Category:
‘s Havelock City forging ahead amid new risks
Apr 21, 2013 (LBO) – Sri Lanka’s ‘Havelock City’ a mixed development with multi-tower apartment complex with more than 100o untis and commercial space said it is forging ahead despite emerging risks from a state move to restrict foreign ownership of property. “..[T]he regulatory changes contemplated by the Government on foreign ownership of property could […]
Maritime Confab
Apr 20, 2013 (LBO) – Sri Lanka will host a regional port conference and exhibition in May, showcasing the island’s rapid advancement as South Asia’s emerging maritime hub and growing commercial opportunities, organizers said. Sri Lanka Ports Authority chief Priyath Wickrama told prospective participants in a statement that the event will allow top domestic and […]
Seigniorage
Apr 20, 2013 (LBO) – Sri Lanka’s central bank made 66 billion rupees in profits in 2012, up 41 percent from a year earlier, helped by gold trading and inflation, official data showed. In 2010 when the Central Bank made only 11 billion rupees in profits, Sri Lanka had a stable economy and low inflation. […]
Sri Lanka rulers only paid Rs2000 for power: former minister
Apr 20, 2013 (LBO) – Ministers in Sri Lanka paid only 2,000 rupees for power a month regardless of the volume of use, former foreign minister Mangala Samaraweera told reporters in a shock revelation.“I am aware of the situation, as I myself paid only 2000 rupees when I was a minister,” he was quoted as […]
Sri Lanka rupee weaker after traditional festival
April 19, 2013 (LBO) – Sri Lanka’s rupee weakened to 125.90/126.00 levels Friday from Thursday’s close of 125.72/78, in a steadily weakening trend, dealers said.Market participants say in recent weeks the authorities have tended to defend the currency only around 127 levels to the US dollars in the spot market. Sri Lanka’s rupee usually gains […]
Sri Lanka stocks close lower amid uncertainty
Apr 19, 2013 (LBO) – Sri Lanka’s stocks closed lower Friday, recouping some losses form a mid-day sell-off, amid uncertainty over the effects of power tariff hike and weaker commodity prices, brokers said. Weaker commodity prices usually signals a strengthening of the underlying value reserve currencies such as the US dollar and Euro coming from […]
SriLankan Airlines revisiting feasibility of re-fleeting: minister
Apr 18, 2013 (LBO) – State-run SriLankan Airlines is revisiting the feasibility of re-fleeting in the wake of developments in the international aviation market, minister Keheliya Rambukwelle said.“They are re-visiting the entire feasibility,” Rambukwelle told reporters when asked whether the airline was going ahead with a plan to re-fleet the airline with new long haul […]
Sri Lanka biz chamber urges transparency at power utility after hike
Apr 19, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said the latest hike will see power costs going up by 20 to 30 percent and the state power utility to should follow the directions of the regulator to increase its transparency.The Chamber said the Public Utilities Commission had not made adjustments to tariffs […]
Secondary education quality drive in Sri Lanka backed by ADB
Apr 19, 2013 (LBO) – A drive to improve the quality of Sri Lanka’s state-run secondary education system is receiving 200 million US dollars in Asian Development Bank support from its results based lending program.The ADB is expected to give 120 million US dollars from its ordinary capital resources window for 26 years including a […]
Debenture
Apr 18, 2013 (LBO) – Sri Lanka’s Senkadagala Finance Plc (SFC) will sell one billion rupees of 3 and 4-year debt which have been given an expected ‘BBB+(lka)’ rating, Fitch Ratings said. The rating has a stable outlook. BBB+(lka) is an investment grade rating. “The proposed debentures will be issued in two tranches with a […]
Auto Cash
Apr 18, 2013 (LBO) – Commercial Bank of Ceylon, Sri Lanka’s largest private lender by assets said its 562 automated teller machine network had dispensed 1.79 billion rupees on April 10, the highest ever for a single day. In Sri Lanka cash withdrawals from banks peak in April, during a traditional New Year festival period. […]
Tourists should not fear Sri Lanka police tracking: hotelier
Apr 18, 2013 (LBO) – There should be no fears over moves by police to track tourists who are staying in hotels, as some other countries also follow the practice, a top tourist industry official said.“Some other countries also do follow the same procedure. So no one should get frightened about it,” Anural Lokuhetty, chairman […]