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Sri Lanka unemployed down to 4.2-pct: data
Apr 10, 2012 (LBO) – Sri Lanka’s unemployment fell to 4.2 percent in 2011 from 4.9 percent a year earlier with more people being employed in agriculture and industry, official data showed. The Central Bank quoting a survey by the statistics office said total unemployed fell to 342,000 from 401,000 a year earlier. People working […]
Sri Lanka aims at forex reserves of 4.5 months of imports: CB Governor
Apr 10, 2012 (LBO) – Sri Lanka would aim to maintain foreign reserves equal to 4. 5 months of imports with balance of payments surplus of 1.2 billion US dollars projected for 2012, Central Bank Governor Nivard Cabraal said. “A level of 4.5 months (of imports) is comfortable,” Cabraal told reporters. “If it goes down […]
Sri Lanka Treasuries yields up after rate hike
Apr 09, 2012 (LBO) – Sri Lanka’s Treasury bill yields rose more than 50 basis points across maturities following a rate hike at Monday’s auction held two days earlier due to traditional holidays later in the week, data from the debt office showed. Higher Treasury bill yields are needed to correct an imbalance in the […]
Sri Lanka shares end down 0.2-pct
April 09, 2012 (LBO) – Sri Lankan shares closed slightly weaker Monday and trading slumped to a low of 132 million rupees, the lowest since May 2009, ahead of traditional new year holidays. Citrus Leisure, which revealed the ownership of a prime beach front property it bought on the east coast for 169 million rupees […]
Sri Lanka Browns to build Rs1.75bn hotel
April 09, 2012 (LBO) – Sri Lanka’s Browns Investments is to build a 150-roomed hotel on the south coast at an estimated cost of 1.75 billion rupees and scheduled to be completed by 2013 amid a tourism boom. The firm is to build a four-star hotel with 150 rooms in Kosgoda as it has decided […]
‘s Citrus Leisure beach property ownership disputed
April 09, 2012 (LBO) – The ownership of a prime beach front property the listed Citrus Leisure bought on Sri Lanka’s east coast for 169 million rupees is now being disputed in court. The newspaper said the land, owned by two Swiss nationals, had been illegally sold by a local party to other local parties […]
Appeals
Apr 09, 2012 (LBO) – The two latest disappearances in Sri Lanka has prompted appeals from family members and the Australian envoy to Colombo as one of the disappeared is a national of that country, media reports said. An Australian media report said Gunaratnam’s wife had pleaded for his release from Australia. On January 03, […]
Oil Storage
April 09, 2012 (LBO) – Indian Oil Corp. ‘s Sri Lanka unit plans to invest about 35 million US dollars to expand an oil tank farm in the eastern port of Trincomalee to store and export products, an official said. Since taking over operations of the China Bay tank farm ten years ago in 2002, […]
Sri Lanka to spend Rs89bn on war zones, rapid normalcy: President
Apr 09, 2012 (LBO) – Sri Lanka is planning to spend 89 billion rupees to re-build former war zones in the north and the east in 2012 to bring the areas to normalcy, President Mahinda Rajapaksa said. He said de-mining has been accomplished fast and ahead of predictions, and most displaced families were already resettled. […]
Sri Lanka revenue crunch continues in 2012
Apr 09, 2012 (LBO) – High state spending is continuing to put pressure on the economy with billions of rupees being printed in April to meet expenses on top of earlier bank borrowings, official data shows. In countries with more stable currency pegs, such as Hong Kong or Singapore, seasonal cash demands are met, not […]
Sri Lanka and Vietnam can boost trade with fast track measures: officials
April 08, 2012 (LBO) – Sri Lanka and Vietnam can boost bi-lateral trade by opening trade with a few items, and promoting interaction by reciprocal arrangements to participate in trade fairs, officials said. “Trade is 180 percent of gross domestic product, making Vietnam one of the most open countries in the world,” Truong said. “The […]
Sri Lanka state airline pays US$7.7mn in rental
Apr 07, 2012 (LBO) – Sri Lanka’s state-run SriLankan Airlines is paying 7. 7 million US dollar a month to lease 21 aircraft, a media report quoting a parliamentary filing said. The Island newspaper said quoting a document tabled by civil aviation minister Piyankara Jayaratne said Mihin Lanka, a loss-making budget carrier is also pays […]