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‘s brand image has to outshine larger countries: economist
Dec 23, 2011 (LBO) – Sri Lanka will have to showcase better indicators than larger countries in the region to attract investments as a global downturn remains in place, an international economist who has a special focus on Asia said. To draw large volumes of foreign investment macro-economic stability and a good business environment was […]
Sri Lanka stocks close up one percent
Dec 23, 2011 (LBO) – Sri Lankan stocks closed higher for the second straight day after several days of losses with turnover boosted by deals in index heavyweight John Keells Holdings and Commercial Bank, brokers said. The main All Share Price Index rose 1. 07 percent (63.23 points) to 5,982.58, while the more liquid Milanka […]
Sri Lanka in sand nourishment to prevent sea erosion
Dec 23, 2011 (LBO) – Sri Lanka will use sand nourishment to shore up defences against sea erosion in Marawila, a fishing and tourism area north of the island’s capital, information minister Keheliya Rambukwelle said. The coastal conservation agency estimated that 450,000 cubic meters of sand would be needed to nourish the beach. International bids […]
India may give sugar producers more freedom from state control
NEW DELHI, Dec 23 (AsiaPulse) – Noting that sugar industry would be a priority under the food bill, Indian Food Minister K.V Thomas on Wednesday said the government will consider the demand for partial decontrol of the sector after Parliament session. Making a demand for removal of levy sugar, ISMA President Narendra Murkumbi pointed out […]
‘s banks face risks from low growth, fiscal deficit
MUMBAI, Dec 23 (Asia Pulse) – India’s banking system has weak spots such as decelerating growth and a growing fiscal deficit which need to be addressed, a Reserve Bank report says. Rupee has weakened nearly 18 per cent since January and is currently trading at Rs 52.65 against dollar. The other major challenge before the […]
Falling rupee lifts Indian PC prices
NEW DELHI, Dec 23 (AsiaPulse) – Indian computer maker HCL INFOSYSTEMS has increased prices of desktops, laptops and servers by 10-15 per cent September onwards, as the depreciating rupee has pushed up its imports bill. “The hike has been gradual, we have had to increase prices from September onwards,” HCL Infosystems CEO Harsh Chitale told […]
Sri Lanka to train new generation of handloom weavers
Dec 23, 2011 (LBO) – Sri Lanka has begun work to revive its handloom industry, setting up a task force with plans for a national centre to oversee training of a new generation of weavers amid a looming shortage of skilled workers. District Level Handloom Coordinating Centres will also be set up to create a […]
Sri Lanka October exports fall
Dec 23, 2011 (LBO) – Sri Lanka’s export earnings in October 2011 fell 4. 9 percent to 882 million US dollars from a year ago mainly owing to a fall in earnings from tea shipments, the island’s main agricultural export. Imports in October shot up 41 percent to 1. 75 billion dollars over the same […]
Sri Lanka among highest-risk financial systems: Fitch
Dec 23, 2011 (LBO) – Rapid credit growth and rising asset prices has put Sri Lanka among the highest-risk financial systems, according to a new report by Fitch Ratings which has cut its growth forecast for emerging Asia. Asian economies were not immune from the financial crises in the industrialised countries. Fitch has cut its […]
Sri Lanka money off highs ahead of cash auction
Dec 22, 2011 (LBO) – Sri Lanka’s overnight money markets came off highs reached a day earlier to stay around 9. 25/30 levels after authorities announced a 20 billion rupee cash auction, dealers said. Gilt backed repurchase deals were quoted around 8. 25/35 percent. On Wednesday money reached 9.75 percent and repos rose 8.45 percent. […]
Sri Lanka stocks close up 1.3-pct
Dec 22, 2011 (LBO) – Sri Lankan stocks closed higher after several days of losses albeit in thin turnover as most investors kept away as is usual towards the year-end, brokers said. The main All Share Price Index rose 1.31 percent (76.52 points) to 5,919.35, while the more liquid Milanka index rose 1.56 percent (79.56 […]
Loan Risk
Dec 22, 2011 (LBO) – A new Sri Lankan law to expropriate certain businesses has prompted RAM Ratings to put Bimputh Lanka on ‘Rating Watch’ with a negative outlook while confirming the microfinance firm’s BB/NP ratings. Concerns arose over Bimputh’s exposure through cultivation loans given to sugar cane growers of Sevanagala Sugar Industries, which is […]