Category:
Sovereign Quality
July 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank has been rated ‘B+’, the same as the sovereign rating by Standard & Poor’s Ratings Services with a ‘stable’ outlook. “We believe the Sri Lankan government is almost certain to provide extraordinary support to the bank, if needed,” Standard & Poor’s credit analyst Amit […]
Sri Lanka tea production down in June
July 23, 2013 (LBO) – Tea production was down 4.29 percent to 24.69 million kilograms in June 2013 from a year earlier, Sri Lanka Tea Board data showed, amid warnings from tea companies that heavy rains were reducing output.The sharpest drop was seen in high grown elevations with production down 19 percent to 4.56 million […]
Tech Provider
July 23, 2013 (LBO) – London Stock Exchange group said its technology services revenues rose 28 percent reflecting the performance of MillenniumIT, a Sri Lanka-based securities exchange software developer it owns. Revenues in the March 2013 quarter from the firm rose to 7.4 million sterling pound from 4.9 million as overall technology services revenues rose […]
‘s property projects to match demand: report
July 23, 2013 (LBO) – Despite several large luxury apartment blocks, hotel and retail space being planned in Sri Lanka’s capital Colombo there may not be a glut in the medium term due to delayed starts, a research report has said.“We believe Colombo is not yet ready to take up this many apartment units and […]
Grim Tale
NAIROBI, July 22, 2013 (AFP) – On Somalia’s pirate coast, more than 50 sailors are being held for ransom in grim conditions, many abandoned by their ship’s owner whose willingness to pay to free them sank with their boat.“The pirates have shown violence… the worst case is that they become agitated and open fire.” Last […]
Biden arrives in India for four-day visit
NEW DELHI, July 22, 2013 (AFP) – US Vice President Joe Biden arrived in India Monday at the start of a four-day visit designed to revive momentum in flagging diplomatic ties and fire up bilateral trade.Biden, the first US vice president to visit India in three decades, landed in New Delhi shortly after 5pm (1130 […]
Internet powers international trade: PayPal
SAN FRANCISCO, July 22, 2013 (AFP) – A study released on Monday showed that Internet-powered shopping across national borders has created “modern spice routes” holding wealth for local merchants who tap into the booming trend. Hong Kong, Canada, Australia, Germany, China, Britain and the United States will see a combined total of $105 billion in […]
‘s
July 22, 2013 (LBO) – Sri Lanka’s credit profile has stabilized but external debt and debt servicing costs are rising, Moody’s Investors Services, which has rated the country ‘B1’ said in a credit update.About 73 percent of total spending was current spending, though there were some improvements. Of the current spending 91 percent was for […]
Sri Lanka to curb supermarket expansion
July 22, 2013 (LBO) – Sri Lanka is to curb the expansion of self-service supermarkets, a media report said shortly after new taxes were imposed on privately owned chains.Sri Lanka’s privately owned Hiru radio channel quoting President Mahinda Rajapaksa as saying that small traders and individual sellers were being displaced by supermarkets. “The vegetable lady […]
Indian investment moves marred by steel pullouts
MUMBAI, July 21, 2013 (AFP) – India may be trying to lure foreign investors to revive its ailing economy, but the axing of two mega steel projects underlines obstacles even industry giants face, analysts say. Although industrialisation is championed as a way to pull tens of millions of Indians out of poverty, many farmers complain […]
‘s murky casino taxes stir controversy
July 19, 2013 (LBO) – Sri Lanka’s main opposition has slammed proposed tax breaks for casinos to be operated by James Packer’s Australia based Crown group and said the plans will be opposed in parliament.De Silva said Macao made 43 billion dollars in gaming with a tax close to 40 percent of casino revenues.Macao however […]
Cricket: Sangakkara leads Sri Lanka to 320-5
July 20, 2013 (AFP) – Kumar Sangakkara smashed his highest one-day score of 169 off 137 balls as Sri Lanka piled up 320-5 against South Africa at the Premadasa stadium in Colombo on Saturday. But the inexperience of the depleted touring squad told in the end as the Sri Lankans batted fluently on the slow […]