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Sri Lanka hotel makes US$35mn cake
Mar 28, 2012 (LBO) – Sri Lanka Heritance Ahungalle, a hotel in the island’s Aitken Spence leisure group said it has made a 35 million dollar sapphire studded cake, in a bid to make the world’s most expensive one. “Created by their celebrity Chef Dimuthu Kumarasinghe, the ten-layered ‘Pirate’s Fantasy’ comes studded with jewels and […]
Work Trial
Mar 28, 2012 (LBO) – Sri Lankan employers are seeking the extension of a trial run allowing a five-day work week as part of moves to reform archaic labour laws and improve efficiency, an official said. Ravi Peiris, director general of the Employer’s Federation of Ceylon (EFC), said they have been lobbying with the government […]
Legal Overhaul
Mar 28, 2012 (LBO) – An overwhelming majority of Sri Lankan employers have asked for changes in the island’s labour laws, saying they are archaic and actually hinder employment creation and growth. “We firmly believe labour regulation needs an overhaul in line with changes taking place today,” Peiris said. “We do not propose a hire […]
Indian gold loans to slow after new curbs: rating agency
NEW DELHI, March 28 (AsiaPulse) – The Reserve Bank of India (RBI)’s recent guidelines for the gold loan sector will significantly moderate the growth and profitability over the next year, said a Crisil report. “Business growth is likely to fall from 80 per cent per annum to 20-25 per cent per annum and return on […]
” deal
Mar 28, 2012 (LBO) – Sri Lanka’s Commercial Bank has struck a deal with Ceylinco Insurance to offer the latter’s general and life insurance products through the bank’s islandwide network of branches. “The agreement strengthens Commercial Bank’s commitment to offer a wide choice in ‘Bancassurance’ to existing and potential customers, through partnerships with the country’s […]
Sri Lanka Expo foreign presence sign of confidence: president
Mar 28, 2012 (LBO) – The presence of a large delegation of foreign visitors at Sri lanka’s Expo2012 international trade fair and exhibition is an expression of confidence placed in the country, President Mahinda Rajapaksa said. The fair is meant to show the world the new prospects for investment and trade in Sri Lanka after […]
Sri Lanka energy, transportation projects draw US firms
Mar 28, 2012 (LBO) – The United States is keen to expand trade and investment in Sri Lanka, a senior official said at talks on a proposed bilateral Trade and Investment Framework Agreement between the two countries. Her remarks came in the wake of a US-sponsored resolution adopted by the United Nation Human Rights Council […]
Sri Lanka gets Japanese loan for airport expansion
Mar 28, 2012 (LBO) – Japan has given Sri Lanka a loan of 42 billion Yen (about 66 billion rupees) with the bulk of it meant for expanding the island’s sole international airport, a Japanese embassy statement said. “The loans under this scheme are offered on highly concessionary terms and conditions and are administered by […]
Sri Lanka, Vietnam economic potential explored
Mar 28, 2012 (LBO) – Greater co-operation between Sri Lanka and Vietnam will be examined in an economic forum on March 30, with the participation of economists and government officials Friday. After people’s property rights were improved and market prices were freed Vietnam became the world’s second largest rice exporter from being a net rice […]
Sri Lanka forex reserves down 28-pct in Jan
Mar 27, 2012 (LBO) – Sri Lanka’s forex reserves fell 28 percent to 5,806 million dollars in January 2012, from a peak of 8,098 million US dollars reached in July 2011, around the time a balance of payments crisis started, official data showed. The currency board had helped keep inflation low and allowed Sri Lanka […]
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Mar 27, 2012 (LBO) – A top Japanese economist has warned Sri Lanka of continuing a ‘subsidy culture’ that could retard growth and also of letting slip opportunities for closer trade ties with neighbouring India. Shinji Asanuma, a professor in the school of international and public policy, Hitotsubashi University said Sri Lanka’s economic growth provided […]
Sri Lanka shares end up 0.4-pct
Mar 26, 2012 (LBO) – Sri Lankan shares closed firmer Monday with an increase in trading by foreign investors who ended up as net sellers, brokers said. The main All Share Price Index rose 0. 37 percent (20.29 points) to 5,442.62, while the more liquid Milanka index rose 0.56 percent (27.21) to close at 4,875.07. […]