Author: lbostgadmin
Sri Lanka to sell US$100mn in bonds
Mar 15, 2010 (LBO) – Sri Lanka is offering 100 million US dollars in two and three year floating rates bonds, paying interest every six months mainly targeting the domestic market with bids closing on March 18, the government’s debt office said. Sri Lanka has an outstanding dollar denominated ‘development bond’ debt stock of 1,469 […]
Sri Lanka newspaper poll shows support for IMF, EU stance
Mar 14, 2010 (LBO) – A decision by the International Monetary Fund to suspend its program to Sri Lanka and a European Union decision to lift trade benefits have found wide support in a newspaper poll. A poll by the business news section of The Sunday Times, an influential weekly, found that 74 percent of […]
Slick Market
Mar 14, 2010 (LBO) – Sri Lanka’s Chevron lubricants unit said sales fell in 2009 with a downturn in local and export demand, but is expecting a recovery this year with new demand expected from former war torn areas. The firm said industry volumes fell 7. 0 percent in which was the third consecutive year […]
Credit Expansion
Mar 14, 2010 (LBO) – Commercial Credit Ltd, a registered finance company based in Sri Lanka’s central hill town of Kandy opened an office in the capital Colombo, which the firm says is a step in a expansion drive. The company, founded 28 years ago, has network of five branches and 12 collection centres unveiled […]
Sri Lanka lifts taxes on gold imports
Mar 13, 2010 (LBO) – Sri Lanka has lifted taxes and levies on gold imports from to promote jewellery industries in the country, the central bank said. “The removal of all applicable import taxes and other levies on gold imports will reduce the gold prices in the market and contribute to promote gold and jewellery […]
Sri Lanka rice import barrier too high: consumer minister
Mar 13, 2010 (LBO) – Sri Lanka is expected to re-erect an import barrier soon to keep cheaper rice out of the reach of the island’s consumers, but the country’s 25 rupee a kilo duty is too high, consumer affairs minister Bandula Gunewardene said. “I personally think the duty of 25 rupees on a kilo […]
Name Tag
WASHINGTON, March 13, 2010 (AFP) – The adult entertainment industry is going to have to wait a while longer to see whether it gets its . XXX domain name. The board of ICANN, the international regulatory body for Web addresses, on Friday delayed a decision until June on whether to create the . XXX domain. […]
Banking Challenges
Mar 13, 2010 (LBO) – Banking is one sector which undergoes rapid change and transformation. Hence, what we have today as banks is completely different from what we had as banks yesterday. Similarly, banks tomorrow will be completely different from banks today. By incorporating ICT in their production models, banks have been able to successfully […]
Sri Lanka must curb state consumption, inflate less to raise incomes: economist
Mar 12, 2010 (LBO) – Sri Lanka has to curb excessive state consumption, keep inflation low to encourage private savings, and improve governance to draw foreign capital to promote growth and incomes, a top economist has said. Higher savings were required to increase growth and achieve the targets of replicating the economic success of East […]
Sri Lanka abused human rights: US report
WASHINGTON, March 11, 2010 (AFP) – Sri Lanka violated human rights last year as it dealt a final blow to Tamil Tiger insurgents and clamped down on media freedom, the US State Department said Thursday. But the State Department also reported some improvements. It said that the number of disappearances went down with the end […]
Sri Lanka budget airline says no longer making losses
Mar 12, 2010 (LBO) – Sri Lanka’s state-owned budget airline, Mihin Lanka, whose losses have been subsidized by government, said it has begun making monthly profits after breaking even last August. However, the controversial airline, which stopped operating in 2008 after losing over three billion rupees and leaving bad loans at two state banks and […]
Sri Lankan Airlines to expand routes, frequencies
Mar 12, 2010 (LBO) – Sri Lankan Airlines plans to add more destinations and increase frequencies on existing routes as it expands and the island’s tourist trade revives with the end of a war, senior officials said. “Now we’ve managed to reduce losses. There’s a gradual rise towards profitability. ” The island’s national carrier also […]