Category: Economy and Markets
Sri Lanka Nestle Unit Assures MAGGI Meets Food Laws; India Keeps Testing
Jun 03, 2015 (LBO) – Nestle Lanka Plc, a unit of a Swiss-based food group said, that the company’s product “Maggi Noodles” which is manufactured locally, meets all the food laws in the Indian Ocean Island. “The quality and safety of our products is the top priority for the company,” Nestle Lanka said.“MAGGI Noodles is […]
Sri Lanka stocks close down 0.6-pct
Jun 03, 2015 (LBO) – Sri Lanka’s stocks closed down 0.64 percent for a third consecutive day with some retail investor activity in the market, brokers said. The Colombo benchmark All Share Price Index (ASPI) closed 45.73 points lower at 7,220.29 down 0.64 percent. The S&P SL20 closed 25.15 points lower at 3,961.02 down 0.62 […]
Ceylon Cold Stores Says Health Concerns May Impact Carbonated Soft Drink Market
June 3, 2015 (LBO) – Sri Lanka’s Ceylon Cold Stores says that the growth potential for carbonated soft drinks may be limited due to growing health concerns of consumers, even though there has been an increase in disposable income.“I am confident that the increase in disposable income witnessed in the last quarter will act as […]
CSE Push For New Product Development
June 03, 2015 (LBO) – Sri Lanka’s Colombo Stock Exchange (CSE) said, that it is pushing for new instruments for development, as it will implement a new system soon to reduce risk.“We have to manage our risk according to world standards,” Vajira Kulatilaka , Chairman of CSE said at the launch of annual report.“We have […]
Sri Lanka CSE records highest ever foreign inflow last year: 2014 CSE Annual Report
June 03, 2015 (LBO) – Sri Lanka’s Colombo Stock Exchange has recorded its highest ever inflow of foreign investment into the secondary equity market amounting to 104.7 billion rupees by December 2014. Releasing the 2014 Annual Report of the CSE, its CEO Rajeeva Bandaranaike said Market capitalization has surpassed 3 trillion rupees, closing the year […]
Kalpitiya Beach Resort To Build Ayurvedic Spa; Seeks Shareholder Approval
June 3, 2015 (LBO) – Sri Lanka’s troubled Kalpitiya Beach Resort, a subsidiary of Citrus Leisure PLC, has said, that it plans to commence work on a sixty room Ayurveda and Spa resort in the same land in Kalpitiya as a first stage of development.“The company is confident that it has the necessary resources to […]
Nestle India rejects reports of excess lead in MAGGI noodles
June 02, 2015 (LBO) –After Indian authorities claimed to have established that Maggi noodles contains excessive levels of lead in MAGGI noodles, Nestle India said their extensive testing has revealed that no excess lead in tested noodles.“We have submitted samples of MAGGI Noodles from almost 600 product batches to an external laboratory for independent analysis […]
Sri Lanka’s foreign reserves upsurge to USD7.5bn in April, CB predicts further growth
June 2, 2015 (LBO) – Sri Lanka’s gross foreign reserves rose to 7.5 billion US dollars in April 2015 from 6.8 billion US dollars in March, due to a 400 million US dollar currency swap from the Reserve Bank of India, Central Bank said. The regulator says the reserves likely to increase further helped by […]
Sri Lanka’s exports decreases marginally, Imports down: Central Bank
June 02, 2015 (LBO) –Sri Lanka’s exports earnings declined marginally by 0.9 per cent, year-on-year, to 1,060 million US dollars in March 2015, led by tea followed by precious metals and textiles and garments exports, the Central bank said. Sri Lanka reported 1,070 million US dollars of exports in March 2014, the highest monthly earnings […]
‘s highways ministry replies former president Rajapakse; RDA obtained loans providing false docs
June 1, 2015 (LBO) – Sri Lanka’s Ministry of Highways and Investment Promotion says road development funds has been misused during the Rajapakse regime and the Road development Authority has even obtained a loan from National Savings Bank providing false documents during the period. The ministry said this in a statement today, in replying to […]
Sri Lanka asked exporters, expats to bring dollars back to the Island: Promised a higher interest rate
June 01, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake urged all Sri Lankan exporters and expatriates to bring their money back to the country and promised the government will pay a higher interest rate, above the foreign banking and financial institutions.“We will not have to go after foreign Bond issues if these funds […]
Sri Lanka to get USD50mn loan for early childhood development project
June 01, 2015 (LBO) – Sri Lanka will hold discussion with World Bank to obtain a loan facility of 50 million US dollars to develop an early childhood development project,in the island, Cabinet Spokesman Rajitha Senaratne told media at a press briefing held recently.“The government’s development strategies have identified the importance of making more investment […]