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Sri Lanka inflation eases to 4.7 percent
Nov 30, 2011 (LBO) – Sri Lanka’s inflation rose to 4. 7 percent in November 2011 from a year earlier decelerating from 5. 1 percent in October, but prices rose 0.7 percent during the month, the state statistics office said. Central Bank Governor Nivard Cabraal has said that policy rates will be kept steady in […]
Sri Lanka firms can diversify with foreign talent
Nov 30, 2011 (LBO) – Sri Lankan firms can diversify into new areas by acquiring international talent when local resources are in short supply, the head of an emerging diversified group said. “If you don’t have a particular expertise are you buy that expertise,” LOLC group managing director Kapila Jayawardena told a business forum in […]
Sri Lanka stocks rally loses steam
Nov 29, 2011 (LBO) – Sri Lanka’s main share index closed slightly weaker Tuesday after a morning rally on the back of Monday’s surge in prices lost steam on profit-taking, brokers said. The main All Share Price Index fell 0.04 percent (2.16 points) to 6,020.08, while the more liquid Milanka index rose 0.26 percent (13.39 […]
Card Play
Nov 29, 2011 (LBO) – Sri Lanka’s Nations Trust Bank, which has the franchise for American Express, has said its credit card business is recovering after being hit by interest rate restrictions imposed by the banking regulator. Renuka Fernando, NTB’s deputy chief executive, said the bank has been able to increase credit card business volumes […]
Capital Cover
Nov 29, 2011 (LBO) – Several Sri Lankan lenders will visit Oman and Qatar in December as part of plans to encourage banks to borrow abroad, Deputy Governor Dharma Dheerasinghe said. To encourage banks in the initial stages the Central Bank will also give some comfort through a swap contract to mitigate foreign exchange risk. […]
Sri Lanka mulls more agriculture export zones
Nov 29, 2011 (LBO) – Sri Lanka plans to set up more dedicated ‘agro export zones’ to help promote export of agricultural produce by private sector exporters. The Ministry of Industry and Commerce said in a statement it would set up the zones focusing on private-public partnerships between the government and the private sector. The […]
Regional Role
Nov 29, 2011 (LBO) – Sri Lankan celco Dialog Axiata said its Group Chief Marketing Officer Nushad Perera is to take up a regional role at the headquarters of the Axiata Group Berhad in Kuala Lumpur, Malaysia. The group currently has controlling interests in subsidiary operations in Malaysia, Indonesia, Sri Lanka, Bangladesh and Cambodia as […]
China agri firm to buy Pakistan farmland
ISLAMABAD, (AsiaPulse) – China Green, considered that country’s biggest private agriculture company, is looking to buy 10,000 acres of farmland in Pakistan on lease to grow fruits and vegetables. Federal Minister for National Food Security and Research, Mir Israrullah Khan Zehri, held a meeting with a trade delegation of China Green. Zehri said that Pakistan […]
Sri Lanka power plant shut down after coal fire
Nov 29, 2011 (LBO) – A 300 MegaWatt power plant in Sri Lanka was shut down following a fire at a coal crushing plant but is expected to be re-connected to the grid by noon, an official said. A power ministry spokesman said there was no disruption to supply as it happened in the early […]
Sri Lanka to keep pat on rates to curb credit: CB Governor
Nov 28, 2011 (LBO) – Sri Lanka will maintain its policy rates and maintain reserve ratios for the moment despite falling inflation in a bid to curb credit, Central Bank Governor Nivard Cabraal said. The rupee has come under pressure from excessive credit growth in recent months and there have been steady interventions in forex […]
Sri Lanka stops repo auctions to stabilize rates
Nov 28, 2011 (LBO) – Sri Lanka’s Central Bank will stop repo auctions which drained money at rates higher than a 7. 00 percent standing facility and also allow banks to swap dollars for cash to stabilize money markets, an official said. “We are stopping the repo auctions,” Deputy Governor Dharma Dheerasinghe said. The repo […]
Sri Lanka stocks end up 3.6-pct
Nov 28, 2011 (LBO) – Sri Lankan shares closed sharply higher Monday with the main index jumping back over 6,000 points on optimism a meeting between stockbrokers and President Mahinda Rajapaksa could yield a relaxation of credit rules and price restrictions. Environmental Resources Investments warrants W0003 were the highest gainer of the day, closing at […]