Category:
Walkout
Dec 07, 2012 (LBO) – Sri Lanka’s chief justice Shirani Bandaranayake has walked out of a parliamentary committee with her lawyers saying she had been denied due process, in the latest twist in a controversial impeachment process. Leaked reports showed that her lawyers had denied charges in an impeachment motion. An impeachment motion was launched […]
ADB downgrades growth for South Asia
Dec 07, 2012 (LBO) – The Asian Development Bank has downgraded the growth forecast for South Asia by 0. 2 percent to 5.3 percent in 2012 and 6.2 percent in 2013 on a slowing Indian economy. China is expected to grow 7.7 percent (8.1 percent next year) and South East Asia 5.3 percent (5.5 percent […]
‘s Keppel
Dec 07, 2012 (LBO) – Sri Lanka CT Holdings said Singapore’s Keppel group had completed the purchase of a 60 percent stake in a property unit which will build a seven billion rupee luxury apartment complex. . Keppel C T Developments (Private) Limited will build a 260-unit apartments in a 1.25 acre site at George […]
Speaking for the administration in Sri Lanka
Dec 07, 2012 (LBO) – The middle page of the December 5th, 2012 Lankadeepa, the newspaper with the highest readership in Sri Lanka, carried a long interview with the Senior Minister for International Monetary Cooperation and the Deputy Minister of Finance and Planning Dr Sarath Amunugama, where, among many important statements, he said the following […]
Lube Shift
Dec 07, 2012 (LBO) – Sri Lanka’s Chevron Lubricants Plc, the island’s market leader, said it will shift a blending plant to an industrial estate by July 2014 at an estimated cost of 15 million US dollars. Chevron Lubricant, a privatized unit has facilities on state land. The firm said it is gettubg 4.5 acres […]
Sri Lanka stock close up 0.6 pct
Dec 06, 2012 (LBO) – Sri Lanka’s stocks closed 1.2 percent higher Thursday with foreign investors dominating trading, while the rupee closed higher after weakening in intra-day trade, brokers and dealers said. NDB Bank which exited a stake in Aviva insurance at a profit was actively traded with one million shares changing hands. The stock […]
Road Tolls
Dec 06, 2012 (LBO) – A toll plaza at the entry of Sri Lanka’s first expressway to the island’s south which also connects to road circling the capital Colombo begins operations this week, the Japan International Corporation, which financed it said. The toll plaza at the Kottawa interchange of the Southern Expressway will have five […]
Foreign Savings
Dec 06, 2012 (LBO) – Sri Lanka’s non-bank lenders should borrow abroad using newly relaxed rules to help boost resources available for investment, Central Bank Governor Nivard Cabral said. “We would encourage you to access foreign funds, as well,” Cabraal told a forum of top finance company executives in Colombo this week. “Some of you […]
Sri Lanka drought hit farmers get free seed paddy
Dec 06, 2012 (LBO) – Sri Lanka’s rice farmers who have been hit by a recent drought will be given 371 million rupees worth of seed paddy by tax payers, enough to plant 58,000 hectares of land, the finance ministry said. The state has given land to farmers, built infrastructure pumping vast volumes of money, […]
SriLankan Airlines ups frequencies to Riyadh
Dec 06, 2012 (LBO) – State-run SriLankan Airlines said it has increased flights to Riyadh by three to five a week from December 13. “The Middle East is considered as one of the fastest growing regions in the world,” SriLankan Airline’s Head of Worldwide Sales, Lal Perera said in a statement. SriLankan now flies to […]
‘s exports slip 13.4-pct in October
Dec 06, 2012 (LBO) – Sri Lanka’s exports slipped 13. 4 percent to 770.4 million US dollars in October from a year earlier, with tea being hit by Middle East tensions with apparel falling amid weak demand, the Central Bank said. “Given the slowing down of global demand, exports of industrial exports continued to decline […]
Sri Lanka rejects bids for 3-month at auction
Dec 06, 2012 (LBO) – Sri Lanka has rejected all bids for 3-month Treasury bills at an auction on Wednesday while 6 and 12 month bill yields rose by one basis point, data released by the state debt office showed. The Central Bank also owns 217 billion rupee portfolio of stocks and rolling them over […]