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India private carrier Jet Airways slips to Q1 loss
MUMBAI, July 22, 2011 (AFP) – India’s largest private sector airline, Jet Airways, has swung to a quarterly net loss from a profit a year earlier, it reported Friday, as rising fuel costs offset a rise in passenger air traffic. India this week lowered its growth forecast for this financial year to 8.6 percent from […]
Sri Lanka Vietnam links soar after embassy starts
July 23, 2011 (LBO) – Economic and people-to-people exchanges between Sri Lanka and Vietnam have soared after the establishment of an embassy barely two months ago, Hanoi’s envoy to Colombo Ton Sinh Thanh said. With growing affluence, Vietnamese have started travelling abroad in a big way, with Europe and South East Asia being top destinations. […]
Sri Lanka braces for rupee flood from dollar bond
July 22, 2011 (LBO ) – Sri Lanka’s banking system is braced for a flood of rupees following the sale of a billion dollar bond but Central Bank Governor Nivard Cabraal says the groundwork to temper a shock, has already been laid. Inter-bank call money rates have also edged up above 8.0 percent in recent […]
Sri Lanka stocks slump almost one-pct
July 22, 2011 (LBO) – Sri Lanka share prices closed weaker Friday, falling steeply on thin turnover after rising slightly at the opening, and recovering slightly towards the end of trading, brokers said. The main All Share Price Index closed at 6,537.25, down 0.94 percent (61.72 points) while the more liquid Milanka index fell 1. […]
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. […]