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‘s Elpitiya Plantations boost tea yields, diversifies crop
June 21, 2013 (LBO) – Elpitiya Plantations Plc, a unit of Sri Lanka’s Aitken Spence group said it had boosted tea yields and diversified into cinnamon oil palm and oil milling, allowing it to boost profits.In the year to March 2013, 11 percent of its 2.8 billion rupees in revenues came from palm oil as […]
Casino Watch
June 21, 2013 (LBO) – Sri Lanka will look into the possibility of setting up a casino regulator, a government minister said responding to a call by a legislator of the island’s main opposition.“We respect that idea,” information minister Keheliya Rambukwelle told reporters Thursday at a weekly news briefing to announce cabinet decisions. “Let’s see […]
Sri Lanka imposes 10 percent tax on gold imports
June 21, 2013 (LBO) – Sri Lanka slapped a 10 percent tax on gold, a senior government official deputy Treasury Secretary S R Attygalle said, as world gold prices fell to levels seen in 2010.India had imposed an 8.0 percent tax earlier. Sri Lanka’s gold import surged to 100 million US dollars in the first […]
Sri Lanka stocks close flat
June 20, 2013 (LBO) – Sri Lanka’s stocks closed barely changed Thursday with the market showing marginal gains, helped by foreign buying in to a index heavy stock, brokers said. The benchmark Colombo All Share Index closed 02.21 points higher at 6,211.44, a 0.04 percent gain and the S&P SL 20 Index closed 03.54 points […]
Maldives Eon Resorts to build US$170mn hotel in Sri Lanka
June 20, 2013 (LBO) – EoN Resorts (Pvt) Ltd, a Maldives-based resorts developer has applied to build a 170 million US dollar luxury hotel in Sri Lanka’s capital Colombo, the state information office said. It will also have a 150,000 square feet shopping mall and a 2000 square feet food court. The cabinet of ministers […]
More Sri Lankans looking to book domestic holidays online: survey
June 20, 2013 (LBO) – About 23 percent of domestic holidaymakers in Sri Lanka are booking hotels online and up to 85 percent were considering internet booking for their next holiday, according to survey on travel planning.BQu Services, an online marketing and research firm that conducted the survey said 85 percent of holidaymakers said they […]
Work Practices
June 20, 2013 (LBO) – A minimum age for employment may be raised to 16 years from 14 if proposals in a national policy on youth are adopted, officials said. Sri Lankan children however have had problems, especially in the past, where school-going age children in poor families were taken out of school and sent […]
Sri Lankan Airlines sign up 4 A350XWBs and A330s
June 20, 2013 (LBO) – Sri Lankan Airlines had signed a deal with Airbus to buy four A350-900 and six A330-300 aircraft, powered by Rolls Royce engines in the first phase of replacing its aging long haul fleet. “The winning combination of A330s and A350 XWB will allow SriLankan Airlines to offer the highest levels […]
Sri Lanka to exempt foreign owned insurers from listing
June 20, 2013 (LBO) – Sri Lanka will exempt foreign owned insurers from a compulsory requirement to list on the stock exchange, according to a proposal approved by the cabinet of ministers.Sri Lanka’s insurance law now requires all insurers to list by February 11, 2016 and insurers registered with the Insurance Board of Sri Lanka […]
Rights group condemn Sri Lanka media code
June 20, 2013 (AFP) – International rights groups on Thursday condemned moves by Sri Lanka’s government to introduce a code of ethics for journalists, saying it would further undermine press freedom.Local journalists have already criticised the planned media code, which is set to be adopted shortly by lawmakers, as being too sweeping and now international […]
Sri Lanka-EU investor forum in Colombo
June 20, 2013 (LBO) – A European Union – Sri Lanka Investor Dialogue will take place in July 09 in Colombo, to foster explore new partnerships and expand existing ones, a business chamber of businesses linked to Europe said.The European Chamber of Commerce of Sri Lanka (ECCSL) said investment promotion minister Lakshman Yapa Abeywardene and […]
‘s Treasuries yields flat
June 19, 2013 (LBO) – Sri Lanka’s Treasuries yields were kept flat at Wednesday’s auction with 10.75 billion rupees in bid accepted after offering 12.0 billion for rollover, data from the state debt office showed.The spot US dollar was trading at 128.50/55 in afternoon trade Wednesday, dealers said around the same levels at Tuesday’s closing […]