Category:
” with current rates, despite inflation, forex pressure
Mar 03, 2011 (LBO) – Sri Lanka is comfortable with current interest rates, Central Bank governor Nivard Cabraal said despite a spike in consumer prices to a two year high and an outflow of foreign reserves. Sri Lanka has some of the highest policy rates in the world at 7. 00 percent to drain excess […]
Sri Lanka to revamp tax concessions for investors: minister
Mar 03, 2011 (LBO) – Sri Lanka’s government is preparing new laws to speed up investment approvals with existing tax breaks by the investment promotion agency being abolished, a minister said. The war ended nearly two years ago enabling the government to end tax concessions that had caused heavy revenue losses. “We have brought a […]
Box Slots
Mar 02, 2011 (LBO) – Thailand’s Regional Container Lines (RCL) has started a new Asian container shipping service that will make two weekly calls at Colombo port to cater to growing demand, a statement said. RCL is a Thai-based container shipping line listed on the Thai Stock Exchange and currently owns and operates a fleet […]
Rest Stop
Mar 02, 2011 (LBO) – The first refueling station at a rest stop mid-way on Sri Lanka’s southern highway which is nearing completion will be operated by state-run Ceylon Petroleum Corporation, petroleum ministry secretary Titus Jayawardene said. The refueling station will be built in Dodangoda, an interchange near Kaluthara, in the stretch between Colombo and […]
Cash Call
Mar 02, 2011 (LBO) – Sri Lanka’s Seylan Bank now being restructured under regulatory supervision said will raise 4. 6 billion rupees (42.6 million US dollars) from shareholders by the sale of new voting and non-voting shares. The bank will issue 43.33 million voting shares at 75 rupees in the proportion of one new share […]
Fresh Charges
WASHINGTON, March 1, 2011 (AFP) – The US markets regulator charged former Goldman Sachs and Procter & Gamble director Rajat Gupta on Tuesday with insider trading in a high-profile hedge fund case. The Securities and Exchange Commission announced the charges for “illegally tipping Galleon Management founder and hedge fund manager Raj Rajaratnam with inside information […]
Sri Lankan Airlines to re-start Kochi service, up capacity to Middle East
Mar 02, 2011 (LBO) – Sri Lankan Airlines said it is re-starting operations to India’s Kochi with a daily service and is expanding capacity to Karachi in Pakistan and a number of Middle Eastern destinations from March. The daily service to Kochi will start on March 27, increasing Sri Lankan flights to 63 per week. […]
‘s losses mount
Mar 02, 2011 (LBO) – Sri Lanka’s Kuruwita Textile Mills said slowing sales and high cotton prices have caused mounting losses that it hopes to mitigate by passing onto customers higher costs and hiring a new chief executive. Interim results filed with the stock exchange showed December 2010 quarter losses of 108 million rupees compared […]
Angry Sri Lanka deny match-fixing
March 2, 2011 (AFP) – Sri Lanka’s cricket authorities on Tuesday angrily denied allegations of match-fixing made against two of their players in their World Cup defeat to Pakistan. State television channel ITN speculated over whether Mahela Jayawardene and Thilan Samaraweera may have “changed the game” by getting out cheaply. The station added a local […]
‘s Malinga plays down historic hat-trick
March 2, 2011 (AFP) – History-making Lasith Malinga played down his landmark second World Cup hat-trick, insisting that his famous four wickets in four balls against South Africa in 2007 was a greater achievement. The 27-year-old seamer’s trademark collection of yorkers and toe-crushers helped him to a career-best 6-38 as Sri Lanka beat Kenya by […]
Sri Lanka coast guard beefs up surveillance with new boat
Mar 02, 2011 (LBO) – Sri Lanka’s fledgling coast guard took delivery of a patrol craft built by the navy that will help combat poaching and human smuggling and better protect economic resources, officials said. The 14.5-metre fibre-glass boat was built by the navy largely for shallow water patrolling, making use of facilities that built […]
Sri Lanka shares close 1.24-pct lower
Mar 01, 2011(LBO) – Sri Lanka stocks closed 1. 24 percent lower Tuesday with losses in the illiquid shares and some index heavy stocks, brokers said. The All Share Price Index closed at 7,701.19, down 1.24 percent (96.77 points) while the Milanka Price Index of more liquid stocks closed at 7,096. 56, down 0.62 percent […]