Category:
‘s ITC hotel
July 8, 2012 (LBO) – A mixed property project including a hotel in Sri Lanka’s capital Colombo by India’s ITC has been given sweeping tax breaks under the island’s strategic investment law, a government notice said. Welcome Hotels Lanka (Pvt) Ltd, a newly incorporated ITC unit in Sri Lanka has already paid 73. 5 million […]
Sri Lanka state airlines get Rs2.38bn handout
July 08, 2012 (LBO) – Sri Lanka’s loss-making state-run airlines have been given 2. 28 billion rupees in tax payer money during the first half of 2012, a mid -year fiscal report has revealed. Mihin Lanka on the other hand had made a net profit before interest of 2. 0 billion rupees and had finance […]
Logistics
July 07, 2012 (LBO) – Sri Lanka has moved up 56 places to 81 in a World Bank logistics performance index for 2012, as a result of improvements in infrastructure and quality of logistics services, a business chamber has said. To compile the index, nearly a thousand international freight forwarders have been surveyed on areas […]
Sri Lanka on business traveller map says Colombo hotel
July 07, 2012 (LBO) – Cinnamon Lakeside, a hotel in Sri Lanka’s John Keells group had won an award from a UK-based business travel publication, giving international recognition to high industry standards, officials said. ‘Business Destinations’, a magazine targeted at corporate buyers and travel professionals, had named Cinnamon Lakeside the best luxury hotel in Sri […]
Sri Lanka losses on Greece bonds offset by other gains: Central Bank
July 07, 2012 (LBO) – Sri Lanka has lost money by buying Greece government bonds for its foreign reserve portfolio but returns on other assets have offset the losses, the Central Bank said. Sri Lanka has a de facto peg with the US dollar and aggressive investment strategies involving diversifying out of dollar assets can […]
Sri Lanka excess liquidity up, rates lower
July 06, 2012 (LBO) – Excess liquidity in Sri Lanka’s interbank markets have topped 20 billion rupee over the past three days easing tighter monetary conditions that prevailed a week earlier, official data show. If not the Central Bank will have to sell the collected dollars to prevent the exchange from being depreciated by the […]
Sri Lankan stocks up 0.08 percent
July 06, 2012 (LBO) – Sri Lankan share prices snapped a four-day loosing streak to rise marginally by 0.08 percent on Friday, with activity centred around Central Finance PLC and few small cap stocks, brokers said. PC House Holdings, a computer peripheral company, slipped 50 cents to 13.40 rupees on 3.7 million shares, largely on […]
Price Cuts
July 06, 2012 (LBO) – India’s Bajaj Auto has cut prices for Sri Lanka between 5 to 14 percent after an excise duty hike in the island slashed sales, which was 17 percent of its total exports, a media report said. India’s Economic Times said Sri Lanka accounted for 5-7 percent of total sales and […]
Bank Upgrade
July 6, 2012 (LBO) – Sri Lanka’s state-run People’s Bank has been upgraded to ‘AA+(lka)’ from ‘AA(lka)’ on strengthening links with the state, while the ratings of its subsidiaries have also been upped. Subsidiaries People’s Leasing Company has been upgraded to ‘AA-(lka)’ from ‘A+(lka) and People’s Finance has been upgraded to ‘A(lka)’ from ‘A-(lka)’. People’s […]
Sri Lanka in final talks over India coal joint venture: official
July 6, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board is in the final stage of discussions with India’s National Thermal Power Corporation to build a 500 MegaWatt coal plant, an official said. “We are in final stage of discussion,” deputy chairman of Sri Lanka’s Ceylon Electricity Board Anura Senaka Wijayapala said. “We hope […]
Sri Lanka power utility losing Rs200mn a day: minister
July 06, 2012 (LBO) – Ceylon Electricity Board, Sri Lanka’s state-run power utility is losing 200 million rupees a day, and a ministerial committee is making proposals to fix the energy sector, power minister Champika Ranawaka said. Ministers John Seneviratne (an former power minister), A H M Fowzie (a former petroleum minister) Nimal Siripala de […]
’s Jayasuriya among top picks for premier league
July 06, 2012 (LBO) – Veteran Sri Lankan cricketer turned politician Sanath Jayasuriya, Rangana Herath and Thisara Perera were among the six local players to be valued at a maximum price of 35,000 dollars for the draft of the maiden Sri Lanka Premier League. Uva: Andrew McDonald — 35,000 dollars Umar Gul — 25,000 dollars […]