Category:
Sri Lanka, India trade deal seen containing deficit
August 04, 2012 (LBO) – A free trade deal between India and Sri Lanka has actually helped stabilise the island’s trade deficit with her larger neighbour, a senior economist has said. Concerns among Sri Lankan protectionist forces about the Indo-Lanka free trade agreement, that it was lopsided and favoured India, were largely misplaced, said Saman […]
Digging Deep
August 03, 2012 (LBO) – Sri Lanka’s Dialog Axiata PLC, the island’s largest mobile operator, said its group profits fell to 879.45 million rupees for the June quarter from 1.26 billion rupees reported in the same quarter 2011. A unit of Malaysia’s Axiata Berhard, Dialog’s group revenues grew to 14.1 billion rupees in the June […]
’s Trincomalee district
August 03, 2012 (LBO) – India has agreed to set-up a dedicated economic zone and to build a pharmaceutical hub in Sri Lanka as part of bilateral ties to strengthen economic trade between the South Asian neighbours, a minister said. The manufacturing investment zone, is due to come up in Sri Lanka’s eastern seaport district […]
Sri Lanka budget under pressure in May, but current gap narrows
August 03, 2012 (LBO) – Sri Lanka’s budget continued to be under pressure in May with the gap between total revenues at 119 billion rupees or 1.6 percent of gross domestic product but the pace of spending increases has slowed from a month earlier, official data showed. State finances performed much worse that last year, […]
Sri Lanka stocks up 0.31 pct
August 02, 2012 (LBO) – Sri Lankan stocks closed flat Thursday after about an hour of spike triggered by investor confidence that credit rules would be reconsidered by treasury secretary P.B Jayasundara. The Colombo Stock Brokers Association has met treasury secretary P.B. Jayasundara and discussed ways to revive the bourse and better manage risks, and […]
Financial Intelligence
August 02, 2012 (LBO) – The Financial Intelligence Unit (FIU) of Sri Lanka’s Central Bank has signed a Memoranda of Understanding (MOU) with FIUs of Mongolia, Russia, Saudi Arabia, and the United States, the bank releasing a statement said. Under the MOU the countries will share financial information to facilitate the investigation and prosecution of […]
Urban Dwelling
Aug 02, 2012 (LBO) – Sri Lanka is set to begin work on the second stage of a housing project to relocate Colombo’s shanty dwellers in a bid to improve living standards and transform the congested Slave Island area to a modern residential and commercial zone, officials said. Housing units starting from a minimum five […]
’s John Keells, Phoenix Ventures floats local air taxi service
August 02, 2012 (LBO) – Sri Lanka’s John Keells Holding PLC has joined with Phoenix Ventures Limited to start a 6.8 million dollar domestic air taxi service, a statement said. Saffron Aviation (Pvt) Ltd, will be a 8.4 million dollar project becoming the second such air taxi operator after national carrier SriLankan Airlines. The start-up […]
Sri Lanka hopes to earn more than $6 mn from cricket T20 premier league
August 02, 2012 (LBO) – Sri Lanka Cricket tips the island will earn in excess of six million dollars from its inaugural Twnety20 premier league from professional fees, sponsorships and hotel accommodation. The Sri Lanka Premier League runs from August 10-31 and will be played at Colombo’s R. Premadasa Stadium and Kandy’s Pallekele Stadium. The […]
Full implementation of LLRC action plan will benefit all citizens: US
August 02, 2012 (LBO) – The United States Thursday welcomed the release of Sri Lanka’s National Action Plan on the Lessons Learnt and Reconciliation Commission (LLRC) proposals saying its full implementation will help achieve reconciliation and long term peace. The post war commission appointed by President Mahinda Rajapaksa is seen as a home grown mechanism […]
Longer Horizon
August 01, 2012 (LBO) – Sri Lanka’s newest mutual fund operator, Orient Wealth Limited plans to raise about a billion rupees by attracting customers to invest in pension, children’s education and general investment products, officials said. Sri Lanka’s stock market is down by almost 19 percent since January, largely due to lack of credit while […]
’’s Choice award
August 1, 2012 (LBO) – Sri Lankan cricketer Kumar Sangakkara is among the five international stars nominated for this year’s people’s choice award, the International Cricket Council said. Fans can decide on the winner by unity to decide the winner, by accessing an application: ICC’s official Facebook page Voting will be open until midnight UAE […]