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Sri Lanka begins budget process for 2014
Oct 22, 2013 (LBO) – Sri Lanka is kicking off the budget process for 2014 presenting spending limits or appropriations for ministries in parliament Tuesday. Among key spending amounts set for ministries include 253 billion rupees for defence and urban development down from 289 billion rupees a year earlier, ports and highways 144 billion rupees […]
Sri Lanka stocks down 0.50-pct, rupee steady
Oct 21, 2013 (LBO) – Sri Lanka stocks closed 0.50 percent lower with heavy trading in diversified and banking stocks amidst speculative play, brokers said. The benchmark Colombo All Share Price Index closed 29.86 points lower at 5,946.65, down 0.50 percent, after peaking at an intraday high of 5,979.23, provisional data showed. The S&P SL20 […]
Housing Debt
Oct 21, 2013 (LBO) – Sri Lanka’s HDFC Bank, a 51 percent state-owned mortgage lender said it was offering listed yielding as much 15.5 percent a year. HDFC Bank is offering 1.0 billion rupees of debt with an option to sell another 1.0 billion rupees in case the first tranche is oversubscribed. The firm is […]
Sri Lanka Crown casino resort fields cricket ambassadors
Oct 21, 2013 (LBO) – A proposed casino resort in Sri Lanka by James Packer’s Crown group has appointed as its ambassadors, Australian cricket captain Micheal Clarke and Vivien Greig, whose husband Tony is a household name in the island. Crown group is building what it calls a landmark iconic resort by the side of […]
Sri Lanka exports up 10.7-pct in August, imports down
Oct 21, 2013 (LBO) – Sri Lanka’s exports rose 10.7 percent to 917.8 million US dollars in August 2013 from a year earlier, and import dropped 7.7 percent to 1.6 billion US dollars, the Central Bank said.Export earnings from tea grew 49.3 percent to 142.8 million US dollars and apparel exports barely grew 2.1 percent […]
Sri Lanka business chamber optimistic on northern elections
Oct 21, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce says recent elections in the former war-torn Northern Province, and subsequent events are give rise to optimism about the future. “These actions of the country’s political leadership, at both the national & provincial levels, provide grounds for optimism about the future prospects of all […]
Sri Lanka gaming resorts to tie-up with existing casinos: ministry
Oct 20, 2013 (LBO) – Two planned gaming resorts in Sri Lanka are expected to link up with existing casinos in the city and will require no new licenses to be issued, the investment promotion ministry has said.Australia’s Crown group and Sri Lanka’s John Keells Holdings are to build two ‘integrated resorts’ with luxury hotels, […]
Maldives ex-leader demands fresh vote under caretaker
MALÉ, October 20, 2013 (AFP) – Maldivian opposition leader Mohamed Nasheed Sunday demanded fresh elections under a caretaker president, a day after police forced the postponement of a vote he was expected to win.Nasheed, a former president, told reporters in the capital island Male that the outgoing President Mohamed Waheed should step down immediately and […]
” fears
COLOMBO, October 20, 2013 (AFP) – The Maldives embraced multi-party democracy in 2008 hoping to emerge a modern nation. Five years on, there are fears the honeymoon islands are becoming a “banana republic” ready to implode. The political crisis came to a head Saturday when police blocked elections designed to restore stability after the first […]
Sri Lanka hosts nuclear energy workshop
Oct 20, 2013 (LBO) – Sri Lanka is hosting a workshop on nuclear energy with the participation of domestic and international specialists, the island’s research and development ministry said. The workshop will create awareness on a safe, long term, nuclear energy program, the ministry said. International participants from Bangladesh, Belarus, Egypt, Indonesia, Jordan, Malaysia, Peru […]
Foreign Finance
Oct 19, 2013 (LBO) – Sri Lanka’s Citizens Development Business Finance, said it had got a 6 million US dollar credit line (780 million rupees) from a Belgian development finance agency.Carole Maman, financial sector director for BIO said CDB offered financial services to rural bottom-of-the-pyramic cystomers. “We appreciate the motivation and quality of CDB’s staff […]
Maldives vote to go ahead despite court case
MALÉ, October 19, 2013 (AFP) – Presidential elections in the Maldives will go ahead on Saturday despite an 11th-hour court challenge by two candidates aimed at delaying the poll, the elections chief announced.Outgoing president Mohamed Waheed, who replaced Nasheed but is not running in the fresh polls, has promised a smooth transition of power. He […]