Author: lbostgadmin
‘s level in August: Treasury official
Sept 15, 2009 (LBO) – Sri Lanka’s state revenues for August had reached last year’s level in line with a recovery in import trade and domestic economic activities, and is expected to show a positive growth in this month, an official said. “In August we have reached break-even level and we are expecting revenues will […]
Sri Lanka demands EU trade concessions without rights probe
September 15, 2009 (AFP) – Sri Lanka will not submit to an investigation into its rights record to qualify for extended trade concessions from the European Union, a government minister said Tuesday.The deputy minister of state revenue, finance and planning, Ranjith Siyambalapitiya, said Colombo wanted an extension of the EU generalised system of preferences (GSP […]
India win Sri Lanka tri-series after Tendulkar ton
September 14, 2009 (AFP) – Sachin Tendulkar hit his 44th one-day century to lead India to a 46-run win over Sri Lanka in the final of the limited-overs tri-series here on Monday.Tendulkar, the world’s leading Test and one-day scorer, made 138 off 133 balls as India piled up 319-5 after batting first in the day-night […]
UK Move
Sept 15, 2009 (LBO) – Sri Lanka’s Millennium IT will be acquired by London Stock Exchange and its faster trading software would replace the British bourse’s existing platform, a media report said. The report said LSE could pay around 50 million sterling pounds (about 9.4 billion rupees) to buy the technology firm. Britain’s Financial Times […]
Looser Words
Sept 15, 2009 (LBO) – A travel advisory on Sri Lanka has been further relaxed with a reduced level of terrorist threat, in the island, the British High Commission in Colombo said. The UK relaxed its travel advisory to parts of the Eastern province after Tamil Tiger separatists were defeated in May, though British travelers […]
Sri Lankan stocks down 0.85-pct on profit taking
Sep 15, 2009 (LBO) – A rally in Sri Lanka share prices that lifted them to a 30-month high skidded to a halt Tuesday as retail investors took profits from an overheating market, brokers said.The benchmark Colombo All Share Price Index (ASPI) closed down 0.85 percent (24.26 points) to end at 2,837.99, while the Milanka […]
Sri Lanka foreign reserves top US$4.0bn
Sept 15, 2009 (LBO) – Sri Lanka’s gross foreign reserves have topped 4.0 billion US dollars on September 10, the highest in the island’s history, the Central Bank said. The Central Bank also acquired dollars by directly swapping domestic assets to a foreign fund manager. The central bank started to collect foreign reserves after floating […]
Sri Lanka economic bubble triggered by financial repression for deficits: economist
Sept 14, 2009 (LBO) – Severe financial repression and money printing to finance post-2004 deficits triggered a housing and credit bubble and drove savers to seek higher rates in unregistered financial institutions, an economist has said.“These macro-economic imbalances set the stage for bubbles in the economy,” R M B Senanayake, vice president of the Sri […]
Sri Lanka GDP expands 2.1-pct in second quarter
Sept 14, 2009 (LBO) – Sri Lanka’s economy expanded 2.1 percent in the second quarter of 2009 from 7.0 percent a year earlier, but was up from the 1.5 percent growth in the first quarter, the government’s statistics office said. Agriculture Agriculture grew 4.4 percent despite an 11.7 percent reversal in tea which was hit […]
SriLankan Airlines goes direct from Milan to Colombo
Sept 14, 2009 (LBO) – SriLankan Airlines said it will launch a new twice-weekly direct service from Milan to Colombo on December 16 to attract more Italian tourists into the island.The flight will also help serve the sizable Sri Lankan community in northern Italy, the state-owned airline said in a statement.SriLankan briefly served Milan in […]
Cambodia joins rubber association
PHNOM PENH, September 14, 2009 (AFP) – Cambodia has joined the Association of Natural Rubber Producing Countries in the hope of further developing the nation’s rubber industry, a government official said Monday.Ly Phalla, director-general of Cambodia’s directorate of rubber, said the ascension to the inter-governmental organisation will bring its burgeoning industry new technology and help […]
Mobile Bid
Sept 14, 2009 (LBO) – Emirates Telecommunications Corporation or Etisalat has confirmed it has bid for the celco Tigo, the Sri Lankan unit of Luxembourg-based telecom operator Millicom. The UAE telecom giant made the announcement in a filing with the Abu Dhabi Securities Exchange. Millicom International Cellular is selling its assets in Sri Lanka, Laos […]