Author: lbostgadmin
Sri Lanka tea trade says expects short quality season
Mar 19, 2010 (LBO) – Sri Lanka’s tea industry expects a short ‘Western quality season’ this year with teas that had the desired quality picking up in price at recent auctions as volumes fell, officials said. “We might have a late season – there are signs of teas brightening up,” said Dhamitha Perera, chairman of […]
Helping Hand
Mar 19, 2010 (LBO) – Sri Lanka’s Central Bank has launched a credit refinance scheme to help small and medium enterprises which are in difficulty to recover, senior officials said. The 100 percent refinance scheme through banks will give loans at eight percent up to a maximum of 20million rupees to help existing firms recover, […]
Sri Lankan shares close 0.27-pct down on retail selling
Mar 19, 2010 (LBO) – Sri Lankan shares closed down Friday as investors took profits from selected midcap stocks, while Sunshine Holdings, John Keells Hotels and First Capital were heavily traded, brokers said. Commercial Bank of Ceylon closed at 191. 50. The All Share Price Index closed at 3,744. 92, down 10.27 points, while the […]
Sri Lanka sells US$93mn in dollar bonds
Mar 19, 2010 (LBO) – Sri Lanka has raised 92 million US dollars by selling two and three year dollar denominated bonds at rates slightly lower than the previous year, the government’s debt office said. In March severe cashflow strains usually emerge in government finances as state employees are paid two salaries ahead of a […]
Sri Lanka policy rates frozen amid rising inflation, excess liquidity
Mar 18, 2010 (LBO) – Sri Lanka held policy rates frozen in March as inflation accelerated, central bank financing of the budget deficit increased to new highs amid frantic attempts to mop excess liquidity. The International Monetary Fund has already suspended a deal after the 2009 budget deficit went off the rails to 10.3 percent […]
Sri Lanka calls investments for capital city urban development
Mar 18, 2010 (LBO) – Sri Lanka is inviting investments for a high-rise complex proposed for prime land in the congested city that will be cleared of slums as part of an urban renewal project, officials said. The ‘Panchikawatte Triangle’ re-development project will provide 26 acres of land in the heart of the city for […]
Protest over arrest of Sri Lanka reporter linked to Fonseka
March 18, 2010 (AFP) – Sri Lankan media groups Thursday protested against the arrest of a reporter close to Sarath Fonseka, the detained ex-army chief who tried to unseat the president in recent elections. The groups issued a joint statement demanding the release of Ruwan Weerakoon, a reporter with the Nation newspaper, who was arrested […]
‘s Rajapakse rejects early pardon for Fonseka
SINGAPORE, March 18, 2010 (AFP) – Sri Lankan President Mahinda Rajapakse has ruled out an early pardon for his election rival Sarath Fonseka and dismissed the former army chief as a “fool” who was unprepared for politics. In an interview with Singapore’s Straits Times published Thursday, Rajapakse also spelled out his economic ambitions for post-war […]
‘s Ceylinco Insurance eyes East Asia, Middle East: senior official
Mar 18, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance Company is to tie up with insurance companies in Asia and the Middle-East to market a motor policy with immediate claim settlement that took the domestic market by storm, officials said. Gross written premium fell 9.0 percent to 4.60 billion rupees and net premium after paying […]
Arbitrary Rule
SEOUL, March 18, 2010 (AFP) – North Korea has executed a top financial official blamed for a bungled currency revaluation that triggered chaos in the communist state, South Korean news reports said Thursday. The redenomination last November 30 forced people to swap old banknotes for new at a rate of 100 to one, but restricted […]
Sri Lanka sate-run provident fund buys into hotel
Mar 18, 2010 (LBO) – Sri Lanka state-run Employees Provident Fund of private citizens had bought a 10 percent stake in Lighthouse Hotel, a unit of the Jetwing leisure group, a stock exchange filing said. NDB stockbrokers said the EPF, the country’s largest retirement fund, had bought 4. 6 million shares of Lighthouse. The hotel […]
Sri Lanka shares close 0.35-pct down, more deals in Lighthouse
Mar 18, 2010 (LB0) – Sri Lankan shares closed down Thursday as investors continued taking profits ahead of elections, while there was more heavy trading in The Lighthouse Hotel, brokers said. The All Share Price Index closed at 3,755.19, down 13.10 points, while the Milanka index of more liquid shares dipped 0.18 percent (7.86 points) […]