Category:
Sri Lanka Serendib Hotels sells stake in Hotel Sigiriya
June 17, 2010 (LBO) – Serendib Hotels has sold part of its stake in Hotel Sigiriya, both part of Sri Lanka’s Hemas group, in a deal worth 40. 6 million rupees, a stock exchange filing said. Serendib Hotels, whose property is on a prime beach front on the south-west coast and is a major shareholder […]
Sri Lanka tea market seen strengthening
June 17, 2010 (LBO) – Sri Lankan tea prices seem to have bottomed out and are likely to gradually rise in future sales as crops come down and global demand remains strong, brokers said. Tea prices rose at this week’s Colombo auction as volumes fell and quality improved. “With crop intakes from most plantation regions […]
Sri Lanka govt pledges more funds from tea export tax
June 17, 2010 (LBO) – Sri Lanka’s new plantations industries minister has promised to give the tea industry more of the funds collected from a tax on tea exports. Sri Lanka tea exporters have warned that the government’s failure to allocate cess funds collected from tea exports for brand building was eroding their competitiveness as […]
Freeing Education
June 17, 2010 (LBO) – Sri Lanka’s president Mahinda Rajapaksa has backed a plan to liberalize university education and set up a mechanism to monitor and evaluate the quality of foreign and local higher education, an official said. A proposal for a ‘National policy framework on higher education and technical and vocational education’ to revamp […]
Sri Lanka power generation up 9.2-pct in first quarter
June 17, 2010 (LBO) – Sri Lanka’s power generation in the first quarter of 2010 has increased 9. 2 percent from a year earlier, with a larger proportion coming from cheaper hydro power amid exceptionally wet weather, official data showed. Private sector operators generated 1,105GWh, down 7.1 percent. Short term or emergency producers operating mainly […]
‘s Sehwag crushes Bangladesh with ball
DAMBULLA, June 16, 2010 (AFP) – Batting star Virender Sehwag turned an unlikely bowling hero as India whipped Bangladesh by six wickets in the Asia Cup on Wednesday. Sehwag grabbed four wickets for six runs with his off-spin as Bangladesh were shot out for 167 in 34. 5 overs after losing their last six batsmen […]
Gas Bid
June 17, 2010 (LBO) – The Sri Lankan government wants to buy back the stake in the Shell Gas unit in the island that had been sold to the multinational in a privatization exercise several years ago, a spokesman said. The state-run Bank of Ceylon has been made an advisor to a committee that will […]
Sri Lanka gets EU aid for war-torn areas
June 17, 2010 (LBO) – The European Union has allocated 60 million euro (8.4 billion rupees) as aid to Sri Lanka mostly for the island’s north and east which were ravaged by war, a statement said. “The programme will mainly focus on medium-term assistance in the North and East of the country,” the statement from […]
Sri Lanka Central Bank governor in second term
June 17, 2010 (LBO) – Sri Lanka’s Central Bank governor Nivard Cabraal has been re-appointed for another six-year term, an official said. He has also kicked off a foreign exchange liberalization drive that will increase the economic freedoms of ordinary people. Cabraal became governor of the Central Bank of Sri Lanka in 2006 to complete […]
Sri Lanka Bank of Ceylon bond sale extended
June 15, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon said it was keeping a debenture issue open for more applications after applications topped an initial target of 3.0 billion rupees. A floating rate bond was priced 0.75 percent above the gross 6-month Treasury bill yield. The bank said its listed 5-year debenture issue […]
Sri Lankan stocks becalmed, foreigners still selling
June 16, 2010 (LBO) – Sri Lankan stocks closed flat Wednesday as high net worth investors cashed out on banking stocks and re-invested on midcap stocks, while foreign investors continued to sell, brokers said. The All Share Price Index closed at 4,603.36, down 3.33 points, while the Milanka index of more liquid stocks rose 0.02 […]
Sri Lanka mulls planting rubber in former northern war zone
June 16, 2010 (LBO) – The Sri Lankan government is considering planting rubber in the former war zone in the north to increase production and meet growing demand from local industries, the plantations industries minister said. “The rubber industry says they have the ability to make more rubber products if raw material was available,” he […]