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Sri Lankan stocks close at record high, up 0.51-pct
June 04, 2010 (LBO) – Sri Lankan stocks closed at a new high Friday, boosted by gains on index heavy shares, with Nations Trust Bank (NTB) and Pan Asia Banking Corporation (PABC) shares were heavily traded, brokers said. Aitken Spence closed at 1,555.00 rupees, up 3.25, Hayleys closed at 300.00 rupees, down 75 cents, Hemas […]
Sri Lanka tea prices seen bottoming out
June 04, 2010 (LBO) – Sri Lankan tea prices recovered this week after falling sharply in recent Colombo auctions prompting brokers to say the market appears to have bottomed out. Fears that heavy rains could reduce crops in the southern cultivation areas which produce the bulk of national output have also subsided as rains have […]
Retail Foray
June 04, 2010 (LBO) – Two investment companies in Sri Lanka’s Carson group have bought into unlisted Softlogic Holdings as part of a foray into the retail sector seen as having good growth prospects with the end of a war. Ceylon Guardian Investment Trust said it bought a 4. 3 percent stake in Softlogic Holdings […]
Sri Lanka and India can get economically closer: president
June 04, 2010 (LBO) – Sri Lanka and India has an opportunity to move towards closer economic ties as the end of a 30-year war opened up new opportunities, President Mahinda Rajapaksa said. “We have a common heritage in trading with each other and the rest of the world,” President Rajapaksa told a business forum […]
Obama sets trip to India, pledges ties
WASHINGTON, June 4, 2010 (AFP) – US President Barack Obama set a visit to India in November as he pledged Thursday to push forward ties between the world’s two largest democracies as part of his busy diplomatic agenda. The United States also offered full support for India’s role in Afghanistan after high-level talks in Washington, […]
Sri Lankan airline chief calls for fully liberalized skies with India
June 04, 2010 (LBO) – Sri Lanka and India should fully liberalize air services within the two countries, further strengthen links between them and set an example to South Asia, the head of the island’s state-run national carrier said. India then allowed private airlines to fly to Colombo and other South Asian countries. Sri Lankan […]
Sri Lanka ERI takes control of fabric manufacturer
June 04, 2010 (LBO) – Sri Lanka’s Environmental Resources Investment, an investment holding company, has bought control of fabric manufacturer South Asia Textile Industries Lanka for 710 million rupees, according to stock exchange filings. The statement said SATL has had “positive results” from its inception and annual sales of 3.6 billion rupees in 2007 and […]
Sri Lanka north-east ripe for tourism, agriculture
June 04, 2010 (LBO) – Sri Lanka’s Eastern and Northern provinces are ripe for investment in tourism, food processing and finance with infrastructure being built to improve connectivity, officials said. Sri Lanka’s Northern and Eastern provinces were devastated by a 30-year war which ended last year with the military wiping out the last remnants of […]
Sri Lanka Central Bank releases latest economic, social statistics
June 04, 2010 (LBO) – The Central Bank of Sri Lanka said it has just released its annual publication ‘Economic and Social Statistics of Sri Lanka 2010’ with data on a wide range of economic and social developments. “The vast amount of data included in this publication will be of use for analysing trends in […]
Sri Lanka and India should move for closer economic ties: president
June 04, 2010 (LBO) – Sri Lanka and India have an opportunity to move towards closer economic ties as the end of a 30-year war opened up new opportunities, Sri Lankan President Mahinda Rajapaksa said. “We have a common heritage in trading with each other and the rest of the world,” President Rajapaksa told a […]
Sri Lanka to remove tax on foreign currency note imports: minister
June 03, 2010 (LBO) – The Sri Lankan government is to remove taxes totaling up to 22 percent on import of foreign currency notes in an effort to curb black market trade, a senior minister said. “With these taxes removed, they (black market) will find it hard to compete with government approved institutions,” Rambukwella said […]
Sri Lankan stocks close up 0.74-pct, banks gain
June 03, 2010 (LBO) – Sri Lankan stocks closed at a new high Thursday, boosted by gains in financial sector shares while the Furkhan family sold remaining stakes in Confifi Hotels to Lanka Orix Leasing Company (LOLC), brokers said. The All Share Price Index (ASPI) closed at 4,332.29, up 31.90 points, while the Milanka index […]