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Sri Lankan stocks close 0.15-pct down
May 25, 2010 (LBO) – Sri Lankan stocks closed down Tuesday as investors continued to take profits from an overheating market, while large privately negotiated deals on hotels and financial services shares boosted turnover, brokers said. The All Share Price Index closed at 4,226.49, down 6.43 points, while the Milanka index of more liquid stocks […]
Northern Reach
May 25, 2010 (LBO) – Six new bank branches are to be opened next month in Sri Lanka’s northern province which is recovering from the effects of war, the Central Bank said. “Six new bank branches will be opened in the Northern Province on June 07 to facilitate economic activities in the area,” it said […]
Malaysia eases visa rules for South Asia tourists
KUALA LUMPUR, May 25, 2010 (AFP) – Malaysia will relax visa rules for travellers from India, Bangladesh, Pakistan and Sri Lanka in an effort to boost tourism, an official said Tuesday. Malaysia recorded 7.62 million tourist arrivals between January and April this year, up from 7. 34 million in the same period last year. At […]
Sri Lanka LOLC group buys into Confifi hotels
May 25, 2010 (LBO) – Lanka Orix Leasing Company (LOLC) has bought into a hotel group through a 70 percent joint venture it has with another firm, Browns Investments, in two deals valued at over 900 million rupees. LOLC had bought 3.1 million shares or 43.3 percent in Confifi Hotel Holdings at 210 rupees in […]
Sri Lanka shuts rehab camp for rebel child soldiers
May 25, 2010 (AFP) – Sri Lanka on Tuesday closed a camp holding former Tamil Tiger child soldiers, but 52 of the youths will stay in government care to complete their education, an official said. More than 500 child soldiers were picked up after security forces defeated Tamil Tiger rebels in a bloody final battle […]
Sri Lanka private universities; do not rush and spoil the soup
May 25, 2010 (LBO) – The announcement by the new Minister of Higher Education, Hon S.B Disssanayake, on assuming office and in subsequent interviews, that the top priority of his Ministry will be to make available more opportunities for the youth to pursue university education in Sri Lanka has echoed a long standing wish of […]
Sri Lanka Hemas hydro power profits up
May 25, 2010 (LBO) – Sri Lanka’s Hemas Power annual net profit rose six percent to 243.6 million rupees in the year to March 31, 2010 with profit from hydro plants rising and that from thermal power falling, a stock filing said. Annual sales of the firm, which supplies power to state-run Ceylon Electricity Board, […]
Sri Lanka tea, apparel exports to India rise sharply
May 25, 2010 (LBO) – Sri Lanka’s exports of tea and apparel to India rose sharply in 2009 as impediments in a free trade deal between the two neighbours were removed, an Indian diplomat said. “Most of the implementation issues that have created this so-called perception about the FTA have been resolved and others pertaining […]
Sri Lanka exports to India to face unified tax: official
May 25, 2010 (LBO) – Sri Lankan exports to India will soon face only a single unified tax in place of a multitude of state taxes which exporters have complained act as barriers to trade, according to remarks by an Indian diplomat. “Let me state first of all that we are not a perfect country. […]
Sri Lanka-India free trade deal helped consumers, producers: economist
May 25, 2010 (LBO) – A free trade deal between India and Sri Lankan has been partially successful in giving a better deal for the island’s consumers and industrialists with access to cheaper imported products and supplies, an economist said. Some of the cheapest and good quality products were available from India such as pharmaceuticals, […]
Sri Lanka to get ADB aid for post-war development
May 25, 2010 (LBO) – Asian Development Bank (ADB) President Haruhiko Kuroda will visit Sri Lanka on May 26-28 where he will pledge ADB’s continuing support for government’s post-war reconstruction and development programs, the bank said. During the visit Kuroda is scheduled to meet top government officials and discuss ADB’s ongoing assistance for the country’s […]
Sri Lanka 03 months yields fall, 06 and 12 month yields climb
May 24, 2010 (LBO) – Sri Lanka’s 3-month Treasury bill yields dipped 03 basis points to 8. 10 percent at Monday’s auction, the government’s debt office said. The central bank routinely prints money to bridge government recurrent expenditures, driving up inflation. The 6-month yield rose 03 basis points to 8.91 percent while the 12-month yield […]