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Sri Lanka state-carrier to cut UK flights, lease Heathrow slots: report
Feb 12, 2012 (LBO) – State-run SriLankan airlines is considering slashing flights to London from Sri Lanka’s capital Colombo from 12 to 7 a week and leasing slots at Heathrow to other airlines, a media report said. The newspaper quoted chief marketing officer G T Jayaseelan as saying that they had considered auctioning landing slots […]
Northern Finance
Feb 11, 2012 (LBO) – The Finance, Sri Lanka’s pioneer finance company has returned to pre-war premises in the island’s northern Jaffna city, where the economy is going resurging after the end of a 30-year war. “Every time I come to Jaffna I see new developments,” Central Bank governor Nivard Cabraal said at the ceremonial […]
Rating Cut
Feb 11, 2012 (LBO) – Sri Lanka’s Mercantile Investments Plc, has been downgraded to ‘BBB+’ from ‘A’ and its short term rating from P1 to P2 by Ram Ratings Lanka, on weaker asset quality and exposure to stocks. “The downgrade reflects MIL’s weak asset quality as a result of its high exposure to equity investments […]
Sri Lanka chases golf tourism
Feb 11, 2012 (LBO) – Sri Lanka’s state-run carrier is SriLankan is sponsoring an Asia Pacific tour event as part of efforts boost the profile of the island’s golf courses and boost up market sports tourism, officials said. “One way to get to the end user of our airline is through sports,” Srilankan Airlines chairman […]
Sri Lanka and Pakistan to boost trade
Feb 11, 2012 (LBO) – Sri Lanka and Pakistan will boost bilateral trade to over two billion dollars by 2015 and promote the use of local currencies, a joint statement issued at the end of a visit by President Mahinda Rajapaksa to Islamabad said. Before the creation of state-owned dollar pegged central banks in South […]
Price Hike
Feb 11, 2012 (LBO) – Sri Lanka has steeply raised the price of diesel partially correcting chronic mis-pricing between refined fuels in a move that could also help reduce loans taken by petroleum distributors and stabilize a weakening exchange rate. Diesel may be now priced just around cost when freight, port levies and taxes are […]
Sri Lanka exchange rate flexibility welcomed by IMF
Feb 10, 2012 (LBO) – A decision by the Sri Lanka’s central bank to allow the exchange rate to move more in line with its monetary policy has been welcomed by the International Monetary Fund. “We welcome the move toward greater exchange rate flexibility announced today,” IMF resident representative Koshy Mathai said. “This step, supported […]
Sri Lanka tea small farmers raise output concerns
Feb 10, 2012 (LBO) – Sri Lanka’s tea small holders, who produce the bulk of the crop, have said rising costs of production, mainly driven by higher labour costs, is making the sector unsustainable. Our production costs have increased after the latest plantation sector wage increase in 2010. So to remain profitable farmers are cutting […]
Indian govt stops issuing food inflation data
NEW DELHI, Feb 10 (Asia Pulse) – The Indian government has discontinued a practice of releasing food inflation data every Thursday. “Consequent upon the decision of the Cabinet Committee on Economic Affairs (CCEA) held on January 24, 2012, weekly release of Wholesale Price Index (WPI) for the commodities items under the Groups ‘Primary Articles’ and […]
Sri Lanka apparel firm goes carbon neutral
Feb 10, 2012 (LBO) – Sri Lanka Hirdaramani Group, a big apparel exporter, said it has got carbon neutral certification for one of its factories, giving it an edge over competitors among environmentally conscious consumers. Acquiring ‘CarbonNeutral’ certification for its ‘Mihila’ factory “adds to our competitive edge against regional providers, the group said in a […]
Fuel Poser
Feb 10, 2012 (LBO) – Sri Lanka is considering raising retail prices of fuel because of rising world oil prices, petroleum industries minister Susil Premajayantha said. Sri Lanka’s future oil imports will cost more as international prices have increased owing to cold weather in the Western hemisphere and uncertainty caused by sanctioned against Iran, he […]
Oil Outline
Feb 10, 2012 (LBO) – Net profit for the December 2011 quarter of the Sri Lanka unit of Indian Oil Corporation rose 3. 5 percent to 623 million rupees from a year ago, with a sharp rise seen in finance costs. Lanka Indian Oil Corporation’s December 2011 quarter sales rose 15 percent to 15. 4 […]