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Sri Lanka to get US800mn tourism project from South Africa: report
Dec 31, 2011 (LBO) – South Africa’s Sun City gaming and resort group will invest 800 million dollars in the biggest ever leisure development in Katana, north of the capital Colombo the island, a media report said. “Sun City of South Africa is now going to make an 0 million investment in a 200-acre private […]
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NEW DELHI, (Asia Pulse) – The Indian auto industry may continue to face tough times till the first quarter of 2012-13 as firms are expected to hike car prices by up to 10 per cent, resulting in reduced demand, a study has said. “The hike in car prices would mainly be driven by high interest […]
Sri Lanka finance ministry calls for higher rates, flexible rupee: report
Dec 30, 2011 (LBO) – Sri Lanka’s top Treasury official has called for higher interest rates and a rupee ‘flexible’ exchange rate to ward off balance of payments pressure, a media report said. “Definitely we need a correction on interest rates,” Treasury secretary P B Jayasundera was quoted as saying by Reuters, a news agency. […]
Sri Lanka stocks close down 0.3-pct
Dec 30, 2011 (LBO) – Sri Lankan stocks closed lower Friday for the second straight day, ending a four-day rally with trades in a bank in which foreigners have been selling out propping up turnover, brokers said. The main All Share Price Index fell 0.25 percent (14.96 points) to 6,074.42, while the more liquid Milanka […]
Rate War
Dec 30, 2011 (LBO) – Stiff competition among major container shipping lines that has cut freight rates is likely to continue next year, helping Sri Lankan shippers facing a slowdown in demand in key markets, trade officials said. Alphaliner said recent realignments among big shipping lines with vessel sharing and slot exchange deals meant to […]
Director Stakes
Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said. Amarasuriya stepped down despite a court […]
Sri Lanka expects US$850mn from tourism in 2011
Dec 30, 2011 (LBO) – Sri Lanka expects to earn 850 million US dollars from tourists in 2011 with annual arrivals expected to reach 830,000 an increase of 26 percent from a year earlier and the industry targeted a billion dollars next year, officials said. But an electronic visa process, which is promised to be […]
Knowledge Export
Dec 30, 2011 (LBO) – Sri Lanka’s information communications technology (ICT) industry is focusing more on value added software products and knowledge services where profits are higher, officials said. Over half the firms in the sector are building and exporting software products rather than providing services such as low-end call centres, they said. The services […]
‘s Sebi bars 7 companies from capital market
MUMBAI, Dec 30 (Asia Pulse) – India’s market regulator Sebi has barred several companies, their directors, merchant bankers and other related entities from participating in the securities market till further order for violating IPO norms. The merchant bankers who have been prohibited from participating securities market, include “PNB Investment Services, the book running lead manager […]
Sri Lanka must restore rule of law, says human rights body
Dec 30, 2011 (LBO) – Sri Lanka needs to restore the rule of law and change its constitution that concentres too much power in the executive president who wields too much control over its citizens, the Asian Human Rights Commission said. “All Sri Lankans will wish that the coming year will not be like the […]
Sri Lanka December inflation rises to 4.9-pct
Dec 30, 2011 (LBO) – Sri Lanka’s inflation rose to 4.9 percent in December 2011 from a year ago, going up from 4. 7 percent in November 2011, the state statistics office said. Annual average inflation for 2011 was 6. 7 percent compared with 6.2 percent the year before, according to a 12-month moving average. […]
Sri Lanka stocks close down
Dec 29, 2011 (LBO) – Sri Lankan stocks closed lower Thursday after four days of gains with more deals in a bank dominating turnover that remained at relatively low levels, brokers said. The main All Share Price Index eased 0.07 percent (4.01 points) to 6,089.38, while the more liquid Milanka index fell 0. 19 percent […]