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Sri Lanka carrier plans Nepal, Bangladesh flights, Indian frequencies up
Dec 07, 2011 (LBO) – State-run Sri Lankan Airlines is planning flights to Nepal and Bangladesh in 2012 and is increasing frequencies to India from December 23, the carrier said in a statement. Flights to Chennai will increase to four frequencies a day or 28 a week, from December 23. “We are developing Colombo into […]
Sri Lankan companies get faster visas for UK visits
Dec 07, 2011 (LBO) – The British High Commission has launched a fast track visa pilot scheme for 20 selected companies in Sri Lanka which do regular business with the United Kingdom. Thomas Greig, Regional Director of the UK Border Agency said the UK Border Agency and UK Trade and Investment are working together to […]
Sri Lanka lifts limit foreign Treasuries holdings
Dec 06, 2011 (LBO) – Sri Lanka has raised a limit on the foreign holdings on Treasury bills to 12. 5 percent of outstanding government debt from 10 percent, the Central Bank said, amid rising interest pressure from the defence of a dollar peg. The raising on the foreign Treasuries holdings limit will increase “resource […]
Sri Lanka stocks becalmed
Dec 06, 2011 (LBO) – Sri Lankan stocks closed almost stagnant Tuesday, after breaching the 6,000 point mark the day before, with trading also thin, brokers said. The main All Share Price Index fell 0.12 percent (7.27 points) to 5,988.65, while the more liquid Milanka index was stagnant, edging up 0.01 percent (0.44 points) to […]
Sri Lanka Lighthouse hotel expands
Dec 06, 2011 (LBO) – The Lighthouse Hotel in southern Sri Lanka said it plans to expand by adding more rooms and new food and beverage outlets amid a boom in tourist arrivals. The company, whose hotel is on the southern coast, said in a stock exchange filing it will build 15-20 rooms, a restaurant, […]
Sri Lanka Expo 2012 fair expects 1,000 delegates
Dec 06, 2011 (LBO) – Sri Lanka is expecting more than 1,000 business and official delegates for an export trade fair to be held in March in Colombo, which will also feature a high profile business forum, officials said. The end of a 30-year civil war in 2009 has already resulted in a tourism boom […]
Gas Potential
Dec 06, 2011 (LBO) – A top Indian scientist has said he believes Sri Lanka has huge gas hydrate resources in the ocean around the island as in India. The ice like solids found in deep water on the ocean floor could generate methane gas, a potential energy source, Harsh Gupta told a forum of […]
Sri Lanka to honour promoters of commerce
Dec 06, 2011 (LBO) – Sri Lankan institutions, companies and individuals who helped promote commerce, especially during the war years, are to be recognised by the ‘Global Commerce Excellence’ awards. The awards, to be held on December 13, 2011, are organised by the state-run Export Development Board and Sri Lanka Ports Authority, and the central […]
S&P warns 15 Eurozone states of possible downgrade
Dec 06, 2011 (LBO) – Standard and Poor’s has placed 15 Eurozone nations on negative credit watch indicating that they have a 50 percent chance of a downgrade. “In our view, systemic stress in the eurozone has risen in recent weeks and reached such a level that a review of all eurozone sovereign ratings is […]
Sri Lanka stocks close 1.5-pct lower
Dec 05, 201 (LBO) – Sri Lanka’s stocks closed 1. 5 percent lower Monday amid foreign selling in some large cap stocks brokers said, as staff at the securities watchdog bid farewell to its chairperson. John Keells Holdings fell 6.10 to close at 162.10 rupees with 4.5 million shares traded and Hatton National Bank fell […]
Gold Finance
Dec 05, 2011 (LBO) – Sri Lanka’s Edirisinghe Trust Investments (ETI), a registered finance company which is to be listed on the Colombo bourse, said it plans to open more outlets by March 2012 as its gold finance business expands. Sandun Kumarasiri, ETI General Manager Gold Financing and Sales, said their staff not only has […]
Cross Border
Dec 05, 2011 (LBO) – Sri Lanka’s non-bank finance companies should borrow abroad to increase resources they have to lend to the domestic economy, Central Bank Governor Nivard Cabraal said. In the 1980s amid high deficit spending and loose monetary policy, the currency was continuously depreciated to avoid balance of payments crises. When foreign currency […]