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Sri Lanka seen needing big investments to lift estate living standards
Feb 17, 2012 (LBO) – Sri Lanka’s plantations still need huge investments to upgrade the living standards of workers, some of which would have to come from buyers through higher prices, an official said. In recent years investments had been made in housing, roads, water and sanitation, child development and nutrition by plantations companies with […]
Sri Lanka tea prices rise after rupee depreciation
Feb 17, 2012 (LBO) – Prices of Sri Lankan teas rose at the Colombo auctions this week with brokers attributing the increase to the fall in the value of the rupee against the dollar after the central bank stopped defending the currency. “There was improved demand,” Forbes & Walker Tea Brokers said in a report. […]
Retail Parley
Feb 17, 2012 (LBO) – Retail professionals from some of the world™s top department stores are due in Sri Lanka this month for a three-day conference that is expected to generate valuable exposure for the island’s retail sector. Among the association™s members are some of the top department stores in the world including Selfridges, Saks […]
Sri Lanka rupee closes stronger
Feb 16, 2012 (LBO) – Sri Lanka’s rupee closed at 119. 0/15 against the greenback Thursday up from yesterday’s close of 119. 40/55 in day of active trade, after opening at 119. 40/65 dealers said. The currency fell as low as 120.00 to the greenback in intra-day trading triggering a sell-off. Some banks also appeared […]
Sri Lanka rupee steady after opening
Feb 16, 2012 (LBO) – The Sri Lanka rupee opened around 119. 40/65 against the US dollar and later strengthened as much as 118. 70/119.00 after briefly dipping in early trade, dealers said. Though there is a six monthly power tarrif adjustment process through a regulator, the process had been undermined twice over the last […]
Sri Lanka shares end up five percent
Feb 16, 2012 (LBO) – Sri Lankan shares ended firmer for the second day Thursday, after a nine-day slide, with the main index shooting up five percent with steep gains in illiquid stocks, brokers said. The main All Share Price Index closed up 5.08 percent (255.15 points) at 5,278.95, while the more liquid Milanka index […]
Orix Net
Feb 16, 2012 (LBO) – Sri Lanka’s LOLC group which has interest in financial services, plantations, trading and leisure said net profits for the December 2011 quarter fell 6 percent to 673 million rupees. The group reported earnings of 1.42 rupees for the quarter. For the nine months ended December 2011 the group reported earnings […]
Sri Lanka Kelani Valley Plantations December net up 13-pct
Feb 16, 2012 (LBO) – Sri Lanka Kelani Valley Plantations said December 2011 quarter net profit rose 13 percent to 187 million rupees from a year ago as tea and rubber prices fell and costs rose. December 2011 quarter sales of the firm, which is part of the Hayleys group, rose 48 percent to 1. […]
Sri Lanka fishermen shot to death in fuel protest
Feb 16, 2012 (LBO) – A Sri Lankan fisherman was shot and killed as police quelled a protest following protests after a weakening exchange rate forced a sudden fuel price increase to reduce credit financed losses in the largely state-run energy sector. The Island newspaper said both police and the military were involved in quelling […]
Electronic Books
Feb 16, 2012 (LBO) – Etisalat’s Sri Lankan unit has teamed up with booksellers and a software firm to launch an electronic book store for local publishers and authors, officials said. The online e-book store, called ‘Book Hub’ to be commercially launched by end of March, will be in all three languages and available on […]
Sri Lanka Aviva December net down 21-pct
Feb 16, 2012 (LBO) – Sri Lanka’s Aviva NDB Insurance said December 2011 quarter net profit fell 21 percent to 482 million rupees from a year ago with sales down 34 percent to 2.9 billion rupees. Gross written premium from life and general businesses fell 26 percent to 2.3 billion rupees in the December 2011 […]
Sri Lanka urges removal of non-tariff barriers to South Asia trade
Feb 16, 2012 (LBO) – Sri Lanka has called for the removal of non-tariff barriers to trade in South Asia, saying reducing or elimination of tariffs alone is not enough to increase intra regional trade. The volume of trade among South Asian Association for Regional Co-operation member states has still not reached anywhere near the […]