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Sri Lanka to call tenders for duty free emporium in Mattala: minister
May 10, 2013 (LBO) – Sri Lanka will tender a concession to operate a duty free shopping complex in the newly opened Mattala airport, aviation minister Priyankara Jayaratne said, in a move that could draw more passengers to the destination. “I have instructed officials to call for tenders to set up the duty free shops […]
Sri Lanka cuts rates to boost credit – Update
May 10, 2013 (LBO) – Sri Lanka has cut its policy interest rate corridor by 50 basis points to 7.0 and 9.0 percent to boost credit, saying inflationary pressures were in check, amidst warnings by the International Monetary Fund to be careful. “[T]here is now a need to stimulate the domestic economy, particularly in the […]
Sri Lanka has to watch inflation, banks, taxes and draw more FDI: IMF
May 10, 2013 (LBO) – Sri Lanka has to watch inflation, bank credit, tax revenues, keep monetary policy tight and avoid guaranteeing bank forex borrowings and instead create an environment for foreign direct investments, the International Monetary Fund has said.The executive board of the IMF in a review of Sri Lanka’s economy said Sri Lanka’s […]
‘s forex reserves pick up in March
May 09, 2013 (LBO) – Sri Lanka’s forex reserves picked up 30 million US dollars to 6,689 million US dollars, ending two months of declines and is estimated to have increased further in April, the Central Bank said.Domestic credit rose partly due to borrowings by state energy firms to subsidize fuel and electricity.The rupee fell […]
Publication
May 09, 2013 (LBO) – A book on interest rates written by assistant governor W M Hemachandra has been published to improve economic knowledge, Sri Lanka’s central bank said.‘Interest Rates The Theory and Practice’ is aimed at university students, academics, analysts, researchers and policy makers.It will also be useful for high school students and teachers. […]
Indian poaching in Sri Lanka waters reduced: fisheries minister
May 09, 2013 (LBO) – Poaching by Indian fishing vessels in Sri Lanka’s northern waters is now much reduced, fishermen in the island have been warned not to go into other territories, fisheries minister Rajitha Senaratne said.“In the north fishermen are now much happier,” Senaratne told reporters in Colombo. “They had two problems. They earlier […]
PayTV
May 09, 2013 (LBO) – Sri Lanka’s Dialog Axiata said its pay television users grew to 274,000 by March 2013 from 264,000 in December, up 25 percent from a year earlier while mobile subscribers topped 8.0 million. . Revenues in the pay TV business rose 25 percent to 848 million rupees in the March quarter […]
Tele Profits
May 09, 2013 (LBO) – Sri Lanka’s Dialog Axiata reported profits of 1.59 billion rupees in the March 2013 quarter from a loss of 540 million rupees made a year earlier mostly due to currency depreciation. The group reported earnings of 20 cents per share, in accounts filed with the Colombo Stock Exchange. In mid-day […]
Sri Lanka flights by Air Arabia to Mattala stopped
May 09, 2013 (LBO) – Travel agents said they have stopped issuing tickets on Air Arabia, a UAE based budget carrier, in the Sharjah to Mattala sector, after the airline halted flights to the new airport.Aviation ministry secretary Ravindra Ruberu said flights have been temporarily suspended but they are likely to resume by August. Air […]
Sri Lanka electricity tariffs hiked on earlier charging system
May 9, 2013 (LBO) – Sri Lanka’s Public Utility Commission has set electricity tariffs reverting to an earlier system of charging by slabs, responding consumer comments at a public hearing.The regulator also made no change to users of up to 60 units complying with a speech made by President Mahinda Rajapaksa on May Day following […]
Sri Lanka Treasuries yields edge lower
May 08, 2013 (LBO) – Sri Lanka’s Treasuries yields edged lower across maturities Wednesday with the 12 month yield falling 03 basis points to 11.29 percent, the state debt office said. The debt office offered 12.0 billion rupees of bills for roll over and sold 16.08 billion worth bills. The 3-mont yield fell 02 basis […]
Sri Lanka stocks close up 0.14-pct
March 08, 2013 (LBO) – Sri Lanka’s stock closed up for the third straight day, with index heavy John Keells and banks extending gains, though some profit taking was coming in, brokers said. Lending rates are now high due to heavy government borrowing to finance excessive spending including the hiring of unemployed graduates in a […]