Category: Commodity
Oil prices drop to near 7-year low after OPEC meeting
Nov 08, 2015 (LBO) – Crude oil prices fell six percent to a near seven-year low after OPEC showed no signs of addressing a supply glut following a meeting on Friday.Brent crude was at 40.95 dollars per barrel, rebounding 0.54 percent on Tuesday. A stronger dollar, on the likelihood of a US rate hike, also […]
Several IPOs slated for CSE next year
Nov 25, 2015 (LBO) – Sri Lanka can expect three to four new IPOs on the Colombo Stock Exchange by the first quarter of next year, a CSE official told Lanka Business Online.“There are few IPOs in the pipeline,” he said.The CSE recently approved the IPO of People’s Insurance, a fully owned subsidiary of People’s […]
Sri Lanka to allow tea imports within regulatory framework: Fin Min
Nov 20, 2015 (LBO) – Sri Lanka plans to liberalize the tea industry through allowing tea to be imported into the country within a regulatory framework, Finance Minister Ravi Karunanayake said delivering the budget 2016 speech at the Parliament. “Tea has remained a key export of our country but the value addition is not as significant […]
Aitken Spence net down 38-pct amid fallen revenues
Nov 16, 2015 (LBO) – Sri Lanka’s Aitken Spence group, which has interests in tourism, logistics and power generation, said profits in the September 2015 quarter declined 38 percent to 361 million rupees from a year earlier.The group reported earnings of 0.89 rupees per share for the quarter compared with 1.43 rupees per share recorded […]
Sri Lanka sets standard for plugs and socket outlets
Nov 16, 2015 (LBO) – Sri Lanka’s Public Utility Commission said that it has decided to create an enabling environment to systematically move to using one type of plug and socket outlet.The commission has decided that the Type G plug and socket outlet , widely known as the 13 ampere plug and socket outlet, commonly […]
Tea Board to purchase auction tea until price stabilized
Nov 06, 2015 (LBO) – Sri Lanka’s Tea Board will purchase quality tea from the tea auction for the price of 430 rupees per kilogram until the price reaches the limit of 450 rupees. “We are putting one billion rupees to the tea market,” Rajitha Senaratne, Cabinet Spokesman said. “Tea prices are controlled by the […]
Govt to introduce liquor labels to control illegal liquor
Nov 06, 2015 (LBO) – Sri Lanka’s government plans to introduce liquor labels to control illegal liquor entering the market.As the government has imposed a larger tax, illegal bottled liquor seem to be entering the market, Cabinet Spokesman Rajitha Senaratne told reporters. “Under these circumstance many customers tend to drink unhealthy liquor,” he said.The proposal […]
Sri Lanka to get USD25.7mn for smallholder tea, rubber revival
Nov 06, 2015 (LBO) – Sri Lanka plans to get 25.7 million dollars of financial assistant from the International Fund for Agricultural Development (IFAD) for the implementation of the smallholder tea and rubber revitalization programme, Cabinet Spokesman Rajith Senaratne said.The programme intends to assist in improving the tea yields in 5,500 hectares in Matara, Galle, […]
Sri Lanka to obtain arid climate resistant fruit species from Egypt
Oct 29, 2015 (LBO) – Sri Lanka will enter into a memorandum of understanding between the ministry of agriculture of Sri Lanka and the ministry of agriculture and land reclamation of Egypt to obtain arid climate resistant fruit species, particularly planting materiel of orange species, along with the technology applicable. Accordingly it has been planned […]
Sri Lanka to cut food import bill by manufacturing locally
Oct 16, 2015 (LBO) – A National Programme on Food Production is being planned by the government of Sri Lanka with the contribution of all the ministries and institutions with an estimated cost of 15,595 million rupees to minimize the expenditure on imports by producing the utmost amount of food in Sri Lanka. Cabinet Spokesman […]
Sri Lanka increases excise duty on cigarettes and liquor: Finance Ministry
Oct 03, 2015 (LBO) – Sri Lanka government has increased the excise duty on cigarettes and liquor with effect from Saturday (03), the ministry of finance said in a release.The Excise duty on Molasses and Coconut arrack has been increased by 110 rupees from 1485 rupees per proof liter. Accordingly the prices of a bottle […]
Sri Lanka’s plantation ministry to build about 30 tea outlets for local market
Oct 02, 2015 (LBO) – Sri Lanka’s plantation ministry is planning to build 20 – 30 tea houses around Sri Lanka to sell export quality tea to local market who drinks dust tea being a nation of tea growers. “We have spoken about a concept that we wanted to introduced to the tea board,” Navin […]