Category:
Sri Lanka official forex reserves exceed US$7bn: central bank
Oct 07, 2010 (LBO) – Sri Lanka’s gross official reserves surpassed the seven billion US dollars level on October 04, the central bank said in a statement. The level of reserves is equivalent to over 6. 8 months of imports and is the highest ever reserves level of Sri Lanka, it said. On October 05 […]
Sri Lanka stocks close down 1.34-pct
Oct 07, 2010 (LBO) – Sri Lankan shares closed lower Thursday, down for the fourth straight day, after a roller-coaster ride that saw the market plunge steeply on opening, bounce back and then fall on profit-taking, brokers said. The All Share Price Index closed at 6,770.74, down 1.34 percent (91.93 points) while the more liquid […]
Arrest Move
October 6, 2010 (AFP) – Sri Lankan police said Wednesday they were seeking the arrest of men and women who had starred in locally-made pornographic movies and would soon publish headshots in the newspapers. The Children’s and Women’s Bureau of the police said it planned to send photographs of the local porn stars to the […]
Sad State
KUWAIT CITY, October 6, 2010 (AFP) – Abuse of domestic workers in Kuwait is rising, and maids in the Gulf emirate face prosecution when they try to escape, Human Rights Watch said on Wednesday. The New York-based rights group said migrant domestic workers have minimal protection from employers who withhold salaries, force them to work […]
Sri Lanka tourist market draws Gulf Air
Oct 07, 2010 (LBO) – Gulf Air, which has resumed flights to Sri Lanka after a war, is aiming for daily frequencies by next summer given the increasing number of Arab tourists visiting the island, officials said. Chief executive Samer Majali said the island’s economic recovery after its 30-year ethnic war is also drawing increasing […]
Marks & Spencer says sales jump in second quarter
LONDON, October 7, 2010 (AFP) – British retailer Marks & Spencer reported a surprisingly big jump in sales during the second quarter of its financial year, driven by clothing and food items, but warned on Thursday about the outlook. Sales on a like-for-like basis, which strips out the effect of new floor space, rose 5.3 […]
Sri Lanka, India data exchange mooted to speed up trade
Oct 07, 2010 (LBO) – Trade between India and Sri Lankan could be speeded up and costs reduced by the use of pre-shipment data exchanges driven by security concerns being tested in Western economies, an expert said. The pre-shipment information exchanges are being tried in the West in response to concerns about terrorist infiltration of […]
Gas Status
Oct 07, 2010 (LBO) – Sri Lanka’s Shell Gas unit said operations at the firm would remain unchanged until a sale of its stake is finalized, shortly after the government said it would buy out the oil giant for 63 million US dollars. “We are hopeful a sale purchase agreement will be signed soon,” Shell […]
Public Issue
Oct 07, 2010 (LBO) – Sri Lanka’s government will sell down a 49 percent stake in a liquid petroleum gas distributor after buying out a controlling stake held by Royal Dutch Shell for 63 million US dollars, a government minister said. Minister Rambukwella said after the state take-over the government will ensure that gas will […]
Gas Buy
Oct 07, 2010 (LBO) – Sri Lanka will purchase a 51 percent stake in a liquid petroleum gas distributor in the island from Shell, a Dutch oil firm, for 63 million US dollars the government’s information office said Shell also built a terminal to store gas. See update on this story below with details of […]
Sri Lanka economic parley to mull growth strategies
Oct 07, 2010 (LBO) – Growth strategies needed to improve Sri Lanka’s economic climate and raise living standards by reducing income inequality will be discussed at a conference of economists later this month, a senior economist said The annual sessions of the Sri Lanka Economic Association will cover development of physical and social infrastructure, enhancing […]
Sri Lanka stocks extend losses
Oct 06, 2010 (LBO) – Sri Lanka’s stocks extended losses Tuesday falling 1. 84 percent on the wake of 1.3 percent fall a day earlier, in a bout of profit taking after Colombo briefly became the best performing stock in the world last week, brokers said. Commercial Bank fell 6.10 to 274.00 and Distilleries fell […]