Category:
Road Plan
May 03, 2012 (LBO) – Sri Lanka is planning to firm up private finance for a 1. 5 billion US dollar expressway within two months, as the country seeks to connect the north and east to the capital Colombo, Treasury Secretary P B Jayasundera said. “Inquiries are very much active on the now recognized Northern […]
Brand Extension
May 3, 2012 (LBO) – Sri Lanka’s state-owned Bank of Ceylon is to increase its network of overseas branches following a sharp increase in profits of two existing units in neighbouring south India and the Maldives. The bank, the island’s biggest lender, is to open two new branches in the south Indian cities of Tuticorin […]
Sri Lanka, an anchor destination for new Indian Ocean cruise
May 03, 2012 (LBO) – A new Indian Ocean cruise is due to open this winter, ferrying passengers to Sri Lanka’s main port of Colombo, targeting some 4,000 up market tourists from German speaking countries, officials said. Mooted by FTI Group, a German tour operator, the 206-cabin cruise liner carrying some 400 passengers, will sail […]
Milky Deals
May 03, 2012 (LBO) – Cargills (Ceylon) PLC on Thursday said it continues to buy over 60,000 litres of fresh milk each day, despite dairy farmers protesting of poor prices or few buyers for their supplies. Farmers and milk collectors in the in the central region of Nuwara Eliya on Wednesday, threw some 12,000 litres […]
Sri Lanka chamber in link with BRICs counterpart
May 03, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said it had signed a deal with its counterpart representing Brazil, Russia, India, China and South Africa (BRICS) to promote economic links. The co-operation project was started with the help of Sri Lanka’s ambassador to Brazil, Mahinda Balasooriya, the Chamber said. The agreement with […]
Sri Lanka rupee in volatile ride
May 02, 2012 (LBO) – Sri Lanka’s rupee went on a wild ride Wednesday in thin trade in a market where there is little depth and uncertainty is high among dealers, market participants said. The rupee eventually closed around 127.70/128.50 The rupee traded as low as 131.00 to the US dollar and strengthened as much […]
‘s Treasuries yields up
May 02, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction with 12. 4 billion rupees of bills being sold, the state debt office said. The 3-month yield rose 18 basis point to 12. 11 percent, the 6-month yield rose 15 basis points to 12. 20 percent and the 12-month yield […]
Union Margins
May 02, 2012 (LBO) – Sri Lanka’s Union Bank group’s net profits for the March 2012 quarter were up 21. 8 percent from a year earlier, helped by stronger interest and foreign exchange income, interim accounts showed. But Union Bank said its gross non-performing loans (without interest in suspense) fell to 4.6 percent from 5.51 […]
Breaking Ground
May 2, 2012 (LBO) – Sri Lanka’s Hemas Holdings PLC group on Wednesday broke ground for their third hospital, catering to tens of thousands of people living in the east of the capital of Colombo, an official said. Situated in Thalawatugoda, some 14 kilometers off Colombo, the 1.3 billion rupee 50-bed hospital is due to […]
US official visits Sri Lanka on de-mining
May 02, 2012 (LBO) – A senior United States official in charge of security assistance programs and policy had visited Sri Lanka and for talks with defence officials and to see the progress on de-mining, the US embassy in Colombo said. He had also visited Kilinochchi and Vavuniya, where a 30-year civil war ended in […]
AirAsia and MAS abort stock swap
May 02, 2012 (LBO) Budget carrier AirAsia, its long-haul arm AirAsiaX and Malaysian Airline System (MAS) have aborted a stock swap but will form joint ventures in procurement and aircraft maintenance to cut costs and meet competition. AirAsia said key shareholder Tune Air and Khazanah Nasional will unwind a share swap deal signed in August […]
Sri Lanka to keep to 6.2-pct GDP budget gap in 2012: Treasury Secy
May 02, 2012 (LBO) – Sri Lanka will keep to a 6. 2 percent of gross domestic budget gap planned for 2012 despite higher than expected interest costs amid monetary tightening, Treasury secretary P B Jayasundera said. “We will strictly adhere to the 6. 2 budget deficit announced in 2012,” he told reporters Monday. “We […]