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Sri Lanka opposition speaks out on rule of law
June 07, 2011 (LBO) – Sri Lanka’s main opposition which contributed to the systematic breakdown of rule of law and limiting the freedoms of the people, has spoken out against the growing lawlessness and attacks on unarmed sections of the population. But small civil society organizations such as Friday Forum, Citizens Movement for Good Governance, […]
Sri Lanka gets FDI US$236mn in first quarter
June 07, 2011 (LBO) – Sri Lanka has received 236 million US dollars in foreign direct investments in the first quarter of 2011, up 160 percent from a year earlier, led by tourism, the state investment promotion agency said. Hong Kong based Shangri-La group which bought land in Sri Lanka’s capital Colombo and Hambantota in […]
Sri Lanka raises US$2.1bn to rebuild north
June 07, 2011 (LBO) – Sri Lanka has raised 2. 1 billion US dollars to rebuild roads, rail, power, hostpital, water supply and help resettle refugees in the war torn Jaffna region in 2010, a finance ministry report said. These funding programmes have helped to resettle internally displaced people within a short period of time […]
Sri Lanka central bank on sell side of peg
June 06, 2011 (LBO) – Sri Lanka’s central bank has been on the sell side of its dollar peg for two months in a row, selling more than 250 million US dollars to maintain the exchange rate, official data show. In May the Central Bank sold 130. 15 million US dollars to forex markets on […]
Sri Lanka shares end down 0.7-pct
June 06, 2011 (LBO) – Sri Lankan shares ended lower Monday with trade dominated by the acquisition of a stake in Panasian Power, a mini hydro firm, by Emagewize, brokers said. The main All Share Price Index closed at 7,355.43, down 0.68 percent (50.59 points) while the more liquid Milanka index came down 0.26 percent […]
Sri Lanka resort planned by Banyan Tree, drops management deal
June 06, 2011 (LBO) – Singapore-based Banyan Tree Holdings said it was ending the management of a third party property in Sri Lanka but would develop its own resort on a larger scale. The group owns a 79 percent stake in Beruwala Walk Inn, which operated the destroyed Hotel Swanee. It was earlier owned by […]
Sri Lanka plantations industry in deal with unions on wages
June 06, 2011 (LBO) – Sri Lanka’s regional plantations companies and estate labour unions have agreed to renew a two-year wage deal with a worker’s basic wage being raised to 380 rupees from 285 previously. Muthu Sivalingam, president of the Ceylon Workers Congress, the biggest union, told Vimasuma.com, our sister news website, that under the […]
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June 06, 2011 (LBO) – Fitch Ratings Lanka has upgraded Sri Lanka Insurance Corporation’s (SLIC) National Long-Term rating and National Insurer Financial Strength (IFS) rating to ‘AA(lka)’ from ‘AA-(lka)’ with stable outlooks. “The ratings reflect SLIC’s improved risk-based capital position over the last two years, benefited by the improved operating and macro-economic environment as well […]
Sri Lanka Kuruwita Textile slips back into the red
June 06, 2011 (LBO) – Sri Lanka’s Kuruwita Textile Mills slipped back into the red in the financial year to March 2011 with sales also down and a new managing director being hired to turn the company around. The company, which is part of the Brandix apparel export group, said in a stock exchange filing […]
Sri Lanka Emagewize buys into hydro firm
June 6, 2011 (LBO) – Emagewize (Pvt) Ltd, has bought 77 million shares in Panasian Power, a mini hydro firm for 6. 00 rupees a share, director Dilith Jayaweera said, in a deal valued at 460 million rupees. Emagewize has recently bought into Colombo Land, the owners of a shopping complex. It also controls Citrus […]
Sri Lanka state fisheries firm lose Rs59mn
June 05, 2011 (LBO) – Sri Lanka’s Ceylon Fisheries Corporation, a state enterprise that retails fish has lost 59 million rupees in 2010 and has to better manage assets such as cold stores and freezer trucks, a finance ministry report said. The firm had the challenge of playing a ‘market stabilizer’ role with a market […]
Bangladesh paralysed by opposition strike
DHAKA, June 5, 2011 (AFP) – Thousands of riot police and elite paramilitary forces were deployed in the Bangladeshi capital Sunday after violence ahead of a nationwide strike to protest changes to the country’s electoral system. At least 12 buses were set on fire overnight and 40 people were arrested, police said, just hours before […]