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Sri Lanka construction industry targeted by Milcris
Sept 20, 2013 (LBO) – Milcris (Pvt) Ltd, a construction consultancy with Sri Lankan origins which caters mainly to international projects in the Middle East says it is now targeting the domestic market. “We do not want to disturb or we are not competing with local companies. Our competitors are international giants,” De Silva said. […]
‘s Tamils vote after decades of war
JAFFNA, September 21, 2013 (AFP) – Sri Lanka’s minority Tamils began voting Saturday to elect what they hope will give them a shot at self-rule after decades of ethnic bloodshed that claimed over 100,000 lives.Tamils in the country’s battle-scarred northern province are voting for the first time to elect a semi-autonomous council, in an election […]
”’ rating ahead of bond sale
Sept 20, 2013 (LBO) – Sri Lanka’s DFCC Bank has been given a ‘B’ international rating by Standard and Poor’s ahead of a bond sale. “DFCC’s business position reflects our view of the bank’s satisfactory business stability, diversification, management, and strategy compared with that of peers in emerging markets,” said Standard & Poor’s credit analyst […]
Tele Target
Sept 19, 2013 (LBO) – Broadband customers of Sri Lanka Telecom, the islands sole wireline operator, topped 350,000 by June 2013, the firm said amid an expansion of its fibre optic network capacity. Sri Lanka Telecom offers ‘triple play’ with voice, data and television through its PEOTv service. Sri Lanka Telecom has been boosting its […]
‘s new central bank chief orders surprise rate hike
MUMBAI, September 20, 2013 (AFP) – India’s new central bank governor marked his first policy meeting Friday with a bold decision to hike interest rates, wrong-footing analysts and leading to sharp falls on the stock market.Reserve Bank of India (RBI) chief Raghuram Rajan, who had warned he was prepared to be unpopular, ordered a rise […]
Hypocrisy one-upmanship in Sri Lanka
Sept 20, 2013 (LBO) – One of the worst things this administration has done is double the size of the government work force.One of the best things the short-lived Ranil Wickremesinghe administration did in 2002-04 was to freeze government appointments in the face of an economic crisis that saw the economy contracting for the first […]
”s new boat people policy
UDAPPUWA, September 20, 2013 (AFP) – As Australia’s new government launches tough measures to halt asylum seekers arriving on boats, some dirt-poor fishermen and their families half a world away in Sri Lanka seem undeterred. Although Armugasamy did not fullfil his dream of resettling in Australia, he still hopes the journey was worth it. The […]
Four Sri Lankans on global economics blog
Sep 19, 2013 (LBO) – Future Development: Economics to End Poverty, a blog to create a discussion on global development issues has been launched, led by World Bank economist Shanta Devaranjan in which four Sri Lankans are included.Basic tools of mobility that helped improve living standards and productivity in ‘developed countries’ such as cars and […]
‘s first online investment application from UK oil services firm
Sept 19, 2013 (LBO) – Sri Lanka’s foreign investment agency said a UK based oil services firm had been the first to use its online investment application portal on September 18, within a day of its launch.Sri Lanka’s Board of Investment launched the web portal for investment applications on September 17, promising to make the […]
”’ international rating confirmed: Fitch
Sept 18, 2013 (LBO) – Fitch Ratings said a ‘B+’ international rating of Sri Lanka’s People’s Leasing and Finance has been confirmed with a stable outlook. The company’s domestic ‘AA(lka)’ rating has also been confirmed. People Leasing is a unit of Sri Lanka’s state-run People’s Bank. The full statement is reproduced below: Fitch Affirms People’s […]
Sri Lanka stocks close down 0.08-pct
Sept 18, 2013 (LBO) – Sri Lanka stocks extended losses Wednesday closing 0.08 percent lower despite foreign buying, brokers said. Sept 19, 2013 (LBO) – Sri Lanka stocks extended losses Wednesday closing 0.08 percent lower despite foreign buying, brokers said. The market fell 0.33 percent on Monday and 0.58 percent on Tuesday. The Sri Lanka […]
Sri Lanka Shangri La hotel to start building in October
Sept 18, 2013 (LBO) – A 450 million US dollar project by Hong Kong based Shangri La in Sri Lanka’s capital Colombo will begin construction by end October investment promotions minister Lakshman Abeywardene said.The project is still in the planning stages with promoters saying soil conditions required design changes. “We have been told the planning […]