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Sri Lanka has to radically reform public service to combat corruption: legislator
Mar 24, 2014 (LBO) – Sri Lanka needs ‘broad based radical reform’ of the public service to combat corruption and end a process where competitive tendering for state projects has become an exception, a legislator said. Some analysts however say corruption cannot be tackled or rule of law upheld without re-building Sri Lanka’s broken public […]
Sri Lanka private credit shrinks in January 2014
Mar 24, 2014 (LBO) – Sri Lanka’s commercial bank credit to business contracted 42.1 billion rupees in January 2014 to 1,369.7 billion rupees from a month earlier, while central bank credit to the state rose, official data show. The central bank said the contraction in January came from a reduction in gold-backed loans and repayments […]
Cricket: Clinical Sri Lanka upstage South Africa
CHITTAGONG, March 22, 2014 (AFP) – World number one Sri Lanka held their nerve in the final overs to pull off a narrow five-run victory over South Africa in Chittagong on Saturday.Left-handed opener Kusal Perera hit a brilliant 40-ball 61 to lift Sri Lanka, who won the toss and batted, to 165-7 before restricting South […]
Sri Lanka hotels see “excellent” winter season
Mar 22, 2014 (LBO) – Sri Lanka’s hotels have seen a good winter season with high occupancy levels, backed by stable pricing and strong arrivals from Western Europe, Russia and China, officials said.“Occupancies have increased really,” Jayantissa Kehelpannala, head of Sri Lanka’s tourist hotels association said. “Sometimes it is very difficult to even get a […]
Cricket: Perera lift Sri Lanka to 165-7 in World Twenty20
CHITTAGONG, March 22, 2014 (AFP) – Kusal Perera hit a robust half-century to lift Sri Lanka to 165-7 in their group one Super-10 stage match against South Africa in Chittagong on Saturday. Sri Lanka’s most experienced trio of Tillakaratne Dilshan (nought), Mahela Jayawardene (nine) and Kumar Sangakkara (14) failed to supplement Perera. South African captain […]
Sri Lanka stocks close up 0.4-pct
Mar 21, 2014 (LBO) – Sri Lanka’s stocks close 0.39 percent higher partly reversing previous losses with diversified and beverage stocks gaining amid thin foreign participation, brokers said. The Colombo benchmark All Share Price Index closed 23.31 points higher at 5,937.87 up 0.39 percent. The S&P SL20 closed 14.11 points higher at 3,246.02, up 0.44 […]
‘s LOLC group leisure assets under Browns unit
Mar 21, 2014 (LBO) – Sri Lanka’s Lanka Orix Leasing Company Plc said it had sold a 70 percent stake in LOLC Leisure, a hotel company, to Browns Investments Plc, a related company, for 2.8 billion rupees. In a separate transaction dated prior to the exit, LOLC Leisure was buying back shares from both LOLC […]
Sri Lanka hotel show and confab to showcase new tech, draw talent
Mar 20, 2014 (LBO) – A hotel supplies exhibition in Sri Lanka and an international hoteliers’ conference in June will showcase the latest energy saving technology and also help draw talent to the fast growing industry, officials said.The three day Hotel Show 2014, billed as the largest such event is South Asia is to kick […]
Maldives to go ahead with polls, says commission
MALÉ, March 21, 2014 (AFP) – The Maldivian elections commission said Friday it planned to go ahead with this weekend’s parliamentary polls despite the islands’ new president expressing doubts over whether the vote can be conducted.President Abdulla Yameen told a public rally in the capital island Male on Thursday night that a depleted Elections Commission […]
‘s Laugfs says mini-hydro plant running
Mar 21, 2014 (LBO) – Sri Lanka’s Laugfs Gas Plc, a group with interests in energy, retailing and leisure said the first phase of a mini hydro power plant has started operations on March 17.It will sell power to state-run Ceylon Electricity Board. Laugfs had earlier said its Ranmudu Oya mini-hydro plant is Balangoda will […]
Sri Lanka policy rates steady; inflation, credit growth benign
Mar 21, 2014 (LBO) – Sri Lanka is holding a policy rate corridor at 6.5 to 8.0 percent, the Central Bank said amid benign credit growth and inflation.In 2011 a drought which reduced hydro power generated was accommodated by the banking credit which eventually saw the rupee falling to 130 from 100 to the US […]
”’ by RAM
Mar 20, 2014 (LBO) – Sri Lanka’s Softlogic Retail (Pvt) Ltd, a consumer durables and apparel retailer has been given a ‘BBB-‘ domestic rating by RAM Ratings Lanka. ” The ratings are upheld by the Company’s strong competitive position backed by its diversified target markets and a retail branding strategy which caters to the various […]