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Sri Lanka to make Dutch Fort admin office a tourist attraction
Apr 05, 2012 (LBO) – An government administration building inside a 17th century Dutch Fort in Sri Lanka’s south will be turned into a museum and part of its will be commercially developed as a tourist attraction, a minister said. The Galle Dutch Fort is a UNESCO world heritage site. The cabinet of ministers had […]
Cairn India find more oil
Apr 05, 2012 (LBO) – Cairn India Limited (CIL) said it has made a second oil discovery in a through its fully owned unit Cairn Energy India Pty Limited (CEIL) in an exploration block in Krishna-Godavari Basin on the east coast of India. CEIL is the operator of the block owning 24 percent of the […]
Sri Lanka airport lounge opened by Emirates
Apr 05, 2012 (LBO) – Dubai-based Emirates had built 200 million rupee lounge for its first and business class passengers, at Sri Lanka’s Bandaranaike International Airport, near the capital Colombo, the airline said. “Emirates is one of the most active carriers serving Colombo, with 28 flights a week,” Chandana de Silva, area manager for Sri […]
Sri Lanka hikes policy rate by 75bp to curb credit
Apr 05, 2012 (LBO) – Sri Lanka raised its key policy rate by 75 basis points to 9. 75 percent to curb credit which was still growing at an “undesired rate”, and state borrowings were also high, the Central Bank said. Sri Lanka rupee came under pressure from high credit growth from the middle of […]
Sri Lanka grows 8.3-pct in 2011
Apr 05, 2012 (LBO) – Sri Lanka’s economy grew 8. 3 percent in the 2011 after growing at 8. 0 percent in 2010, with fourth quarter growth also clocked at 8.3 percent, the statistics office said. Per capita gross domestic product was estimated at 2,836 US dollars (313,511 rupees implying an exchange rate of 110.54) […]
Sri Lanka stock close marginally lower, rupee stronger
April 04, 2012 (LBO) – Sri Lankan shares closed slightly lower Wednesday with retail investors active and turnover boosted by several crossings and while the rupee gained ground against the dollar, brokers and dealers said. The rupee closed around 125.40/50 to the US dollar dealers said after opening 126. 00/10 levels. The main All Share […]
Mobile Edge
April 04, 2012 (LBO) – A mobile phone ranking system is being developed to help Sri Lankan pineapple farmers identify suppliers of good quality planting material and avoid buying diseased plants that could destroy entire crops. The initiative is part of efforts to make more use of information and communication technology like mobile phones to […]
Sri Lanka state carrier axes flights to Zurich, Rome
Apr 04, 2012 (LBO) – State-run SriLankan Airlines said it will cancel flights to Zurich and Rome in May and June which are off-peak months but will resume them from late June, to contain costs. SriLankan is focusing more on Asian routes amid heavy competition and weak conditions in Europe. The airline is expected to […]
Sri Lanka trade controls take IMF by surprise
Apr 04, 2012 (LBO) – Sri Lanka’s sudden hike in car taxes has taken the International Monetary Fund by surprise, and the lender would like to see tighter monetary policy than selective taxes, its resident representative said. “The issue of recent taxes on vehicles and other goods, that actually is something we did not discuss […]
Sri Lanka hid vital information, ran into brick wall: legislator
Apr 04, 2012 (LBO) – Sri Lanka has suppressed information, ignored warnings from independent analysts, manipulated data and markets until the economy ran into ‘brick wall’ a legislator who is an economist has said. An annual report about the Employees Provident Fund, a retirement fund of non-state workers, whose state management has become increasingly controversial, […]
Sri Lanka bill yields held down
Apr 03, 2012 (LBO) – Sri Lanka’s Treasury bill yields were held flat by at Wednesday’s auction ending several weeks of corrections that helped push up market rates to reduce pressure on the exchange rate. However other data indicated that Sri Lanka has lost over 200 million dollars of reserves in just two days in […]
Diversion
Apr 03, 2012 (LBO) – Vehicle imports would be routed through a new port in Hambantota in the south of the island from May 31, which will speed up clearing of cars, state-run Sri Lanka Ports Authority said. SLPA said roll-on roll-off vessels were experiencing berthing delays and delays in clearing were also causing congestion. […]