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Sri Lanka central bank keeps policy rates unchanged
Oct 19, 2010 (LBO) – Sri Lanka’s central bank will maintain benchmark interest rates at current levels as inflation remains low, credit flows are picking up and economic growth strong, a statement said. The Monetary Board of the bank at Monday’s meeting decided to maintain the Repurchase rate and the Reverse Repurchase rate at 7.25 […]
Sri Lanka urged to become part of global supply chain
Oct 19, 2010 (LBO) – Sri Lanka must integrate itself with global production processes and markets instead of trying to produce everything itself, W A Wijewardena, a former central bank deputy governor, has said. “Previously we thought it was English. Now we call it globish – global English – the language used by Chinese, Japanse […]
Sri Lankan stocks close flat
Oct 18, 2010 (LBO) – Sri Lankan shares closed flat Monday as retail investors continued to stay on the sidelines, while heavy buying interest on index heavy stocks pushed the Milanka index up, brokers said. Ceylon Leather Products, a unit of ERI closed at 97.30 rupees, up 4.00 (2.3 percent), while its Warrants 0012 closed […]
Viable Proposition
Oct 18, 2010 (LBO) – Sri Lanka’s Hatton National Bank aims to increase lending under its micro-finance portfolio as it has been found to be good business although misunderstood by many, chief executive Rajendra Theagarajah said. “Micro-finance is part of the ‘DNA’ of HNB, even though it accounts for only two percent of our balance […]
Credit Trend
Oct 18, 2010 (LBO) – Credit to Sri Lanka’s businesses from commercial banks rose 12.6 percent in August 2010 to 1,226.5 billion rupees from a year earlier while credit to government fell, official data shows. Sri Lanka’s petroleum firms for example are taxed till they run losses and prices are politically controlled. Growth in loans […]
Sri Lanka land delays seen holding up hotel projects
Oct 18, 2010 (LBO) – Delays in getting land are holding up new hotel projects in Sri Lanka which needs more rooms for an anticipated boom in arrivals with the end of a war, an official said. Hiran Cooray, chairman of the Jetwing hotel and travel group, said there was much pressure for new investments […]
Sri Lanka picks up Asian nominations in World Travel Awards
Oct 18, 2010 (LBO) – Sri Lanka’s has been nominated under few regional categories for Asia region in the World Travel Awards, but lost to countries like India, Singapore, China, Vietnam, Thailand and Indonesia which swept the boards. Sri Lanka is recovering from 30 years of war and the country has been named the top […]
Bitumen Packer
Oct 18, 2010 (LBO) – Sri Lanka’s state-run Ceylon Petroleum which has a 95 percent market share in bitumen, is looking for an investor to set up and run a plant to pack tar into barrels petroleum minister Susil Premajayantha said. “We are looking for an investor who can open a plant to pack barrels,” […]
Sri Lanka may have 20,000 illegals mainly from Pakistan, India: report
Oct 17, 2010 (LBO) – Sri Lanka may have about 20,000 guest workers, mainly from India and Pakistan working as labourers, domestic workers, cooks and waiters in restaurants in several towns without proper authority, a media report said. Sri Lanka’s The Sunday Times newspaper said the number was an ‘official estimate’ but the island’s immigration […]
Hotel Sale
Oct 17, 2010 (LBO) – Depositors of Sri Lanka’s failed Golden Key Credit Card Company, an unregulated finance firm, may get some cash when a part of the money from a hotel connected to the firm is sold, a media report said. President Mahinda Rajapaksa is due to meet two Golden Key depositor associations on […]
‘s war probe slams rights groups
October 15, 2010 (AFP) – Sri Lanka’s government-appointed war probe Friday reprimanded foreign rights groups that rejected an invitation to testify and said the local panel should not be judged by “preconceived notions”. Sri Lanka’s Lessons Learnt and Reconciliation Commission (LLRC) said it will “strongly safeguard” its independence despite the “ill-founded misgivings” of three international […]
Sri Lanka rulers can set example by paying taxes: ex public servant
Oct 16, 2010 (LBO) – Sri Lanka’s rulers can set an example to the people by starting to pay taxes and the increasing privileges of elected officials can permeate wider into a bloated state, a retired public servant who has spent his life batting on the side of the people said. “For instance there is […]