Category:
Own Risk
Jan 04, 2011 (LBO) – Sri Lankans who invest in high-risk, high-return unauthorised investment schemes will not be bailed out at tax payer expense if they lose money in future, central bank governor Nivard Cabraal said. The regulator will continue public awareness campaigns warning people of the danger of investing money in unauthorised schemes, he […]
Branching Out
Jan 04, 2011 (LBO) – Sri Lanka’s Union Bank said it plans to open 10 new branches this year with the next being this month in eastern Batticaloa which is recovering from the effects of war. The bank said in a statement its 21st branch was opened in December in Wattala, a northern suburb of […]
Sri Lanka readies for island tourist resorts
Jan 04, 2011 (LBO) – Sri Lanka expects to announce the investors who have been chosen to develop 10 islands in Kalpitiya, off the north-west coast for tourist resort development in the next two weeks, the chairman of the tourism office said. The government embarked on developing resorts in the north-west region after the end […]
‘s ruling party
NEW DELHI, January 4, 2011 (AFP) – One of India’s biggest corruption cases that tarnished late prime minister Rajiv Gandhi in the 1980s returned to haunt the ruling party on Tuesday amid new charges of kickbacks and graft. The weekly current affairs magazine India Today said in its New Year issue that “the size and […]
‘s Cadbury purchase: report
NEW DELHI, January 3, 2011 (AFP) – India’s finance ministry has launched a probe into the takeover by Illinois-based Kraft Foods of British confectionery giant Cadbury that could see the US company hit with a huge tax bill, a report said Monday. The ministry has begun looking into the deal that saw Kraft buy the […]
Sri Lanka aims for 8.5% growth in 2011
Jan 04, 2011 (LBO) – Sri Lanka is aiming for economic growth of 8.5 percent in 2011 after growing eight percent in 2010 and expects growth to accelerate to nine percent in 2012 and 9. 5 percent in 2013, central bank governor Nivard Cabraal said. Government recurrent expenditure is estimated to decrease to 16.1 percent […]
Sri Lanka BOP surplus in 2010 US$900mn
Jan 04, 2011 (LBO) – Sri Lanka expect to have had a balance of payments surplus of 900 million US dollars in 2010, Central Bank governor Nivard Cabraal said. Gross official foreign exchange reserves reached 6.6 billion US dollars by the end of 2010, he said in a speech outlining the central bank’s monetary policy […]
Sri Lanka shares end up 0.33-pct
Jan 03, 2011, (LBO) – Sri Lankan stocks closed higher Monday with activity seen in the index heavy and poultry sector stocks, brokers said. The All Share Price Index closed at 6,657. 91, up 0.33 percent (22.04 points) while the more liquid Milanka index closed flat at 7,061. 36, according to stock exchange provisional figures. […]
Optional Deal
Jan 03, 2011 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has won an optional contract to build a third Multipurpose Platform Supply Vessels (MPSV) for Greatship Global Offshore Services of Singapore, a statement said. The main contract for the construction of two 78-metre MPSVs, signed in October 2010, provided for Greatship Global Offshore Services (GGOSL) […]
Derived Rating
Jan 03, 2011 (LBO) – RAM Ratings Lanka has confirmed State Mortgage and Investment Bank’s (SMIB) long- and short-term financial institutions ratings of A and P1 with a stable outlook for the former, a statement said. “The ratings are based on the bank’s strong capitalisation and the financial flexibility it derives from its sole shareholder, […]
Sri Lanka to test new visa scheme for three months
Jan 03, 2011 (LBO) – A new online visa scheme Sri Lanka plans to introduce, replacing existing on-arrival visas, will be tested for three months before the government decides to implement it, an official said. Sri Lanka received more than 600,000 tourists in 2010 and aims to attract 700,000 this year. Nalaka Godahewa, chairman of […]
Sri Lanka considers banning mini-skirts
January 3, 2011 (AFP) – Sri Lanka said Monday it was considering banning mini-skirts following complaints about women wearing skimpy clothing in the conservative island nation. Last year, US singer Akon was denied a visa to perform in Sri Lanka after Buddhist monks took offence at one of his videos that featured women in bikinis […]