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Sri Lanka getting strong inflows, space to support oil bills if needed: CB Governor
Apr 25, 2012 (LBO) – Sri Lanka’s rupee will be supported by inflows which are expected to be sold in the market ending current speculation and the Central Bank has space to provide dollars for oil if needed, Governor Nivard Cabraal said. Governor Cabraal said the Central Bank was ready to supply dollar for oil […]
Sri Lanka rupee edges lower
Apr 25, 2012 (LBO) – Sri Lanka’s rupee was quoted at a new low of 132.80/133.20 against the US dollar edging down to a new low in mid morning trade Wednesday amid some buying pressure, dealers said. Dealers said trades were seen around 132.80/85 levels, down from 132.20 a day earlier as some exporters held […]
Sri Lanka lures another cruise line
Apr 25, 2012 (LBO) – Sri Lanka is getting more cruise ship calls after the end of its 30-year war with the latest being the vessel MV L’Austral operated by the French cruise line Compagnie du Ponant, a statement said. The cruise vessel, owned by CMA CGM, the third largest container shipping line, made her […]
Growth Spurt
April 25, 2012 (LBO) – Demand for office space in the Sri Lanka’s capital Colombo is tipped to more than double over five years, led by information technology related firms and the financial sector, a property services specialist has said. The newly opened Sri Lanka unit of Jones Lang LaSalle, an international property services company […]
Sri Lanka to get weather based agri-insurance: IFC
Apr 25, 2012 (LBO) – International Finance Corporation (IFC), a World Bank arm that finances private firms said it was developing weather-based agricultural insurance for Sri Lanka with a micro-insurer. IFC said it was helping Sri Lanka’s SANASA Insurance to develop ‘weather index insurance’ to reduce losses to farmers from floods or droughts. “These insurance […]
Sri Lanka rupee hits new low
Apr 24, 2012 (LBO) – Sri Lanka’s rupee hit a new low of 132. 20 against the US dollar in the spot market mid-morning trade Tuesday dealers said, as money markets remained liquid and overnight interest rates were below a recently hiked policy rate. The rupee was quoted at 132.10/40 in mid-morning trade after opening […]
Sri Lanka shares end down 0.2-pct
April 24, 2012 (LBO) – Sri Lankan shares closed weaker Tuesday in lacklustre trading with turnover remaining low and interest mainly on low value speculative stocks, brokers said. The main All Share Price Index fell 0.24 percent (13.28 points) to 5,441.78, while the more liquid Milanka index fell 0.35 percent (16.94) to close at 4,888.85. […]
Mid-sea Drama
Apr 24, 2012 (LBO) – An European Union warship has rescued six Sri Lankan fishermen from Somali pirates off the coast of Tanzania, who would be flown home, the EU delegation in Colombo said. A Spanish warship Infanta Elena, which is part of an EU Naval force had boarded the fishing vessel which had been […]
State Expansion
Apr 24, 2012 (LBO) – Sri Lanka’s state workers rose 1. 1 percent to 1.232 million after falling 7.2 percent a year earlier, with central and local government employees climbing 16,812 to 986,386 though state agency workers fell, official data showed. Analysts say trimming the public sector and paying better wages would reduce the burden […]
Time Please
Apr 24, 2012 (LBO) – Two shareholders of Sri Lanka’s listed Nations Trust Bank have asked for more time to sell down their stakes to comply with a regulatory requirement, the firm said. Sri Lankan conglomerate John Keells Holdings holds 29.9 percent of the company and Central Finance hold 20 percent of the company. Sri […]
‘s EAP group enters insurance broking with Omani firm
Apr 24, 2012 (LBO) – Sri Lanka’s EAP Group and Oman-based Risk Management Services LLC is teaming up to form an insurance broking firm amid prospects for strong growth in the island, officials said. “With the war over there is a lot of opportunities for growth,” RMS assistant general manager K Krisha Murthi said. “There […]
Offshore Potential
April 24, 2012 (LBO) – Cairn India which struck gas in two offshore wells in Sri Lankan waters last year has indicated that at least one may have commercial potential so far. The company found natural gas in two of three test wells drilled in the Mannar Basin, off the island’s north-west coast, called the […]