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Sri Lanka maintained balance while ensuring growth: CB Governor
Oct 04, 2011 (LBO) – Policymakers must look at an economy as a whole and not focus only on certain aspects, Sri Lankan central bank governor Nivard Cabraal said. Factors like the exchange rate, interest rates, unemployment and growth were all interconnected, he told a meeting of the Asian Bankers Association in Colombo Tuesday. Concern […]
Sri Lanka stocks end flat
Oct 03, 2011 (LBO) – Sri Lankan stocks closed virtually flat Monday, unmoved by Sunday’s announcement of an offshore natural gas strike that could benefit firms with shipping businesses and meet local energy needs, brokers said. Regnis (Lanka), another stock which has drawn speculators, closed at 488.80 rupees, up 68.50 rupees. The main All Share […]
Recovery Drive
Oct 03, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of B- and NP to Prime Grameen Micro Finance Ltd. with the long-term rating having a stable outlook. The Company’s capitalisation levels are deemed moderate. Its shareholders’ funds had recovered to LKR 242.14 million by end-July 2011 (end-FY Mar […]
Fresh Lease
Oct 03, 2011 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm which plans to raise 70 million US dollars in an initial public offer, is seeing strong growth in lease volumes on the back of a post-war economic revival. People’s Leasing Company group posted profits of 2. 6 billion rupees in the year […]
Sri Lanka leisure group to revive coral reef
Oct 03, 2011 (LBO) – Sri Lanka’s John Keells group has tied up with a local university in a project to revive a coral reef that is the main draw on a southern beach where it will reopen a refurbished hotel. Chitral Jayatilake, head of eco tourism and special projects at John Keells Holdings, said […]
Sri Lanka value-added tea exports fall
Oct 04, 2011 (LBO) – Sri Lanka’s value-added tea exports have fallen in recent months in what a tea broker described as a “disturbing trend” as the country is trying to coax its main export up the value chain. Tea bags rose to a “healthy” nine percent in the quarter from six percent a year […]
‘s rupee a victim of global turmoil
NEW DELHI, October 2, 2011 (AFP) – India’s rupee has slid nearly 10 percent in three months against the dollar, a consequence of global economic uncertainty that will stoke already high inflation in Asia’s third-biggest economy. The rupee’s tumble makes import prices of everything from oil, fertilizers to food staples such as pulses, fuelling near-double-digit […]
Japan urges Sri Lanka post-war reconciliation, reconstruction
Oct 03, 2011 (LBO) – Sri Lanka should continue reconciliation and reconstruction efforts in the former war-torn regions, Japan’s envoy to Colombo said after giving more funds for de-mining. Japan’s envoy to Colombo Kunio Takahashi gave a grant of 780,000 US dollars (85 million rupees) for demining in the Sri Lanka’s north. Ambassador Kunio said […]
‘s Spence wins prize at World Travel Awards
Oct 02, 2011 (LBO) – Maldives’ Adaaran Prestige Resorts run by Sri Lanka’s Aitken Spence group was voted the India Ocean’s best water villa at World Travel Awards 2011, where the top Asian spots were swept by India. India also won Asia’s leading hotel (Trident Gurgaon, India), Asia’s leading luxury hotel (The Oberoi, Gurgaon), Asia’s […]
Lawlessness
Oct 02, 2011 (LBO) – Five police officers have been arrested in Sri Lanka after thousands of angry citizens surrounded a police station seeking justice, where a suspect had died in custody, a media report said. Sri Lanka’s The Sunday Times newspaper said an estimated 3,000 civilians had surrounded a police station in Dompe in […]
Gas Find
Oct 02, 2011 (LBO) – Sri Lankan president Mahinda Rajapaksa has announced that a large natural gas deposit has been found in offshore waters, a presidential spokesman said. The spokesman quoted Rajapaksa as saying the firm had also begun drilling the second test well. The discovery announced Sunday is the first since intermittent exploration for […]
Sri Lanka volunteers combat rabies
Oct 01, 2011 (LBO) – Volunteers in Sri Lanka are teaming up to combat rabies spread with free vaccinations which can save lives and also make a dent in 500 million rupees spent each year to treat dog bite victims. Dozens of volunteers teamed up on a hot Sunday afternoon to offer free rabies vaccination […]