Category:
Sri Lankan Airlines to run losses for another three years: COPE report
July 24, 2013 (LBO) – SriLankan Airlines was expected to run losses for another three to four years before breaking even, a report by a parliamentary committee which has oversight over state enterprises has said.SriLankan had lost 17.1 billion rupees in 2011. According to available data the airlines had lost at least 58 billion rupees […]
Chinese firm to build $1.4 bln Sri Lanka city complex
COLOMBO, July 24, 2013 (AFP) – Sri Lanka has finalized a deal with a Chinese company to build a .4 billion city complex on reclaimed land near the harbour of the capital Colombo, an official said Wednesday.The state-run Sri Lanka Ports Authority (SLPA) will reclaim 230 hectares (568 acres) next to the new Colombo South […]
Cricket Sri Lanka defeat South Africa in the rain
COLOMBO, July 23, 2013 (AFP) – Rangana Herath took two crucial wickets as Sri Lanka defeated South Africa in the rain-affected one-dayer in Colombo on Tuesday, taking a 2-0 lead in the five-match series.South Africa, set a revised target of 176 from 29 overs, were 104-5 in 21 overs when a heavy downpour at the […]
Sri Lanka refugee describes boat sinking tragedy
CIDAUN, July 24, 2013 (AFP) – Rescuers searched the seas off Indonesia’s Java island Wednesday for possibly dozens of asylum-seekers missing after their Australia-bound boat sank, leaving at least three dead, with 157 saved, an official said.Hundreds have drowned making the journey — as recently as last week a boat sank, killing four people — […]
Sri Lanka holds rates, state credit easing: Central Bank
July 24, 2013 (LBO) – Sri Lanka is holding its policy interest rates at 9.00 percent to give money to banks with credit to state starting to ease, which will help private borrowing, the Central Bank said. Sri Lanka’s private borrowings and investment have been crowded out and investments by heavy government borrowing from banks […]
Sri Lanka rupee stronger amid thin liquidity
July 23, 2013 (LBO) – Sri Lanka’s rupee was steady amid thin liquidity in the spot market against the US dollar for the second day in a row, with even cash market sales earlier in the day, dealers said.The spot US dollar was quoted around 131.50/55 after opening at 131.55/60 on Tuesday, dealers said.Cash sales […]
Sovereign Quality
July 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank has been rated ‘B+’, the same as the sovereign rating by Standard & Poor’s Ratings Services with a ‘stable’ outlook. “We believe the Sri Lankan government is almost certain to provide extraordinary support to the bank, if needed,” Standard & Poor’s credit analyst Amit […]
Sri Lanka tea production down in June
July 23, 2013 (LBO) – Tea production was down 4.29 percent to 24.69 million kilograms in June 2013 from a year earlier, Sri Lanka Tea Board data showed, amid warnings from tea companies that heavy rains were reducing output.The sharpest drop was seen in high grown elevations with production down 19 percent to 4.56 million […]
Tech Provider
July 23, 2013 (LBO) – London Stock Exchange group said its technology services revenues rose 28 percent reflecting the performance of MillenniumIT, a Sri Lanka-based securities exchange software developer it owns. Revenues in the March 2013 quarter from the firm rose to 7.4 million sterling pound from 4.9 million as overall technology services revenues rose […]
‘s property projects to match demand: report
July 23, 2013 (LBO) – Despite several large luxury apartment blocks, hotel and retail space being planned in Sri Lanka’s capital Colombo there may not be a glut in the medium term due to delayed starts, a research report has said.“We believe Colombo is not yet ready to take up this many apartment units and […]
Grim Tale
NAIROBI, July 22, 2013 (AFP) – On Somalia’s pirate coast, more than 50 sailors are being held for ransom in grim conditions, many abandoned by their ship’s owner whose willingness to pay to free them sank with their boat.“The pirates have shown violence… the worst case is that they become agitated and open fire.” Last […]
Biden arrives in India for four-day visit
NEW DELHI, July 22, 2013 (AFP) – US Vice President Joe Biden arrived in India Monday at the start of a four-day visit designed to revive momentum in flagging diplomatic ties and fire up bilateral trade.Biden, the first US vice president to visit India in three decades, landed in New Delhi shortly after 5pm (1130 […]