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‘s BOI launches online investment portal
Sept 19, 2013 (LBO) – Sri Lanka has launched Board of Investment launched an online portal for investors to submit applications making it even easier, investment promotions minister Lakshman Abeywardene said. “This makes it very easy for investors to submit applications,” he told reporters. “They can also pay the relevant fees.” An investor can create […]
Sri Lanka stocks close lower, rupee steady
Sept 16, 2013 (LBO) – Sri Lanka’s stocks closed 0.3 percent down in a broad sell-off led by a a tobacco monopoly, and the rupee was steady, brokers and dealers said. LBO’s economic analyst fuss-budget says the rupee can come under renewed pressure if the Central Bank buys the dollars from the loan, generates tens […]
Sri Lanka tourist arrivals up 26-pct in Aug; India, China surge
Sept 16, 2013 (LBO) – Sri Lanka’s tourist arrivals surged 26.1 percent in August 2013 from a year earlier to 100,224, with India, Germany and China surging, official data showed.Middle East which was also lacklustre this year was up 75.4 percent to 8,683 in the month with visitors so far up 4.0 percent 35,931. East […]
Sri Lanka fish exporter starts EU marketing unit
Sept 16, 2013 (LBO) – Sri Lanka-based Tess Agro Plc, an exporter of sea fish said it had set up a marketing unit in Belgium to gain direct access to the European Union and better prices.But there was a 35.7 million rupee gain on property revaluation. The key markets of the firm are the EU, […]
Landmark Case
COLOMBO, Sept 16, 2013 (AFP) – Sri Lanka Monday brought criminal charges of corruption against former chief justice Shirani Bandaranayake whose sacking earlier this year was internationally criticised as a blow to judicial independence.The impeachment process was launched in November after several Supreme Court decisions went against the government of Rajapakse, who has tightened his […]
Rail Connection
COLOMBO, September 14, 2013 (AFP) – A train linking the political home of Sri Lanka’s Tamil Tiger rebels with the rest of the island rolled into service on Saturday after a 23-year interruption, officials said.The Sinhalese-dominated government is under international pressure to promote ethnic reconciliation and investigate allegations of war crimes by its forces in […]
Japan to be nuclear free as last reactor switched off
TOKYO, September 15, 2013 (AFP) – Japan is to start the process of switching off its last working nuclear reactor Sunday for a scheduled inspection with no restart in sight due to public hostility towards atomic power.No one is officially recorded as having died as a direct result of the meltdowns at Fukushima, but tens […]
Sri Lanka plantations facing labour shortages
Sept 14, 2013 (LBO) – Sri Lanka’s large plantations, especially those growing tea, are facing labour shortages, with young people moving out to cities in search of other jobs, a senior industry official said.During feudal and European colonial times Sri Lanka had to import labour from India for many activities ranging from tapping toddy, peeling […]
US nominee for South Asia post sees strong Indian economy
WASHINGTON, September 12, 2013 (AFP) – The nominee to be the top US diplomat for South Asia said Thursday that India’s economy remained strong despite recent concerns, and that further liberalization would strengthen relations. Biswal would replace Robert Blake, a former US ambassador to Sri Lanka who frequently urged the island to provide greater accountability […]
‘s economy grows 6.8-pct in 2Q 2013
Sept 13, 20132 (LBO) – Sri Lanka’s economy grew 6.8 percent in the June 2013 quarter from a year earlier, the state statistics office said.Government services grew 3.9 percent. The agriculture sector shrank 1.1 percent; industry grew 10.1 percent and services 6.6 percent. In agriculture tea had contracted 0.5 percent, rubber had grown 2.0 percent, […]
” rating confirmed: Fitch
Sept 13, 2013 (LBO) – Sri Lanka based Dialog Axiata’s ‘AAA(lka)’ rating has been confirmed by Fitch Ratings with a stable outlook. “Dialog’s rating reflects Fitch’s expectations that its 83 percent-parent, Axiata Group Berhad of Malaysia (Axiata), is likely to provide support if required, given operational and strategic linkages between the companies,” the rating agency […]
Sri Lanka external accounts stabilized by $750mn bond sale: CB Governor
Sept 13, 2013 (LBO) – Sri Lanka’s external accounts will be strengthened and the balance of payments will turn into surplus after 750 million US dollars were raised by a state-run bank, Central Bank Governor Nivard Cabraal said. National Savings Bank sold 5-year bonds at 8.875 percent Friday, over 350 basis points higher than the […]