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Sri Lanka apparel exporter says US demand to be strong
Mar 09, 2012 (LBO) – Demand from the United States for apparels would be strong this year, though Europe may be weak and domestic conditions in China, a key competitor favoured Sri Lanka, a top industry official said. Competitive currency depreciation began during the great depression and was institutionalized as a policy tool partly after […]
Three Sri Lanka soldiers found shot dead in Jaffna: Update
Mar 09, 2012 (LBO) – Three soldiers assigned to provide security to a Hindu temple were found shot dead in Jaffna in Sri Lanka’s north Friday morning, military spokesman brigadier Nihal Hapuarachchi said. He said initial investigations had indicated that the incident was due to a personal dispute. “There were no third parties involved,” he […]
Sri Lanka rupee weaker
Mar 08, 2012 (LBO) – Sri Lanka’s rupee was quoted around 121.55/70 against the spot US dollar in mid-morning trade after opening around 121.30/70 rupees, dealers said. On Tuesday the rupee closed around 121.30/60 against the greenback. In money markets overnight gilt-backed repos were quoted at 8.80/90 percent levels and call money was at 9.75/85 […]
Lower Gear
Mar 08, 2012 (LBO) – Sri Lanka’s automobile sales are expected to dip in 2012 with pent up demand being met and rapidly rising interest rates, Tilak de Zoysa, deputy chairman of Associated Motorways, the island’s largest auto dealer said. Sri Lanka’s rupee also dipped from 110 to around 120 rupees in the second week […]
Sri Lanka mulls convention centre near airport: official
Mar 08, 2012 (LBO) – Sri Lanka is exploring the possibility of building an international convention centre close to the main airport in Katunayake outside the capital Colombo, an official said. Export development board (EDB) chairman, Janaka Ratnayake said the government may release land for the project. Sri Lanka is holding Expo 2012, an export […]
Two Indian firms unite to make small tractor
NEW DELHI, March 8 (AsiaPulse) – Chennai-based Tractors and Farm Equipment Ltd (TAFE) has entered into an alliance with Captain Tractors Pvt Ltd (CTPL) to develop and manufacture compact tractors in the sub-20 horsepower segment. “Through this alliance, TAFE aims to offer a complete range of products to the farming community of India,” TAFE Chairman […]
‘s Tata on US$50mn project
Mar 08, 2012 (LBO) Sri Lanka’s Urban Development Authority is in talks with India’s TATA Housing Development Company, to develop an underserved area in Colombo an official said. The Urban Development Authority says slum dwellers are living in appalling conditions without proper ventilation and basic infrastructure. “They can’t even open their windows because it touches […]
‘s Janashakthi Insurance says focusing on underwriting
Mar 07, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance has focused on containing claims and writing more profitable business in 2011, though investment income took a hit due falling stock market values, officials said. Gross written premium rose 15.7 percent to 7.1 billion rupees. The firm said motor premiums rose 13 percent to 3.8 billion […]
Sri Lanka export fair signs up 370 exhibitors
Mar 07, 2012 (LBO) – Sri Lanka Expo 2012 will kick off on March 28, with 370 exhibitors and a series of technical sessions and 700 foreign visitors including a 150 strong delegation from China already registered to attend, an official said. Chairman of Sri Lanka’s Export Development Board, Janaka Ratnayake said the exhibition which […]
Sri Lanka Treasuries yields up
Mar 06, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Tuesday’s auction with the three month yield going up the most at 31 basis points to 10. 11 percent, the state debt office said. The 6-month yield rose 24 basis points to 10.18 percent and the 12-month yield rose 15 basis points […]
Sri Lanka rupee gains after opening, overnight rates tighter
Mar 06, 2012 (LBO) – Sri Lanka’s rupee was quoted wide on opening at 121.70/122.10 against the greenback and gained slightly in late morning trade to 121.80/90 amid foreign bank selling while overnight rates were tighter, dealers said. The rupee closed around 121.95/122.05 Monday. Gilt backed repos were quoted around 8. 80/8.90 percent up about […]
Merchant Rating
Mar 06, 2012 (LBO) – Sri Lanka’s People’s Merchant Plc’s (PMP) ‘BB+(lka)’ national rating has been confirmed by Fitch Ratings with a stable outlook. The rating reflected the support that would be forthcoming if required from its main shareholder stat-run People’s Bank (PB) which has been rated ‘AA(lka)’ with a stable outlook, Fitch said. “Fitch’s […]