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Sri Lanka CEB loses Rs25.5bn, debts balloon
Apr 14, 2012 (LBO) – Sri Lanka’s state-run power utility, the Ceylon Electricity Board has lost 25. 5 billion rupees in 2011 and run up debts of 121 billion rupees with a petroleum distributor and independent power producers. Data in the Central Bank’s annual report said power generation rose 7. 5 percent to 11,521 GigaWatt […]
‘s Lagarde
Apr 13, 2012 (LBO) – The world has to restore sound public finances, while some are forced to cut deficits fast others have to do it slowly, Christine Lagarde the managing director of the International Monetary Fund has said. Lagarde said loose monetary policy (money printing) could support where inflation remains in check but emerging […]
Sri Lanka tea prices rise again
April 12, 2012 (LBO) – Prices of Sri Lanka’s low grown teas, which account for the bulk of the crop, rose again at last week’s auction and are now well above last year’s levels, brokers said. “In view of the present adverse weather conditions, global crop production looks bearish with Kenya, Sri Lanka and North […]
Sri Lanka Tsunami risk reduction in the age of Twitter
Apr 12, 2012 (LBO) – In theory, national governments should issue tsunami watches and warnings. For sure, they should be the only ones issuing evacuation orders. But social media are upending government control. Sri Lanka is not located in an earthquake zone. So when those of us who felt the tremors, our first reactions were […]
Sri Lanka rupee weakens in intra-day trade
Apr 12, 2012 (LBO) – Sri Lanka’s rupee dipped close to 130 to the US dollar after opening around 127. 80/128.20 in the spot market, amid buying from foreign banks, dealers said. . The rupee was quoted as low as 129.50/130.00 in late morning trade but gained later with demand falling off, dealers said. Sri […]
Sri Lanka shares end up 0.6-pct
April 11, 2012 (LBO) – Sri Lankan shares closed firmer Wednesday although trading remained low ahead of traditional new year holidays later in the week, brokers said. The main All Share Price Index rose 0.62 percent (33.39 points) to 5,425.73, while the more liquid Milanka index rose 0.65 percent (31.57) to close at 4,909.30. Turnover […]
Sri Lanka Citrus Leisure unit to build hotel
April 11, 2012 (LBO) – Waskaduwa Beach Resort, a subsidiary of Sri Lanka’s listed Citrus Leisure, plans to build a 150-room four-star hotel costing 23. 8 million US dollars on a property on the south coast. The hotel, ‘Citrus Waskaduwa’, consisting of a presidential suite, nine deluxe rooms, 140 ‘superior rooms’, banquet facilities and spa […]
Six Senses Resorts bought by US PE firm
Apr 11, 2012 (LBO) – Pegasus Capital Adivsors, a US based private equity firm had struck a deal to buy Bangkok-based Six Senses Resorts and Spas brand, though real estate assets will remain with the founders. Six Senses Resorts and Spas has properties under management in Asia, the Middle East, the Americas and Europe. Six […]
Indian Ocean tsunami watch cancelled
April 11, 2012 (LBO) – A tsunami watch issued by the Pacific Tsunami Warning Center in Hawaii for the Indian Ocean, which prompted Sri Lanka to ask coastal residents to move to high ground, has been cancelled. Residents of Sri Lankas’ coastal regions rushed to safety after authorities issued the evacuation order following a strong […]
Sri Lanka coastal residents evacuate on tsunami warning
Apr 11, 2012 (LBO) – Residents of Sri Lankas’ coastal regions rushed to safety after authorities issued an evacuation order following a strong earthquake in Indonesia which generated a tsunami. . Sri Lanka’s department of meterology said residents in Eastern and Southern coastal areas should move inland quickly. An eyewitness said residents in Galle, a […]
Sri Lanka issues tsunami evacuation order
Apr 11, 2012 (LBO) – Sri Lanka has issued a tsunami evacuation asking residents in coastal areas to move to safer areas inland, following a strong earthquake in Indonesia. The department of meterology said residents in Eastern and Southern coastal areas should move inland quickly. Tsunami waves are expected to first hit the Eastern and […]
Sri Lanka may see tsunami waves after 4.00 pm: PTWC
Apr 11, 2012 (LBO) – A tsunami watch has been issued for many areas in the Indian Ocean following an earthquake, by US authorities in Hawaii, who said waves could reach Sri Lanka shortly after 4. 00 pm if a tsunami had been generated. In December 2004 an tsunami from a much larger quake (9. […]