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Blocked Sri Lanka tea pouring in to Iraq: trade ministry
Mar 05, 2013 (LBO) – Shipments of Sri Lanka tea detained at the Iraqi border have been allowed into the country from March 04, two weeks after a meeting between ministers of the two countries, the commerce ministry said. The trade ministry said Sri Lanka’s Anverally & Sons (Pvt) Ltd, Georgre Stuart Teas (Pvt) Ltd, […]
Sri Lanka bans ethanol imports
Mar 05, 2013 (LBO) – Sri Lanka has banned the import of ethanol from March 01, using import and export control laws, a notice on the website of the customs office said.The customs office said un-denatured ethyl alcohol of 80 percent strength and denatured spirits have been prohibited. Last year Sri Lanka expropriated two sugar […]
Sri Lanka Finlays to target Middle East emigrants
Mar 05, 2013 (LBO) – Sri Lanka’s James Finlays Colombo Plc, a key exporter of tea to the Middle East said it would make more efforts to market its brands to migrant communities from the region in Europe, North America and Australasia. James Finlays said 84 percent of its tea exports were in consume packs […]
Growth Industry
Mar 04, 2013 (LBO) – The headcount of Sri Lanka’s major export software and outsourcing firms have grown 14 to 21 percent a year during the past three years, according to a salary and benefits survey among its members, an industry association said. A 2010 report, The ICT Export Value Survey 2010, commissioned by Sri […]
IT Hub
Mar 04, 2013 (LBO) – Volume, a UK-based digital marketing applications firm that makes web and mobile applications has set up a technology hub in Sri Lanka, which they hope to grow to serve markets in multiple time zones, officials said.“Our office in Colombo will become an important regional hub for our business,” Chris Sykes, […]
Sri Lanka to continue relaxing exchange controls: CB governor
March 03, 2013 (LBO) – Sri Lanka will continue to liberalise foreign exchange controls to encourage the investments needed to maintain high economic growth, Central bank governor Nivard Cabraal said. “The thinking now is to try to have faster growth for which we need more savings and investment which, if not available in our own […]
Sri Lanka Nestle unit net up 56-pct
Mar 02, 2013 (LBO) – Nestle Lanka Plc, a unit of a Swiss-based food group said profits rose 56 percent to 949 million rupees in the December 2012 quarter from a year earlier, and payments to local farmers topped 4.0 billion rupees. Total payments to dairy and coconut farmers topped 4.0 billion rupees. The firm […]
Sri Lanka Mattala flights by Air Arabia
Mar 02, 2013 (LBO) – Air Arabia, a UAE based budget carrier will launch twice weekly flights to Sri Lanka’s second international airport in Mattala from March 18, a media report said.It will start flights between Sharjah and Mattala, Arabian Business, a Middle Eastern business news portal said. “Just a few months after our inception […]
”’ rating confirmed by S & P, amid warnings
Mar 01, 2013 (LBO) – Standard and Poor’s Ratings Services has confirmed a ‘B+’ sovereign rating for Sri Lanka with a ‘stable’ outlook but warned of a bloated state sector and institutions that lack transparency and independence. “We affirmed the ratings to reflect our view of Sri Lanka’s weak external liquidity, a moderately high and […]
Bank Gains
Mar 01, 2013 (LBO) – Profits at Sri Lanka’s Hatton National Bank rose 41 percent to 3.1 billion rupees in the December 2013 quarter from a year earlier, helped by higher net interest income and fee income, interim accounts showed. The group reported earnings of 7.93 rupees per share for the quarter.In the year to […]
Sri Lanka targets China tourists
Mar 01, 2013 (LBO) – Sri Lanka will invite over 100 travel agents from China as part of efforts to boost visitors from the country where outbound tourism is growing, minister Keheliya Rambukwelle said. The cabinet of minister had approved a proposal by minister Basil Rajapaksa to invite the travel agents on a familiarization tour […]
Sri Lanka poultry firms in the red on higher costs, weaker sales
Mar 01, 2013 (LBO) – Sri Lanka’s Ceylon Grain Elevators, which has interests in feed-milling, hatchery and poultry meat said it lost 229 million rupees in the December 2012 quarter on weak sales and higher costs.The group reported a loss of 2.82 rupees per share for the quarter, in accounts filed with the Colombo Stock […]