent to 3.2 billion rupees due to a reversal of an impairment cost from last year and lower finance costs, while revenues grew at a faster rate than operational expenses, its annual report showed. “Brewery capacity would expand by 30 percent within the […]
Maritime Ventures
June 11, 2010 (LBO) – Sri Lanka’s Aitken Spence group said its maritime transportation business division is considering setting up a maritime campus overseas as part of efforts to develop its ports and shipping business abroad. The firm won a ship planning contract for the African ports of Durban, Cape Town and Ngqura during the […]
Risk Rating
June 11, 2010 (LBO) – London underwriters have removed Sri Lanka from the area listed for war risk insurance following lobbying by the island’s government that risks have been eliminated with the end of the ethnic war. A statement from the Joint War Committee in London said it recently reviewed the Listed Areas for Hull […]
Sri Lankan stocks hit new high
June 11, 2010 (LBO) – Sri Lankan stocks rose to new highs Friday, passing the 4,500 points mark as institutional investors bought blue chips while retailers took profit from over-priced shares and re-invested in cheaper ones, brokers said. The All Share Price Index (ASPI) closed at 4,561.33, up 65.09 points, while the Milanka index of […]
Sri Lanka plans new tariffs to smoothen power peaks
June 10, 2010 (LBO) – Sri Lanka state-run Ceylon Electricity Board is devising new tariffs with low off peak rates and penal peak rates to smoothen the daily peak load and push some industrial activities to low demand hours, officials said. At the moment industries get subsidized tariffs, while commercial and large households pay higher […]