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Sri Lanka stocks close 0.53-pct down
Nov 16, 2010 (LBO) – Sri Lanka stocks closed 0.53 percent lower, extending losses with index heavy stocks dragging the market down, brokers said. Turnover was 3.5 billion rupees. There were 53 gainers and 137 losers. “Sector wise 2.3 billion of the revenue came from diversified sector, 667 million from the hotels and 187 from […]
Cruise Call
Nov 16, 2010 (LBO) – A luxury passenger vessel, MV Le Diamant, operated by the CMA CGM shipping line, has begun calls at Sri Lankan ports following the end of the island’s 30-year ethnic war. Its second voyage is planned for May 2011. The Sri Lanka Ports Authority said the ship called at the eastern […]
Faster Pace
Nov 16, 2010 (LBO) – Chennai-based Indian Bank’s Sri Lanka branch will open new branches in former war torn areas and is looking to double its loan book over the next two and a half years, a top official said. Indian Bank has been in Sri Lanka’s capital Colombo since 1932 and has mainly been […]
Night Banking
Nov 16, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon will start a branch that will stay open 24 hours to support government efforts to expand night economic activities in Colombo, an official said. The branch in Colombo’s Fort areas is expected to start on November 19, chairman Gamini Wickramasinghe said. The government legalized […]
Drill Deal
Nov 16, 2010 (LBO) – Cairn Lanka, which bought Sri Lanka’s first offshore oil exploration block has hired a Japanese ship to start drilling wells from July 2011, the Japan Drilling Company had said. The firm will use the ship ‘Chikyu’, owned by Japan Agency for Marine-Earth Science and Technology (“JAMSTEC”) to drill three wells […]
Sri Lanka holds policy rates, amid stronger credit growth
Nov 16, 2010 (LBO) – Sri Lanka’s central bank said it was holding its policy rates steady with credit growth picking up to 15. 5 percent in September 2010 from a year earlier and inflation despite an increase in commodity prices. “However, broad money growth remains compatible with the targeted path, with year-on-year growth in […]
Sri Lanka stocks close 1.4-pct lower
Nov 15, 2010 (LBO) – Sri Lanka stocks closed 1.4 percent lower Monday in a broad sell-off in a continuing correction in thin trade, as buyers awaited a budget next week, brokers said. The All Share Price Index closed at 6,507.15, down 1.41 percent (92.91 points) while the more liquid Milanka index fell 1.81 percent […]
Sri Lanka seeks ad firm for tea campaign
Nov 15, 2010 (LBO) – Sri Lanka will call for expressions of interest internationally to hire advertising and media firms to handle a 10 million dollars a year Ceylon tea promotion campaign, a senior Tea Board official said. Other important but smaller markets are the Far East, Europe and North America. “That step (hiring an […]
New Allegation
November 14, 2010 (AFP) – Sri Lanka is probing allegations that one of its nationals employed in Jordan was forced to swallow nails, in the third case involving alleged torture in three months, an official said Sunday. A housemaid identified as D. M. Chandima has told the Sri Lankan diplomatic mission in Amman that her […]
Sri Lanka boxer fails second doping test
November 14, 2010 (AFP) – Sri Lankan boxer Manju Wanniarachchi failed the second doping test for a banned steroid after winning gold at last month’s Commonwealth Games, the boxing governing body on the island said Sunday. The Amateur Boxing Association of Sri Lanka said the “B” sample of 30-year-old Wanniarachchi’s urine tested positive for nandrolone, […]
Sri Lanka forex sales pick up amid excess liquidity
Nov 15, 2010 (LBO) – Sri Lanka’s central bank has sold 288. 7 million US dollars in foreign exchange markets in October in one of the biggest monthly sell-off of accumulated reserves in two years. In a sustainable pegged exchange rate regime such sales are an automatic quantity adjustment process that trims the monetary base […]
Sri Lanka fishery sector needs new techniques, better resource data: think tank
Nov 14, 2010 (LBO) – Sri Lanka’s fishery sector needs more data on resource stocks, especially in war-torn Northern areas, new techniques and improvements in post harvest handling, a think tank has said. In 2008 fish production in Sri Lanka’s eastern province had increased to 70,520 metric tonnes from 39,760 tonnes a year earlier. In […]