Category: Economy and Markets
Sri Lanka warns against illegal forex trading
May 30, 2012 (LBO) – Sri Lanka’s central bank has warned public against engaging in illegal foreign exchange transactions, which promises to give higher returns. The bank said foreign exchange transactions or remitting cash outside Sri Lanka, needs the prior approval of the Exchange Control department. Those violating exchange control laws run the risk of […]
Sri Lanka Keells Food profits zoom
May 29, 2012 (LBO) – Sri Lanka’s Keells Food Products Plc, a unit of listed John Keells Holdings said profits rose sharply in the March 2012 quarter to 44. 9 million rupees as revenues also grew. The firm reported earnings of 5.29 rupees for the quarter. The stock closed at 76.00 rupees down 15.30 on […]
Sri Lanka rupee weaker, rates steady
May 29, 2012 (LBO) – Sri Lanka’s rupee was quoted weaker around 131. 40/50 to the US dollar in the spot market Tuesday while bond yields were flat from a day earlier, dealers said. The rupee has weakened from around 129 rupees to current levels the US dollar over the past three weeks as rupee […]
Sri Lanka kicks off flood control program in Colombo
May 29, 2012 (LBO) – Sri Lanka has begun a five-year 223 million dollar programme to stop flooding and improve storm water drainage in the capital Colombo, which has been worsened by rapid filling of wetlands in the city. Partly funded by the World Bank, officials plan to expand canals, water retention tanks and related […]
Sri Lankan stocks fall three-percent
May 29, 2012 (LBO) – Sri Lankan stock prices continued to slide, falling nearly three-percent as investor worried about the new trading rules, brokers said. Colombo’s main All Share Price Index was down 2. 46 percent on Tuesday, or 121.75 points to close at 4,813.26. The liquid Milanka Price Index fell 2. 22 percent or […]
‘s tallest tower for US$250mn by India property group
May 28, 2012 (LBO) – Indocean Developers (Pvt) Ltd, a company backed by India’s South City Projects (Kolkata) Ltd, will begin work in September on a 400-apartment tower that will have a project value of 250 million US dollars, officials said. Director, Jugal Khetawat said the tower will have 69 stories with two basements, making […]
Japan funds Sri Lankan civil servants Masters studies
May 28, 2012 (LBO) – Sri Lanka has struck a deal that allows 15 state employees a chance to pursue their Masters studies in Japan, a statement said. Under the Japan International Cooperation Agency or JICA, some 211 million yen or 340 million rupees will be spent on this scholarship programme, JICA said Monday. The […]
Sri Lanka stocks down 1.5-pct
May 28, 2012 (LBO) – Sri Lankan stock prices continued to tumble, with the main indice breaching the psychological 5,000 barrier, brokers said. On Monday, the broader All Share Price Index shed 1.49 percent or 74.66 points to close at 4,935.01m while the liquid Milanka Price Index fell 1. 86 percent or 84.57 points to […]
Sri Lanka clears over 90-pct of mined area
May 25, 2012 (LBO) – Sri Lanka has cleared over 90 percent of the area where land mines believed to have been laid during a 30-year civil war which ended in 2009, the island’s finance ministry said. The finance ministry additional human and financial resources are needed to make Sri Lanka mine free by 2020. […]
Sri Lanka to grow 7.0-pct in 2012, drought may hit growth: Treasury Secy
May 25, 2012 (LBO) – Sri Lanka’s economy will expand around 7. 0 percent in 2012, but a drought can hit agricultural output which may undermine growth, Treasury Secretary P B Jayasundera said. “We think the economy will grow around 7. 0 percent,” Treasury secretary P B Jayasundera said. “Nobody should under-estimate the prevailing drought […]
UN faces funding shortfall for Sri Lanka humanitarian work
May 25, 2012 (LBO) – United Nation’s effort to raise 147 million dollars to fund humanitarian assistance in the former conflict-hit northern region this year, is facing a severe funding shortfall, official data showed Friday. The UN said 6,063 people continue to live in the Menik Farm displaced centre, three-years after security forces crushed the […]
Sri Lanka commercial banks finance road
May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south with 1.98 billion rupees in commercial bank credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. The road from Matara to Hakmana will connect to a planned expressway running to Hambantota, he said. The road […]