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Sri Lanka Shangri La hotel construction starts
Feb 24, 2012 (LBO) – Hong Kong-based leisure group Shangri-La has begun construction work on its first hotel in Sri Lanka which is experiencing a boom in tourism after the end of its 30-year ethnic war. Basil Rajapaksa, Sri lanka’s minister of economic development, broke ground Friday for work on the 661-room Shangri La Colombo […]
Sri Lanka Singapore hotel investments under Thai brand
Feb 24, 2012 (LBO) – A joint venture between Singaporean and Sri Lankan investors has begun work on a hotel in the island’s capital Colombo with plans for up to six hotels with initial investments of 4. 5 billion rupees. Ground breaking work on the 140-roomed Galle hotel is expected to start in next two […]
Sri Lanka fisheries protection seen needed to maintain market access
Feb 24, 2012 (LBO) – Sri Lanka needs an effective fisheries protection programme to implement the sustainable policies that are required to ensure continued market access for its fish exports, a fisheries and maritime security expert has said. A fully integrated fishing vessel monitoring and fisheries protection programme to fight poaching would also enable Sri […]
Sri Lanka December 2011 exports up 24-pct
Feb 24, 2012 (LBO) – Sri Lanka’s exports in December 2011 went up 24 percent to 906 million US dollars from year ago with sharp gains in textiles and rubber products, the central bank said. Imports during the month went up 34 percent to 1.9 billion dollars with spending on investment goods like transport equipment […]
Tele Trend
Feb 22, 2012 (LBO) – Sri Lanka Telecom Plc group said net profit for the December 2011 quarter fell 17 percent to 1.26 billion rupees from a year earlier, with revenues at core wireline business slowing, interim accounts showed. The group reported earnings of 71 cents per share. In the year to December the group […]
Sri Lanka Treasuries yields up
Feb 22, 2012 (LBO) – Sri Lanka’s Treasuries yields rose 20 basis points across maturities at Wednesday’s auction with the one year yield reaching 10. 19 percent, the state debt office said. The 3-month yield increased 20 basis points to 9. 51 percent and the 6-month yield rose 20 basis points to 9.64 percent. The […]
Sri Lanka shares end up 0.4-pct
Feb 21, 2012 (LBO) – Sri Lankan shares closed higher Tuesday with sharp gains seen in some illiquid stocks, while the rupee closed at 118.50/60 against the US dollar, brokers and dealers said. The rupee opened at 118.15/45 levels Monday. The main All Share Price Index closed up 0.44 percent (23.34 points) at 5,308.51, while […]
Fast Way
Feb 23, 2012 (LBO) – Dialog Axiata has provided an on-line system for Sri Lanka’s first expressway enabling real time ticket transactions at all entry and exit points and traffic and revenue monitoring. Its subsidiary, Dialog Enterprise partnered with Access Telecommunications Services which provided the required application platform and all Point of Sales machines for […]
Sri Lanka should cut ego boosting state expenses: legislator
Feb 21, 2012 (LBO) – Sri Lanka should cut ego boosting wasteful expenses and close down a loss-making state airline, instead of simply asking people to tighten their belts to battle a balance of payments crisis, a legislator has said. “We call upon the government to close down Mihin Lanka immediately,” Harsha de Silva, an […]
Sri Lanka to spend US$26mn on fishery fuel subsidies
Feb 21, 2012 (LBO) – Sri Lanka will spend 3. 0 billion rupees a year on fuel subsidies to fishermen to help reduce the effect of a sudden increase in fuel prices fisheries minister Rajitha Senarathe said. Last year large multi-day boats were also freed from income tax for up to five years Senaratne said. […]
Shipping Woes
Feb 20, 2012 (LBO) – Sri Lanka’s Mercantile Shipping Company said it made a net loss of 12 million rupees in the December 2011 quarter compared with a profit of 4. 4 million a year ago. Mercantile Shipping Company, through a subsidiary, acquired two new ships in recent years and the accounts showed it provided […]
Private Equity
Feb 20, 2012 (LBO) – Dubai based Abraaj Capital, said it has bought Aureos Capital, a private equity firm that has invested over 1.3 billion dollars in small and medium enterprise in Latin America, Africa and Asia. “The integration with the Abraaj Group is a testament to Aureos’ success and investment proposition in the high-growth […]