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Bhutan office to be opened by ADB amid expanded lending
Oct 16, 2012 (LBO) – Asian Development Bank, a regional multilateral lender said it will open an office in the South Asian nation of Bhutan in early 2013 with economic growth expected to reach 8.4 percent in the current year. “To understand Bhutan’s needs, and the development challenges it faces, ADB needs an on-the-ground presence,” […]
‘s second international airport welcomes first aircraft
Oct 16, 2012 (LBO) – A Beechcraft Super King Air, belonging to Pakistan’s civil aviation authority has landed in a newly built runway at the second international airport in Mattala in Southern Sri Lanka, the state information office said. The information office quoted Saliya Wickramasuriya, chairman of Sri Lanka’s airports agency as saying the aircraft […]
” debate meaningless: IMF Rep
Oct 16, 2012 (LBO) – Debating whether Sri Lanka’s rupee is ‘overvalued’ is a wasteful exercise as models used to determine some intrinsic value of an exchange rate are not worth the paper they are written on, an International Monetary Fund official said. “Economists – we – have these models,” IMF’s resident representative Koshy Mathai […]
Sri Lanka Sampath Bank to limit 16.5-pct debentures
Oct 15, 2012 (LBO) – Sri Lanka’s Sampath Bank which offered 1. 5 billion rupees of debentures in three types coupons has said that applications for 16.5-pct fixed rate securities will only be partially filled. Those who had applied for over 100,000 will get 100,000 debentures and the balance will be prorated. Samapath offered one […]
Sri Lanka stocks closed down 1.47 pct
October 15, 2012 (LBO) – Sri Lanka stocks closed down 1.47 percent Monday with most blue-chips trading below previous closing prices. Coco Lanka fell with investors giving thumbs down to a cash call to move into fast moving consumer goods retailing. The Colombo All Share Index closed at 5,653.80 down 84.44 points and the S […]
Sri Lanka has to pay more attention to pricing energy: officials
Oct 16, 2012 (LBO) – Sri Lanka has to take actions to diversify the country’s energy mix and pay more attention to pricing energy and cut losses in state energy enterprises to keep the economy stable, top officials said. State-run Ceylon Petroleum Corporation ran up losses as it subsidized state-run Ceylon Electricity Board. The CEB […]
Sri Lanka hikes renewable energy tariffs by over 20-pct
Oct 15, 2012 (LBO) – Sri Lanka has hiked purchase tariffs for most renewable energy fuels by over 20 percent with a flat 20-year rate for new mini-hydro plants built in 2013, up 28 percent amid steep currency depreciation, a tariff decision by the regulator showed. Sri Lanka’s Public Utilities Commission had used an exchange […]
Slovakia seeks business with Sri Lanka
Oct 15, 2012 (LBO) – Slovakia’s envoy to India Marian Tomasik will make a presentation on opportunities in his country to Sri Lankan business at the Ceylon Chamber of Commerce on October 17, the trade chamber said. Slovakia is a landlocked nation in Central Europe with a population of over five million and a gross […]
Sri Lanka agri firm in cash call, moves to FMCG
Oct 14, 2012 (LBO) – Coco Lanka Ltd, a food processing and exporting firm said it was making a billion rupees cash call on shareholders to move into fast moving consumer goods retailing and become a holding company. Directors have resolved that both deals “do not constitute major transactions as defined by section 185 of […]
Sri Lanka hikes prices of cement, poultry
Oct 14, 2012 (LBO) – Sri Lanka’s consumer affairs authority, which has imposed price controls on chicken and cement, has raised the prices of the items media reports said. Poultry which is under price control also has import protection. Sri Lanka’s cost of production of poultry is artificially high duty to import protection given to […]
Sri Lanka budget: nobody said deficit is too large: Treasury Secretary
Oct 13, 2012 (LBO) – Not a single representative of the public or business community that had met Sri Lanka’s President Mahinda Rajapaksa, who is also finance minister, ahead of next month’s budget said the deficit was too large, an official said. Critics say the ruling political elite of all hues, has successfully maintained a […]
Sri Lanka stocks closed up 0.30 pct
October 12, 2012 (LBO) – Sri Lanka stocks ended a streak of losses and closed up 0.30 percent Friday. Dialog Axiata PLC closed flat at 8.50 rupees. Index heavy John Keells Holdings PLC gained 1.90 rupees to close at 205.40 rupees up 0.93 percent. The Colombo All Share Index closed at 5,738.24 up 17.38 points […]