Category: Industry
Sri Lanka protectionists score against trade liberties
May 26, 2010 (LBO) – Sri Lanka’s increasingly strident protectionist business interests have staged an apparently successful protest in the capital Colombo against further liberalization of trade and services with India. The protest came ahead of a visit by India’s foreign secretary who was expected to push for a revival of a liberalization deal in […]
Sri Lanka external trade up, apparel exports down
May 26, 2010 (LBO) – Sri Lanka’s external trade expanded in March 2010 with imports growing 6. 5 percent to 1090 million US dollars and with exports growing 4. 8 percent to 662.7 million rupees and but apparel exports fell. In March apparel exports fell 9. 5 percent from a year earlier to 281 million […]
Sri Lanka Confifi hotel shares up on take-over play
May 26, 2010 (LBO) – Sri Lanka’s Confifi group hotels shares rose 46 percent to 318 rupees Wednesday with buyers expecting a battle for management control after Lanka Orix Leasing Company bought into the group. LOLC bought a 43.3 percent stake in Confifi Hotel Holdings, which in additional to owning a hotel also owns 21.8 […]
Sri Lanka-India free trade deal helped consumers, producers: economist
May 25, 2010 (LBO) – A free trade deal between India and Sri Lankan has been partially successful in giving a better deal for the island’s consumers and industrialists with access to cheaper imported products and supplies, an economist said. Some of the cheapest and good quality products were available from India such as pharmaceuticals, […]
Sri Lanka exports to India to face unified tax: official
May 25, 2010 (LBO) – Sri Lankan exports to India will soon face only a single unified tax in place of a multitude of state taxes which exporters have complained act as barriers to trade, according to remarks by an Indian diplomat. “Let me state first of all that we are not a perfect country. […]
Sri Lanka tea, apparel exports to India rise sharply
May 25, 2010 (LBO) – Sri Lanka’s exports of tea and apparel to India rose sharply in 2009 as impediments in a free trade deal between the two neighbours were removed, an Indian diplomat said. “Most of the implementation issues that have created this so-called perception about the FTA have been resolved and others pertaining […]
Sri Lanka Hemas hydro power profits up
May 25, 2010 (LBO) – Sri Lanka’s Hemas Power annual net profit rose six percent to 243.6 million rupees in the year to March 31, 2010 with profit from hydro plants rising and that from thermal power falling, a stock filing said. Annual sales of the firm, which supplies power to state-run Ceylon Electricity Board, […]
Sri Lanka LOLC group buys into Confifi hotels
May 25, 2010 (LBO) – Lanka Orix Leasing Company (LOLC) has bought into a hotel group through a 70 percent joint venture it has with another firm, Browns Investments, in two deals valued at over 900 million rupees. LOLC had bought 3.1 million shares or 43.3 percent in Confifi Hotel Holdings at 210 rupees in […]
Malaysia eases visa rules for South Asia tourists
KUALA LUMPUR, May 25, 2010 (AFP) – Malaysia will relax visa rules for travellers from India, Bangladesh, Pakistan and Sri Lanka in an effort to boost tourism, an official said Tuesday. Malaysia recorded 7.62 million tourist arrivals between January and April this year, up from 7. 34 million in the same period last year. At […]
Northern Reach
May 25, 2010 (LBO) – Six new bank branches are to be opened next month in Sri Lanka’s northern province which is recovering from the effects of war, the Central Bank said. “Six new bank branches will be opened in the Northern Province on June 07 to facilitate economic activities in the area,” it said […]
Credit Track
May 24, 2010 (LBO) – Loans to private borrowers from Sri Lanka’s commercial banks grew 23 billion rupees in March, the biggest monthly gain since credit started to grow last September, official data shows. Central bank credit to government, which surged 30 billion in February, fell back to 100 billion rupees in March. Sri Lanka’s […]
Higher Marks
May 24, 2010 (LBO) – Fitch Ratings Lanka has upgraded the ratings of two regional development banks (RDBs) and confirmed those of four others as their financial health improved or remained stable, it said in a statement. The rating on Kandurata Development Bank (KDB) was upgraded to ‘BBB+(lka)’ from ‘BBB(lka)’; and outlook revised to stable, […]