Category: Other
Sri Lanka says open trade could counter climate change
June 01, 2012 (LBO) – Sri Lanka’s environment minister has said liberalised trade could mitigate climate change, helping spread energy-saving technologies and enabling countries facing scarcities to import to cover their requirements. Climate change was no longer an environmental and regulatory concern and was a growing crisis with economic, health and safety, food production and […]
Securities Fraud
May 31, 2012 (LBO) – Sri Lanka’s central bank should strip National Savings Bank’s directors off their posts, and prevent them from serving on boards in the future, after an attempt buy stock at an inflated price, a former securities regulator said. As pressure mounted from the regulators, the media and opposition legislators led by […]
Sri Lanka ships, plucks less tea in April
May 24, 2012 (LBO) – Sri Lanka, one of the world™s biggest tea exporters, produced and shipped less of the brew for the four months to April this year, due to poor weather and unrest in key markets, official figures showed. Tea, which grows across the island™s central hillside regions and in the south, saw […]
Sri Lanka Nestle March net down 25-pct
May 22, 2012 (LBO) – Sri Lanka’s Nestle Lanka Plc, a unit of a Swiss food firm said profits in the March 2012 quarter fell 25 percent to 461 million rupees as the firm was hit by higher energy prices and currency depreciation. Nestle Lanka reported earnings of 8.60 rupees per share for the quarter. […]
Sri Lanka Finlays estates diversify crops
May 22, 2012 (LBO) – Sri Lanka’s Hapugastenne and Udapussellawa Plantations, controlled by James Finlays said losses were making it difficult to replant tea but they were trying to improve productivity and was expanding rubber and timber. Hapugastenne Plantations lost 214.00 million rupees in the year to March 2012, reversing a profit of 281 million […]
Quit Notice
May 22, 2012 (LBO) – Pradeep Kariyawasam, the chairman of Sri Lanka’s state-run National Savings Bank had resigned ahead of more fresh planned protests by the lender’s trade unions, over a controversial stock deal, media reports said. The finance ministry halted the payment on the deal as the controversy erupted and the sellers later agreed […]
Tighter Rules
May 22, 2012 (LBO) – Sri Lanka’s securities watchdog has tightened short term trading by workers and directors of broking firms and also passed strictures on future trading by a state bank, following a controversial stock purchase on which payment was stopped. SEC said market intermediaries will not be allowed to engage in trade below […]
Indian rupee falls to new low, amid trading curbs
May 22, 2012 (LBO) – India’s rupee fell to a new low of 55.06 against the US dollar Tuesday after trading curbs were slapped on forward and swap markets. Earlier in May the central bank limited intra-day open positions of banks. Trimming open positions, especially overnight positions, which narrows the depth of forex markets can […]
Maldives tourism shows marginal growth in April
May 22, 2012 (LBO) – The Maldives has seen a slight increase in the number of holidaymakers to the atoll nation in April, after political unrest kept tourists away earlier this year, official data showed Tuesday. The atoll nation, welcomed 79,288 visitors in April, a tad lower than 79,947 who visited the country in the […]
Sri Lanka plans rice exports to South Africa: minister
May 21, 2012 (LBO) – Sri Lanka is in talks with a South African commodity firm to export 20,000 tonnes of rice lying at Paddy Marketing Board, a state-run grain purchasing firm, officials said. Agriculture minister Mahinda Yapa Abeywardene said discussions have been initiated to sell ‘red-rice’ to South Africa at about 370 dollars a […]
Electric Lessons
May 21, 2012 (LBO) – Hearing I was off to the Himalayan Kingdom of Bhutan, a friend wrote ‘come back and tell us what you learned.’ This question was on my mind when I heard that Sri Lanka’s Minister of Power and Energy was in Bhutan at the same time. What had we each learned […]
Sri Lanka starts exporting maize
May 21, 2012 (LBO) – Sri Lanka’s will export its first consignment of maize on May 22, filling a part of a 10,000 tonne order to Taiwan and Canada as domestic production picks up pace, officials said. Sadikeen said as a result buyers were prepared to pay more for his maize. He was exporting at […]