Category:
Sri Lanka expects leisure to loom larger in FDI
Apr 08, 2010 (LBO) – Telecom and power sectors which accounted for 65 percent of foreign direct investment to Sri Lanka in recent years will play a less dominant role as cash pours into leisure with an upturn in tourism, an official said. In the first quarter of this year around 250 million US dollars […]
Sri Lankans wireline phones drop with mobile growth
Apr 17, 2010 (LBO) – Use of wireline phones, supplied only by the listed Sri Lanka Telecom, a former state monopoly, is on the decline, with subscribers shifting to mobile phones, the latest official data showed. The number of mobile connections increased by 25.9 percent to 13.9 million in 2009 from the year before, while […]
Sri Lankan stocks hit new high
Apr 07, 2010 (LBO) – Sri Lankan stocks hit a record high and passed 3,900 points Wednesday as institutional and high net-worth investors bought index-heavy, high-value shares, brokers said. Colombo’s All Share Price Index (ASPI) closed at 3,909.61, up 39.26 points, while the Milanka index of more liquid shares gained 1.26 percent (56.12 points) to […]
Platform Supply
Apr 07, 2010 (LBO) – Sri Lanka’s Colombo Dockyard, a listed ship builder, said it was getting ready to deliver the first of a series of four Multipurpose Platform Supply Vessels for a Singaporean client. Colombo Dockyard is set to deliver six vessels this year, including the Multi Purpose Platform Supply Vessels and a passenger […]
Offshore Supply
Apr 07, 2010 (LBO) – The Sri Lankan unit of international ship supply firm GAC plans to expand its business with the acquisition of more craft, a senior official said. “We plan to invest on another two supply boats,” said Walter Rodrigo, director of GAC Shipping, which has a service from the southern port of […]
Outsourcing Unit
Apr 07, 2010 (LBO) – India’s MphasiS has received concessions for its outsourcing unit in the island which will employ 500 people, Sri Lanka’s state investment promotion agency said in a statement. Sri Lanka’s Board of Investment said a deal was inked between BOI chief Dhammika Perera and MphasiS Lanka Limited director M G Raghuraman […]
Sri Lanka plans $230mn waste energy plant
Apr 07, 2010 (LBO) – A Malaysian-Bahraini joint venture, Orizon Renewable Energy, plans to invest 230 million US dollars in Sri Lanka to set up a power plant that will generate energy from solid waste, the investment promotion agency said. “It also will ensure that no more lands are allocated to landfills.” A M C […]
Sri Lanka elections not free and fair: opposition
April 7, 2010 (AFP) – On the eve of Sri Lanka’s parliamentary elections, the main opposition accused the ruling party Wednesday of campaign abuses and said it did not expect polling to be free and fair. The opposition United National Party (UNP) said President Mahinda Rajapakse’s administration had used state-owned vehicles and buildings for campaigning […]
Sri Lankan president eyes new political dynasty
April 7, 2010 (AFP) – South Asia is no stranger to political dynasties, and Thursday’s parliamentary polls in Sri Lanka could mark President Mahinda Rajapakse’s first step in securing a legacy for his own “first family”. Rajapakse, 64, has campaigned for his eldest son, Namal, who is contesting the election in the family’s home constituency […]
” migrant stand-off
MERAK, April 7, 2010 (AFP) – Indonesia moved Wednesday to end a six-month stand-off with scores of Sri Lankan migrants who have refused to leave a rickety boat after they were intercepted trying to reach Australia. Foreign ministry official Sujatmiko said the 205 migrants camped at the port of Merak, Java island, since October were […]
Sri Lankan stocks hit new high, end up 2.34-points
Apr 06, 2010 (LBO) – Sri Lankan stocks rallied across the board Tuesday with the All Share Price Index (ASPI) reaching a new high, passing the previous high of 3,844.80 points on March 12, 2010, brokers said. Colombo’s ASPI closed at 3,870.35, up 88.45 points, while the Milanka index of more liquid shares gained 2.12 […]
Pension Plan
Apr 06, 2010 (LBO) – State-run Bank of Ceylon (BoC) is offering a contributed pension plan for Sri Lankan expatriates abroad that will pay out monthly after they reach the age of 55 or 60, officials said. Wickremasinghe said BoC was Sri Lanka’s largest receiver of foreign remittances and it made sense to create a […]