Category:
Sri Lanka to reduce high costs of thermal power plants
July 29, 2010 (LBO) – Sri Lanka is giving top priority to cutting high costs of running thermal power plants, encouraging energy conservation measures and shifting to renewable energy sources, minister of power and energy Champika Ranawaka said. “Our short-term plan is to convert high-cost thermal power plants using diesel and heavy fuels into low-cost […]
Sri Lanka ex-army chief faces new trial
July 29, 2010 (AFP) – Sri Lanka’s former army chief and defeated presidential candidate Sarath Fonseka was brought before the Colombo High Court on Thursday to answer charges of provoking violence. Fonseka, who already faces two courts martial and two more criminal cases, was taken before a three-member “trial-at-bar” for the first time and charged, […]
Sri Lanka minister says China Exim Bank hard negotiators
July 29, 2010 (LBO) – China’s Export Import Bank, which has become a top funder of infrastructure in Sri Lanka, is a tough negotiator that goes through project proposals like a commercial bank while Europe is giving peanuts, a senior minister said. “China will give a 50 million dollar grant and they will not ask […]
Sri Lanka informal Islamic financiers should prepare for regulation: official
July 29, 2010 (LBO) – Informal entities that have been operating as Islamic financiers in Sri Lanka will have to get their houses in order and become fully compliant with supervisory regulations ahead of a new law on deposit taking, an industry official said. “Some IFIs (Islamic financial institutions), because the owner is a well-known […]
Sri Lanka Treasuries yields slip
July 28, 2010 (LBO) – Sri Lanka’s Treasury bill yields slipped between 02 to 09 basis points at Wednesday’s auction, despite the government raising fresh money, the debt office said. The debt office sold 1.624 billion rupees in 3-month bills, 5.325 billion in 6-month bills and 6.560 billion rupees in 12-month bills. The 3-month yield […]
Sri Lankan stocks close up 2.81-pct
July 28, 2010 (LBO) – Sri Lankan shares closed at a new high Wednesday, up 2. 81 percent from price appreciation on high value and midcap stocks on low volume trading, brokers said. The All Share Price Index closed at 5,139.42, up 140.37 points, while the more liquid Milanka index rose 2. 70 percent (152.81 […]
Logistical Skills
July 28, 2010 (LBO) – Several batches of transport professionals will graduate from Sri Lankan universities and academies this year, easing a skills shortfall as the island seeks to become a hub for the region, an official said. “This program which is offered through the Faculty of Engineering will produce graduates especially skilled in professional […]
Relief Appeal
July 28, 2010 (LBO) – Depositors of a failed Sri Lankan finance company desperate to get their money back want to petition the United Nations human rights council saying their fundamental rights have been violated, a spokeswoman said. Only a few depositors had benefitted from a government repayment scheme for those who had money in […]
Regional Role
July 28, 2010 (LBO) – Sri Lanka could issue Islamic finance sovereign bonds or ‘Sukuks’ and take the lead in becoming a regional centre for Islamic financial services which other countries with less experience are aiming for, an official said. “Australia and Mauritius have said they want to be hubs for Islamic finance,” says Rushdi […]
Tech Ventures
July 28, 2010 (LBO) – Two companies plan to set electronic commerce ventures in Sri Lanka which is promoting itself as a site for business process outsourcing, the Board of Investment said in a statement. The investment promotion agency said it has given investment approval to Senit Technologies and Vingrows Business Solutions to start operations […]
Soros to buy 4.0 percent stake in Bombay bourse: report
MUMBAI, July 28, 2010 (AFP) – Billionaire investor George Soros is close to sealing a 40-million-dollar deal to buy Dubai Holding’s 4. 0 percent stake in the Bombay Stock Exchange (BSE), the Financial Times reported Wednesday. If the purchase goes through, it would be the latest in a series of strategic foreign investments in India’s […]
SriLankan Airlines wins Singapore award for growth
July 28, 2010 (LBO) – SriLankan Airlines has won an award from Singapore’s Changi airport for having the highest growth in traffic to the city state from the region last year, a statement said. The award was for ˜Top Airline by Growth in Passenger Carriage (South Asia)’. Travel between Singapore and Sri Lanka has grown […]