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Sri Lanka rupee weak, excess liquidity high
July 08, 2013 (LBO) – Sri Lanka rupee weakened Monday and quotes in the spot market dried up following moral suasion dealers said, as high levels of liquidity remained in money markets from a reserve ratio cut. In the spot market where trades are settled two days later, which is usually the most active segment, […]
Sri Lanka stocks down 0.8-pct
July 08, 2013 (LBO) – Sri Lanka’s stocks closed 0.68 percent lower Monday, amid losses in diversified companies and banking stocks, down 8.0 percent from a May 23 peak so far, brokers said. The benchmark Colombo All Share Index closed at 5995.64, down 52.54 points lower and the and the S&P SL 20 Index closed […]
Sri Lanka Jetwing group private equity raising on track
July 08, 2013 (LBO) – A private equity raisin for four greenfield hotels is underway with local investors and a foreign investor coming on board, but the matching investor needs with a new project has been challenging, an official said.“While the equity investor is looking at us, we are also looking at them,” Jetwing chief […]
India police make arrest, study CCTV over temple bombs
PATNA, July 8, 2013 (AFP) – Indian police arrested a man on Monday over the weekend attacks at the historic Bodh Gaya Buddhist temple complex and were studying CCTV footage that appeared to show two men planting explosives at the site.The Bodh Gaya complex also houses multiple shrines marking the places where the Buddha is […]
Maldives president pledges to work with Islamists
COLOMBO, July 7, 2013 (AFP) – Maldivian President Mohamed Waheed pledged Sunday to work with the main Islamic party ahead of upcoming elections, and rejected opposition fears it would lead to increased radicalisation in the luxury tourist destination.Waheed described most Adhaalath members as moderate, while some had “extreme views”. “I don’t worry too much about […]
Top retailers, unions to inspect Bangladesh factories
DHAKA, July 7, 2013 (AFP) – Seventy top retailers have pledged to improve worker safety and allow inspection of all of their garment factories in Bangladesh within nine months under a pact signed with unions after a deadly factory collapse, a statement said Monday.But in recent weeks manufacturers have criticised the organisers, saying the BGMEA […]
Sri Lanka to start building 35MW hydro plant on July 15
July 8, 2013 (LBO) – Sri Lanka will begin building a 35 MegaWatt ‘Broadlands’ hydro power plant, on July 15 in Polpitiya, Kithulgala, the power ministry said.The plant will produce 126 GigaWatt hours of energy a year for state-run Ceylon Electricity Board. The 82 million dollar plant will be 85 percent financed by China Development […]
Sri Lanka IPP puts 48MW of expired power plants on sale
July 08, 2013 (LBO) – Sri Lanka’s Aitken Spence Power, a unit of Sri Lanka’s Aitken Spence group has put two 24 MegaWatt plants for which power purchase agreements have expired for sale.Aitken Spence in a web notice said it invited offers for the plants, each of which had four Wartsila Vaasa Engines running on […]
Oil Bid
July 8, 2013 (LBO) – Ceylan Energy, a Sri Lanka based start-up oil firm will bid for an exploration block, partnering with international operators, a media report said.Sri Lanka’s The Sunday Times newspaper quoted Harry Kulasinghe, chairman as saying that the firm has a team of people with over 100 years collective oil and gas […]
‘s holiest sites: India police
PATNA, July 7, 2013 (AFP) – Indian police reported multiple low-intensity blasts at the Bodh Gaya Buddhist temple complex on Sunday, saying two people had been wounded but the temple was safe.It houses the holy bodhi tree as well as the giant Mahabodhi statue of Buddha, and multiple shrines marking the places where he is […]
Sri Lanka gaming resorts could add $900mn to tourism revenues: report
July 06, 2013 (LBO) – Sri Lanka’s gaming industry could generate 900 million US dollars a year with only two 500-room integrated resorts, upping rates of city hotels, but more support facilities are needed, a research report has said.A game changing 900,000 tourists could be added within four years to Sri Lanka’s current tourist arrivals […]
Police Probe
July 5, 2013 (AFP) – Sri Lanka’s police arrested 12 commandos in connection with the execution-style killing of five students during the island’s Tamil separatist war, an official said Friday.An inspector and 11 constables from the elite Police Special Task Force (STF) were taken before a magistrate in the port town of Trincomalee on Thursday, […]