Author: lbostgadmin
EU in talks with Sri Lanka on maintaining trade privileges
BRUSSELS, March 16, 2010 (AFP) – The European Union wants to work with Colombo to avoid the withdrawal of Sri Lanka’s trade privileges with the bloc, under threat due to rights concerns, an official said Tuesday. “The Commission remains committed to work with Sri Lanka to see whether the conditions for a reversal” of a […]
Sri Lanka has 10-pct of foreign reserves in gold: WGC
Mar 17, 2010 (LBO) – Gold now makes up 10 percent of Sri Lanka’s foreign reserve assets after the country tripled its gold holdings with a purchase from the International Monetary Fund in 2009, industry data showed. The United States remained the largest gold holder with 8,133. 5 tonnes, Germany second with 3,406.8 tonnes and […]
Sri Lanka risk rating seen covering factors outside war
Mar 17, 2010 (LBO) – Getting Sri Lanka a more favourable insurance risk rating involves not just the absence of war but other factors like media freedom and corporate governance, officials and analysts said. Altogether, 48 ‘risk factors’ are covered in Aegis’ rating model which also considers criminal risk like corruption, crime, law enforcement and […]
Sri Lanka trial of ex-army chief adjourned
March 17, 2010 (AFP) – The court martial of Sri Lanka’s former army chief was adjourned on Wednesday after judges said they could not hear both of the separate sets of charges against him, officials said. Sarath Fonseka, who led the military to victory over the Tamil Tiger rebels last year, fell out with President […]
Cold Chain
Mar 17, 2010 (LBO) – Sri Lanka’s Finlays Colombo group said it is considering expanding its cold storage business into a network with profitability improving and the unit getting more customers last year. Use of the Finlays cold store eliminates the need for customers to invest in their own expensive storage facilities. It also enables […]
Sri Lanka hotels dress up for post-war rush
March 17, 2010 (AFP) – Sri Lanka’s hotel owners are racing to refurbish and add thousands more rooms as foreign holidaymakers pour into the country after the end of nearly four decades of ethnic bloodshed. Leading hotel groups plan to spend millions of dollars on new decor and facilities for the influx of tourists drawn […]
Bike Ride
Mar 17, 2010 (LBO) – Sri Lanka’s Singer unit said its sales of motor cycles and bicycles picked up speed in 2009, with demand from former war-torn areas, while its consumer durables sales in the rest of the island plunged. Singer Sri Lanka said sales of bicycles and motor cycles grew 26 percent to 757 […]
Sri Lankan stocks close 0.45-pct down on retail profit taking
Mar 17, 2010 (LBO) – Sri Lankan shares closed lower almost across the board Wednesday as retail investors took profits, while a large deal on Lighthouse Hotel boosted turnover, brokers said. Environmental Resources Investments ordinary voting shares closed at 258.50 rupees, up 1.00. Its 0000 warrants closed at 158.50 rupees, up 2.00, and 0001 warrants […]
Sri Lanka bonds yields slide on foreign buying hopes
Mar 17, 2010 (LBO) – Sri Lanka’s bond yields fell Wednesday after authorities told banks to find foreign buyers for 2. 5 billion rupees (24 million US dollars) worth Treasury bonds, dealers said. Yields of a bond maturing in 15.04.2012 fell to 10.50/55 percent from 10.75/85 a day earlier, while yields of 3-year bond maturing […]
Sri Lanka short term Treasuries barely changed
Mar 17, 2010 (LBO) – Sri Lanka Treasuries yields were barely changed at Wednesday’s auction though the short end moved up 02 basis points, the government’s debt office said. The central bank has been frantically trying to mop up liquidity generated from deficit financing. The central bank’s Treasury bill stock shot up to 58 billion […]
‘s ex-army chief on trial
March 16, 2010 (AFP) – Sri Lanka’s former army chief, now a sworn political enemy of President Mahinda Rajapakse, faced a military court Tuesday on controversial charges that could see him jailed for up to five years. Fonseka, a war hero last year after helping end the Indian Ocean nation’s 37-year civil war, stepped down […]
Sri Lanka Tea Board probes fake tea complaint
Mar 16, 2010 (LBO) – Sri Lanka’s Tea Board is investigating complaints by an exporter that certain teas sold in Europe as pure Ceylon tea are actually blended with teas from other origins, officials said. Zarook alleged that his competitors in Germany were competing on price because they were mixing Ceylon tea with Vietnamese tea […]