Category:
Sri Lanka power plant shut down after coal fire
Nov 29, 2011 (LBO) – A 300 MegaWatt power plant in Sri Lanka was shut down following a fire at a coal crushing plant but is expected to be re-connected to the grid by noon, an official said. A power ministry spokesman said there was no disruption to supply as it happened in the early […]
Sri Lanka to keep pat on rates to curb credit: CB Governor
Nov 28, 2011 (LBO) – Sri Lanka will maintain its policy rates and maintain reserve ratios for the moment despite falling inflation in a bid to curb credit, Central Bank Governor Nivard Cabraal said. The rupee has come under pressure from excessive credit growth in recent months and there have been steady interventions in forex […]
Sri Lanka stops repo auctions to stabilize rates
Nov 28, 2011 (LBO) – Sri Lanka’s Central Bank will stop repo auctions which drained money at rates higher than a 7. 00 percent standing facility and also allow banks to swap dollars for cash to stabilize money markets, an official said. “We are stopping the repo auctions,” Deputy Governor Dharma Dheerasinghe said. The repo […]
Sri Lanka stocks end up 3.6-pct
Nov 28, 2011 (LBO) – Sri Lankan shares closed sharply higher Monday with the main index jumping back over 6,000 points on optimism a meeting between stockbrokers and President Mahinda Rajapaksa could yield a relaxation of credit rules and price restrictions. Environmental Resources Investments warrants W0003 were the highest gainer of the day, closing at […]
Tele Tracks
Nov 28, 2011 (LBO) – Sri Lankan celco Dialog Axiata is supplying asset tracking services using satellites for rice millers in the main north-central cultivation region that allows monitoring of vehicle movements and their cargoes. Suresh Sidhu, group chief officer for enterprise and global business of Dialog Axiata, said they had supplied rice millers in […]
Digital Economy
Nov 28, 2011 (LBO) – Alcatel-Lucent has said it sees big opportunities in post-war Sri Lanka especially in extending its services from the island’s telecom sector to railways and public safety. Alcatel-Lucent’s Managing Director for Sri Lanka & the Maldives Upendra Samaratunge said the company’s association with Sri Lanka started over three decades ago when […]
India hikes foreign currency deposit rates
MUMBAI, Nov 28 (AsiaPulse) – Reserve Bank of India (RBI) on Wednesday hiked interest rates on Non-Resident (External) Rupee term deposits and Foreign Currency Non-Resident (Banks) deposits, a move expected to increase the flow of foreign exchange amid the weakening domestic currency. “Interest rates on fresh Non-Resident (External) Rupee (NRE) Term Deposits for 1-3 years […]
Indian onion farmers hit by state meddling
NEW DELHI, Nov 28 (AsiaPulse) – Moves by the Indian government to further reduce the export price of onion from US$350 a tonne stems from a steep 24 per cent decline in overseas shipments of the staple. India’s onion export has declined by about 213,000 tonnes during April to November 20 this year, agri-cooperative Nafed, […]
Sri Lanka forum in push for South Asian migration action
Nov 28, 2011 (LBO) – A unified South Asian institutional framework to handle migration issues would help improve the status of millions of expatriate workers and combat human trafficking, economists and officials said. Richard Denziger, chief of mission of IOM Sri Lanka said a regional consultative process would bring together governments and international organizations for […]
Express Travel
Nov 27, 2011 (LBO) – Sri Lanka’s President Mahinda Rajapaksa has opened the country’s first expressway running from the capital Colombo to the city of Galle, which will slash travel time to the south of the island. The 700 million US dollar expressway is built with loans from Japan and the Asian Development Bank. The […]
Sri Lanka east coast hotels planned by Hemas, Minor International
Nov 27, 2011 (LBO) – Thailand’s Minor International is to build more hotels in Sri Lanka in partnership with the island’s Hemas group and plans to re-open two existing properties after refurbishment and rebranding, officials said. Minor International’s Rajakarier said the Kani Lanka hotel in Kalutara, 80 percent owned by Minor and the balance by […]
Sri Lanka interests Flemish SMEs; trade with Belgium expands
Nov 27, 2011 (LBO) – Sri Lanka has seen a surge in exports to Belgium in 2011 and small and the is investor interest in the island among small and medium enterprises in Flanders, a statement by the island’s embassy in Brussels said. Belgium had accounted for 11.28 million dollars. Claire Tillekaerts, acting chief executive […]