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Sri Lanka stocks close lower amid uncertainty
Apr 19, 2013 (LBO) – Sri Lanka’s stocks closed lower Friday, recouping some losses form a mid-day sell-off, amid uncertainty over the effects of power tariff hike and weaker commodity prices, brokers said. Weaker commodity prices usually signals a strengthening of the underlying value reserve currencies such as the US dollar and Euro coming from […]
SriLankan Airlines revisiting feasibility of re-fleeting: minister
Apr 18, 2013 (LBO) – State-run SriLankan Airlines is revisiting the feasibility of re-fleeting in the wake of developments in the international aviation market, minister Keheliya Rambukwelle said.“They are re-visiting the entire feasibility,” Rambukwelle told reporters when asked whether the airline was going ahead with a plan to re-fleet the airline with new long haul […]
Sri Lanka biz chamber urges transparency at power utility after hike
Apr 19, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said the latest hike will see power costs going up by 20 to 30 percent and the state power utility to should follow the directions of the regulator to increase its transparency.The Chamber said the Public Utilities Commission had not made adjustments to tariffs […]
Secondary education quality drive in Sri Lanka backed by ADB
Apr 19, 2013 (LBO) – A drive to improve the quality of Sri Lanka’s state-run secondary education system is receiving 200 million US dollars in Asian Development Bank support from its results based lending program.The ADB is expected to give 120 million US dollars from its ordinary capital resources window for 26 years including a […]
Debenture
Apr 18, 2013 (LBO) – Sri Lanka’s Senkadagala Finance Plc (SFC) will sell one billion rupees of 3 and 4-year debt which have been given an expected ‘BBB+(lka)’ rating, Fitch Ratings said. The rating has a stable outlook. BBB+(lka) is an investment grade rating. “The proposed debentures will be issued in two tranches with a […]
Auto Cash
Apr 18, 2013 (LBO) – Commercial Bank of Ceylon, Sri Lanka’s largest private lender by assets said its 562 automated teller machine network had dispensed 1.79 billion rupees on April 10, the highest ever for a single day. In Sri Lanka cash withdrawals from banks peak in April, during a traditional New Year festival period. […]
Tourists should not fear Sri Lanka police tracking: hotelier
Apr 18, 2013 (LBO) – There should be no fears over moves by police to track tourists who are staying in hotels, as some other countries also follow the practice, a top tourist industry official said.“Some other countries also do follow the same procedure. So no one should get frightened about it,” Anural Lokuhetty, chairman […]
‘s power regulator sets conditions for CEB transparency
Apr 18, 2013 (LBO) – Sri Lanka’s power regulator has set eight conditions for cost transparency at state-run Ceylon Electricity Board, which it said came from consumer suggestions at a public hearing.Other analysts have also questioned the efficiency of several thermal plants and called for PPA’s to be made public. CEB has to initiate power […]
Sri Lanka main opposition slams tariff hike, power regulator independence
Apr 18, 2013 (LBO) – Sri Lanka’s main opposition United National Party has slammed a power tariff hike for very low users and the questioned the independence of the regulator, after a proposal of the state power monopoly was approved almost unchanged.But the regulator had earlier dis-allowed 40 billion rupees from proposed expenses of state-run […]
Petro Law
Apr 18, 2013 (LBO) – Sri Lanka will introduce a new law on oil exploration and incorporate a separate entity to regulate upstream petroleum activities, minister Keheliya Rambukwelle said. Sri Lanka’s Petroleum Resources Development Secretariat will be incorporated into an independent regulatory body with responsibility to prepare government policy on petroleum exploration and production. It […]
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Apr, 18 2013 (LBO) – Sri Lanka’s central bank said it had hired a US public relations firm to counter attempts to “tarnish the political image and true economic successes” of the island by “groups with dubious agendas.” “..[I]f such campaign continues without a counter campaign to correct the misconceptions it may have the potential […]
Sri Lanka Treasuries yield steady
Apr 17, 2013 (LBO) – Sri Lanka’s Treasuries yields eased 01 basis point across maturities at Wednesday’s auction with the 12-month yield at 11.34 percent the state debt office said. The 3-month yield was down 01 basis point at 9.24 percent and the six month yield was 10.24 percent also down 01 basis point. The […]