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Sri Lanka workforce dying early: report
July 10, 2011 (LBO) – Sedentary lifestyles and absence of regular health checks are making Sri Lanka’s workforce unhealthy with an alarming increase in early deaths that could have implications for economic growth, a media report said. “The war is over but Sri Lanka’s workforce is sitting on a fast-ticking time bomb,” the Sunday Times […]
Former royals renounce Indian temple treasure
NEW DELHI, July 8, 2011 (AFP) – The head of a former Indian royal family renounced Friday any personal claim to billions of dollars’ worth of ancient treasure discovered in a Hindu temple in the kingdom his ancestors once ruled. On Friday, the Supreme Court directed that the opening of the final vault be deferred […]
Sri Lanka LOLC group builds 6MW dendro plant
July 9, 2011 (LBO) – United Dendro Energy, a unit of Sri Lanka’s LOLC group is building a 6 MegaWatt dendro power plant to be fired by gliricidia with plans to eventually build 24MW of biomass generating capacity, the company said. The firm was now building a 4MW plant in the southern Kalutara district, which […]
Sri Lanka tea exporter plans off-shore blending plant
July 9, 2011 (LBO) – HVA Foods, a Sri Lanka-based branded tea exporter is planning a blending unit in the Middle East to gain a bigger share in the global retail market by making use of trade liberties. “Discussions with our Middle East partner is at an advanced stage,” HVA Foods chairman Rohan Fernando was […]
Pakistan says India rejected cricket revenue plan
KARACHI, July 8, 2011 (AFP) – Pakistan’s cricket chief Ijaz Butt has said India rejected a proposal to share revenue from a possible series between the arch rivals on the grounds that India will play host. “We hope the series will be revived and we told them we are ready to play in India but […]
Sri Lanka stocks close weaker
July 08, 2011 (LBO) – Sri Lanka stocks closed closed weaker Friday, ending three days of gains with Vallibel One, which began trading, was the most actively traded stock, brokers said. Orient Garments was also heavily traded, closing at 29.80 rupees, up 3.20 with 7.58 million shares done. The main All Share Price Index closed […]
Feeder Berth
July 08, 2011 (LBO) – Sri Lanka plans to create an extra berth for feeder vessels at Colombo port to accommodate growing cargo flows that threatens to choke the harbour as it nears capacity, an official said. Wickrama said Colombo port lacked the space to expand and was trying to accommodate increasing volumes of cargo […]
Bank Ratings
July 08, 2011 (LBO) – Fitch Ratings Lanka has confirmed the national long-term ratings of Bank of Ceylon (BOC), People’s Bank (PB), Commercial Bank of Ceylon (CB) and Sampath Bank (SB). The rating agency also confirmed and simultaneously withdrawn the individual and support ratings of the four banks as the ratings are no longer relevant […]
Computer Trend
July 08, 2011 (LBO) – Singer Sri Lanka, a consumer durables firm with a nation-wide network says laptop sales are overtaking the desk top market, and computers are now the fourth largest revenue earner for the firm. “In 2010 desktop and note book sales were about equal,” chief executive Asoka Peiris said. “But in 2011, […]
Domain Expertise
July 8, 2011 (LBO) – Virtusa a US based firm which has a development centre in Sri Lanka, has bought ALaS, a New York based consultancy for banking, financial services, insurance and capital market industries. The acquisition will allow the firm to “take on the downstream technology implementation and strengthen Virtusa’s strategic position across its […]
Problems mount for Sri Lankan cricket
July 8, 2011 (AFP) – Only three months ago, Sri Lanka were battling it out with India in the World Cup final but they have since gone from controversy to scandal to full-blown crisis in an astounding fall from grace. After losing the Mumbai showpiece, Sri Lanka have unravelled in spectacular fashion, hit by resignations, […]
Sri Lanka policy rates unchanged; credit growth to slow: CB
July 08, 2011 (LBO) – Sri Lanka’s central bank held its policy rate at which excess money is withdrawn from the market at 7.0 percent in July saying credit growth was slowing and inflation would ease further. In June 12-month inflation fell to 7.1 percent from 8.1 percent in May, measured by the widely watched […]