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Sri Lanka central bank to relax exchange controls
Nov 05, 2009 (LBO) – Sri Lanka’s central bank is planning to relax exchange controls allowing up to 500,000 US dollars to be taken out for investment purposes without approval of the central bank, a media report said. Before the creation of the Central Bank in 1950, Sri Lanka had a currency board with an […]
Sri Lanka stocks close 1.6-pct lower
Nov 05, 2009 (LBO) – Sri Lanka’s stocks closed 1.65 percent lower Thursday, falling for the third straight day in a continuing correction, despite banks reporting strong earnings in the September quarter season, brokers said. Despite heading for polls in the first quarter of 2010, the government opted to have a ‘vote on account’ instead […]
Navigation Move
Nov 05, 2009 (LBO) – Colombo port has re-opened its northern entrance channel which had been closed for years owing to the threat of attacks by Tamil Tiger separatists who were defeated by government forces in May. But it had been completely closed since the airport attack. The Tamil separatists’ naval wing, the Sea Tigers, […]
Profit Margins
Nov 05, 2009 (LBO) – Sri Lanka’s Sampath Bank group’s net profit for the September 2009 quarter rose 35.8 percent from a year earlier, as margins improved with higher lending to government. Gross assets grew to 153.7 billion rupees (up 8.0 percent) and net assets to 10.9 billion rupees p 10.2 percent. Revenues rose 10.5 […]
Protection Deal
Nov 05, 2009 (LBO) – Sri Lanka and Kuwait has signed an Investment Promotion & Protection Agreement (IPPA) Thursday between the island’s envoy to the country and a senior finance ministry official of the Gulf state, the foreign ministry said. Sri Lanka’s foreign ministry quoted the undersecretary to the Kuwaiti ministry of finance Khalifa M […]
Sri Lanka president announces wage hike for troops
November 5, 2009 (AFP) – Sri Lanka’s president has announced an immediate salary increase for all members of the country’s armed forces amid plans to boost the strength of the security services.President Mahinda Rajapakse granted the unspecified salary increase during a visit Wednesday to the island’s northern regions, which were recently wrested from Tamil rebel […]
Sri Lanka John Keells agents for Air Mauritius
Nov 05, 2009 (LBO) – Mack Air (Pvt) Ltd, a unit of listed John Keells Holdings (JKH) said had been appointed the general sales agent for Air Mauritius in Sri Lanka from November 01. Romesh David who heads the transportation division of JKH said it will work with the airline to develop traffic between the […]
Sri Lankan general returns without war crimes grilling
November 5, 2009 (AFP) – Sri Lanka’s top military officer returned home Thursday after he was allowed to complete a US visit without being questioned over alleged war crimes against Tamil civilians.General Sarath Fonseka arrived at Bandaranaike International Airport and was immediately driven away under tight security, an airport official said. “He arrived this morning […]
Maldives to build wind power plant to become carbon neutral
Nov 05, 2009 (LBO) – The state power utility of the Indian Ocean atoll state of Maldives has signed a 20-year deal with Falcon Energy, a private firm to build and operate a 75MegaWatt wind farm as part of a plan to become a carbon neutral nation. The wind farm built a cost of 200 […]
US House of representatives pressures Sri Lanka on refugee camps
WASHINGTON, November 4, 2009 (AFP) – The US House of Representatives urged Sri Lanka’s government Wednesday to guarantee the safety and quick release of some 300,000 Tamils and other war-displaced people currently held in camps.By an overwhelming 421-1 vote, lawmakers approved a non-binding resolution that calls on the authorities in Colombo to help the populations […]
Sri Lanka Treasuries yields fall
Nov 04, 2009 (LBO) – Sri Lanka’s Treasury bill yields fell across the board with the 3-month yield falling 36 basis points to 8.14 percent, at Wednesday’s auction just above the 8.00 repo rate at which the monetary authority drains liquidity from markets. The Central Bank’s reverse repo rate at which cash in injected to […]
Sri Lanka stocks slump further
Nov 04, 2009 (LBO) – Sri Lankan share prices slumped again almost across the board Wednesday as nervous investors sold apparently in anticipation of further falls, brokers and analysts said.The All Share Price Index closed at 2,902.70, down 2.07 percent, or 61.49 points while the Milanka Price Index of more liquid stocks closed at 3,242.06, […]