Category:
Bunker Business
July 22, 2011 (LBO) – The Sri Lanka unit of Indian Oil Corporation has said strong sales of bunker fuel to ships in the last three months of the last financial year helped offset losses in the previous three quarters. Lanka Indian Oil Corp chairman G C Daga said that during the financial year ended […]
Sri Lanka to start tourist call centre
July 22, 2011 (LBO) – Sri Lanka plans to start an international call centre which will provide assistance and information to tourists, chairman of the country’s tourism development authority Nalaka Godahewa said. “We will call for proposals from local firms in two to three weeks,” Godahewa said. “We hope to receive innovative solutions. “A call […]
Sri Lanka Aitken Spence hotel reopens as health resort
July 22, 2011 (LBO) – Sri Lanka’s Aitken Spence Hotels has reopened its oldest hotel after refurbishment, converting it into an ayurveda health resort with solar power panels and plans for a biogas plan using kitchen waste. The 64-room beach front Neptune Hotel on the southern coast has been renamed Heritance Ayurveda Maha Gedara, a […]
Sri Lanka tea crop steady
July 22, 2011 (LBO) – Sri Lanka’s tea crop is steady at the half-year mark although there was a dip in June, with global tea statistics showing a big shortfall in East Africa while output is up in India, brokers said. The production of low grown teas, which make up over half the crop, was […]
US panel votes to bar aid to Sri Lanka
WASHINGTON, July 22, 2011 (AFP) – A US congressional committee voted Thursday to ban aid to Sri Lanka unless the nation shows “accountability” over the bloodshed in the final stages of its civil war in 2009. In a voice vote, the House Foreign Affairs Committee approved a measure that would ban all US government funding […]
Sri Lanka bond navigates market uncertainty: CB Governor
July 21, 2011 (LBO) – Strong demand for Sri Lanka’s billion dollar sovereign bond among international fund managers indicated that the country’s credit has matured in international market, Central Bank Governor Nivard Cabraal said. “It’s really a reflection of Sri Lanka’s maturity in the international markets,” Central Bank Governor Nivard Cabraal said. “In a sea […]
Sri Lanka raises one billion dollars at 6.25 percent
July 21, 2011 (LBO) – Sri Lanka raises has sold a 10-year sovereign bond at 6. 25 percent to raise one billion dollars from international markets, a source close to the deal said. Sri Lanka recently got a rating upgrade, but it is also balanced against turmoil in international bond markets, analysts said. The deal […]
Sri Lanka stocks slump 1.3-pct
July 21, 2011 (LBO) – Sri Lankan stocks slumped Thursday with the main index reaching the lowest level this year and brokers saying many shares were overvalued and foreigners were getting out of the market. Recently listed Nanda Investment was the top percentage gainer and closed at 27.90 rupees, up 9.30 rupees or 50 percent. […]
Port Support
July 21, 2011 (LBO) – India is to provide Sri Lanka with grants and soft loans to rebuild Kankesanturai port in the northern Jaffna peninsula that was damaged during the ethnic war, under a deal signed Thursday. India has already committed 20 million US dollars for the work which involves a hydrographic survey, wreck removal […]
Finance Fortunes
July 21, 2011 (LBO) – Sri Lanka’s LB Finance’s net profits for the June 2011 quarter grew 94 percent to 351 million rupees from a year ago with a rise in lending, other income more than doubling and lower provisioning. Earnings per share rose to 5.07 rupees from 2.62 rupees, according to interim accounts filed […]
Official Rules
July 21, 2011 (LBO ) – Sri Lanka will introduce ‘fit and proper’ tests for senior executives of non-bank lenders, following on from similar rules for commercial banks, deputy central bank governor Dharma Dheerasinghe said. Fit and proper rules are also expected to be imposed on leasing companies in the future. The measures are aimed […]
Sri Lanka eyed by Four Seasons: minister
July 21, 2011 (LBO) – Canada-based Four Seasons leisure group is in discussions to set up a resort in Sri Lanka following the end of a 30-year, deputy economic development minister Lakshman Yapa Abeywardene said. It is also building a resort in Hambantota in the South of the island. Abeywardene said the group was interested […]