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Sri Lankan shares weak
May 4, 2012 (LBO) – Sri Lankan share prices closed the week in the red on Friday, with large trades in conglomerate John Keells Holdings and computer parts vendor, PC House, brokers said. Colombo’s 240-tracker All Share Price Index slipped 7.33 points or 0.13 percent to close at 5,382.14, while the liquid Milanka Price Index […]
Sri Lanka raises taxes on foreign milk powder
May 04, 2012 (LBO) – Sri Lanka’s finance ministry said it has raised taxes on imported milk powder by a further 15 percent or 92 rupees a kilogram, pushing up prices further as domestic dairy farmers threw away fresh milk saying there was no demand. Import taxes work by inflicting harm of the poorest sections […]
SriLankan extends wings to Jaffna Peninsula
May 04, 2012 (LBO) – SriLankan Airlines on Friday extended wings to the northern tip of the island, opening a branch in the Jaffna Peninsula. The state-run airline said the office will facilitate travel arrangements for a large clientele in the Jaffna and Kilinochchi areas. Considering the increasing customer base for air travel to and […]
Sri Lanka exports grow 7.6-pct in Feb
May 04, 2012 (LBO) – Sri Lanka’s exports grew 7. 6 percent from a year earlier to 878 million US dollars in February 2012 with tea exports falling and apparels barely growing, while imports powered ahead, official data showed. In the first two months of the year exports grew only 3. 3 percent to 1.79 […]
” ratings confirmed: Fitch
May 04, 2012 (LBO) – Sri Lanka has to persist with reducing its budget gap and tighten monetary policy further if needed to ward off balance payments pressure, Fitch Ratings which confirmed a sovereign rating at ‘BB-‘ said. The outlook on the rating was ‘stable’. “The ratings reflect Fitch’s view that the authorities have taken […]
Sri Lanka hikes prices of cooking gas, milk powder, cement
May 4, 2012 (LBO) – Sri Lanka on Friday raised prices of cooking gas, milk powder and cement, after a weak rupee, tax hike and higher energy prices raised costs. The price of a 12.5 kilo liquefied petroleum gas cylinder goes up by 350 rupees to 2,396 rupees from midnight Friday, Internal Trade Minister Johnston […]
Road Plan
May 03, 2012 (LBO) – Sri Lanka is planning to firm up private finance for a 1. 5 billion US dollar expressway within two months, as the country seeks to connect the north and east to the capital Colombo, Treasury Secretary P B Jayasundera said. “Inquiries are very much active on the now recognized Northern […]
Brand Extension
May 3, 2012 (LBO) – Sri Lanka’s state-owned Bank of Ceylon is to increase its network of overseas branches following a sharp increase in profits of two existing units in neighbouring south India and the Maldives. The bank, the island’s biggest lender, is to open two new branches in the south Indian cities of Tuticorin […]
Sri Lanka, an anchor destination for new Indian Ocean cruise
May 03, 2012 (LBO) – A new Indian Ocean cruise is due to open this winter, ferrying passengers to Sri Lanka’s main port of Colombo, targeting some 4,000 up market tourists from German speaking countries, officials said. Mooted by FTI Group, a German tour operator, the 206-cabin cruise liner carrying some 400 passengers, will sail […]
Milky Deals
May 03, 2012 (LBO) – Cargills (Ceylon) PLC on Thursday said it continues to buy over 60,000 litres of fresh milk each day, despite dairy farmers protesting of poor prices or few buyers for their supplies. Farmers and milk collectors in the in the central region of Nuwara Eliya on Wednesday, threw some 12,000 litres […]
Sri Lanka chamber in link with BRICs counterpart
May 03, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said it had signed a deal with its counterpart representing Brazil, Russia, India, China and South Africa (BRICS) to promote economic links. The co-operation project was started with the help of Sri Lanka’s ambassador to Brazil, Mahinda Balasooriya, the Chamber said. The agreement with […]
Sri Lanka rupee in volatile ride
May 02, 2012 (LBO) – Sri Lanka’s rupee went on a wild ride Wednesday in thin trade in a market where there is little depth and uncertainty is high among dealers, market participants said. The rupee eventually closed around 127.70/128.50 The rupee traded as low as 131.00 to the US dollar and strengthened as much […]