Author: lbostgadmin
Sri Lanka targets 5 to 6-pct inflation in 2010
Jan 04, 2010 (LBO) – Sri Lanka is targeting 5 to 6 percent average inflation by end-2010 allowing the country’s base money to grow by 14.5 percent, building on low single digit inflation achieved in 2009, Central Bank governor Nivard Cabraal said. Sri Lanka ended 2009 with seasonally adjusted annual average inflation of 3.4 percent, […]
Sri Lanka to set up export-import bank: CB Governor
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank is setting up an export-import bank to fast-track Sri Lanka’s international trade, governor Nivard Cabraal said. The proposed ˜ex-im bank’ will have an initial capital of 200 million rupees and may be financed by both government and commercial sources. “It will provide financial assistance to exporters […]
Sri Lanka Hemas buys small hydro power plant
Jan 04, 2010 (LBO) – Sri Lanka’s Hemas Power said it has bought a 2.6 megawatt (MW) hydro-power plant in the Nuwara Eliya district in the central hills from Senok Mark Hydro for 198.5 million rupees. In September 2009, Hemas Holdings floated its power generation business to build a 2.4 MW mini hydro plant in […]
Sri Lankan Airlines asks travelers to come early to airport
Jan 04, 2010 (LBO) – Sri Lanka’s national carrier SriLankan Airlines said it was asking passengers on departing flights to report four hours before departure to the airport because of delays at immigration. It said in a statement there was heavy congestion at immigration counters at the Bandaranaike International Airport, north of Colombo. SriLankan Airlines […]
Interest Limit
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank said it has raised the ceiling on interest rates paid by registered finance companies and also allowed them to pay extra interest to senior citizens over 60 years from January 1. In revising the interest rates, the Monetary Board has considered the declining trend in market […]
Bailout Ceiling
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank said a new mandatory deposit insurance scheme to be introduced this year will cover up to 100,000 rupees per depositor. Coverage would increase as the deposit insurance fund grows, governor Nivard Cabraal said in a statement on its financial sector policies for 2010. The deposit insurance […]
Sri Lanka stocks up 2.84-pct
Jan 04, 2010 (LBO) – Sri Lankan stock closed the first day of trading for the year up 2.84 percent Monday with retail investors chasing diversified, manufacturing and banking sector stocks, brokers said. Ceylon Tobacco Company closed at 200. 00 rupees, up 15.00, Distilleries Company of Sri Lanka closed at 109. 00 rupees, up 3.75 […]
Sri Lanka to relax foreign exchange controls: CB Governor
Jan 04, 2010 (LBO) – Sri Lankans would be allowed to open bank accounts abroad and buy shares and debt of foreign companies as part of a relaxation of foreign exchange controls, Central Bank governor Nivard Cabraal said. Foreign exchange ‘shortages’ crop up when a central bank ‘prints money’ (generates local money by purchasing domestic […]
Small is big at Delhi auto show
NEW DELHI, January 3, 2010 (AFP) – Small will be big at an Indian auto show when the world’s leading manufacturers unveil a slew of compact cars designed for one of the world’s fastest growing markets. AutoExpo 2010, which begins on Tuesday and runs until January 11, is expected to be the biggest ever, featuring […]
Sri Lanka East safe for tourists: Britain
Jan 03, 2009 (LBO) – Britain said it is no longer advising its citizens against travel to Sri Lanka’s East, but the north continued to be out of bounds though a 30-year war in the area ended last May. Britain’s foreign and commonwealth office (FCO) said it had removed an ‘all but essential travel’ tag […]
Sri Lankan presidential contender woos Tamil voters
January 2, 2010 (AFP) – Sri Lanka’s former military chief Sarath Fonseka took his presidential campaign Saturday to the ethnic heartland of the Tamil Tiger rebellion he helped crush last year. The retired four-star general, who is seen as the main challenger to President Mahinda Rajapakse in polls slated for January 26, visited the northern […]
Sri Lanka dismisses EU trade move
January 1, 2010 (AFP) – Sri Lanka’s president on Friday dismissed the European Union’s suspension of preferential trade status to the island, saying his government would resist foreign “strategic interference”. “We will not be held back by threatened economic sanctions or withdrawn trade concessions by those who seek strategic interference in the national affairs of […]