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Sri Lanka tea farmers hurt by Middle East unrest
Feb 03, 2012 (LBO) – Sri Lankan small farmers are suffering because of a downturn in demand for tea from key markets in the Middle East owing to political unrest, an industry official said. Goonetilleke said 2012 had not started off well for the tea growers and factories producing low grown teas whose main market […]
Sri Lanka Textured Jersey December quarter net down 29-pct
Feb 03, 2012 (LBO) – Sri Lanka’s Textured Jersey Lanka, a unit of Brandix, an apparel export group, said net profit fell 29 percent in the December 2011 quarter from a year ago. Net profit in the nine months ending December 31, 2011 fell 11 percent to 409 million rupees from a year ago. Sales […]
Sri Lanka monetary tightening welcomed by IMF – Update
Feb 03, 2012 (LBO) – A hike in rates and a credit ceiling to rein in loan growth would help narrow a widening external deficit in Sri Lanka, but exchange rate flexibility should be part of the policy package, the International Monetary Fund said. Strong credit growth put pressure on Sri Lanka’s peg with the […]
Sri Lanka mounts an interest rate defence on peg
Feb 03, 2012 (LBO) – Sri Lanka’s Central Bank hiked rates by 50 basis points to 9. 0 percent mounting an interest rate defence of its peg with the US dollar, and slapped a credit ceiling as foreign reserves fell by a quarter in 2011 due to high loan growth. The Central Bank said its […]
‘s drainage, wetlands boosted with World Bank credit
Feb 03, 2012 (LBO) – Sri Lanka will boost drainage to reduce flooding and improve the wetlands around the capital Colombo in a 223 million dollar project which will be mostly financed with a World Bank credit. The government has negotiated a 213 million dollar credit to develop the Colombo metropolitan area under the Metro […]
Sri Lanka shares end down 1.4-pct
Feb 02, 2012 (LBO) – Sri Lankan shares closed weaker Thursday for the third straight day after a brief recent rally, with warrants in Environmental Resources Investments plunging 71 percent with the regulator imposing trading restrictions from February 03. The main All Share Price Index closed down 1.35 percent (76.84 points) at 5,605.49, while the […]
Trade Links
Feb 02, 2012 (LBO) – Sri Lanka’s southern expressway linking the capital Colombo with the south is to be extended to link the eastern port town of Trincomalee, Sri Lanka Ports Authority chairman Priyath Wickrama said. The move is part of a plan to improve the transport infrastructure to give manufacturers fast connectivity, he told […]
Express Fitness
Feb 02, 2012 (LBO) – A large number of vehicles breaking down on Sri Lanka’s first expressway may require motorists to get roadworthiness certificates to use the road, as traffic picked up steadily, an official said. From about 4,000 vehicles a day in December, usage has now increased to 7,200 by end January. Sri Lanka’s […]
Sri Lanka tourist road signs boosted with USAID
Sri Lanka’s Road Development Authority has developed roadside signs to help guide tourists with support from the US Agency of International Development which are likely to come up first in the Eastern Province. “Tourism roadside signage plays a key role in making Sri Lanka a visitor-friendly destination,” USAID said. “Effective road signage may draw visitors […]
Sri Lanka estate living standards seen improving
Feb 02, 2012 (LBO) – Sri Lanka’s tea plantations industry said investments in improving infrastructure and community services had improve the quality of life of workers who produce the island main export crop. The Planters™ Association of Ceylon (PA), which represents 23 listed Regional Plantation Companies (RPCs), said estate communities in RPC estates have seen […]
Sri Lanka tea trade mulls new standard
Feb 02, 2012 (LBO) – Sri Lanka’s tea industry is considering developing an ‘all-encompassing’ standard to demonstrate compliance with a plethora of international criteria producers are faced with, an official said. Niraj de Mel, Managing Director of exporter Vanrees Ceylon, said the number of standards producers are compelled to comply with have been increasing in […]
‘s HDFC to 3.9-pct
MUMBAI, Feb 2 (AsiaPulse) – US-based private-equity firm Carlyle Group on Wednesday reduced its stake to about 4 per cent in leading Indian mortgage company HDFC (BSE: 500180). Carlyle had 5.22 per stake in HDFC. The private equity firm sold about 1.3 per cent stake in the company through open market transaction, sources said. The […]