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Sri Lanka tea trade says expects short quality season
Mar 19, 2010 (LBO) – Sri Lanka’s tea industry expects a short ‘Western quality season’ this year with teas that had the desired quality picking up in price at recent auctions as volumes fell, officials said. “We might have a late season – there are signs of teas brightening up,” said Dhamitha Perera, chairman of […]
Sri Lanka poultry industry squeezed by state controls
Mar 19, 2010 (LBO) – Sri Lanka’s poultry industry has been squeezed by taxes on imported maize which pushed feed costs up and price controls on processed chicken which worsened a downturn in the industry, a top agro firm has said. Ceylon Grain Elevators group, a unit of Singapore’s Prima, said an economic slump in […]
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Mar 19, 2010 (LBO) – Sources from the Central Bank indicate that the Monetary Board, in its deliberation for the monetary policy action in the month ahead, has decided to keep the ˜policy rates untouched’ for another month. But, when the inflationary pressures are mounting and the aggregate demand is accelerating, the disregard of the […]
Sri Lanka kicks off second coal plant
Mar 19, 2010 (LBO) – Sri Lanka’s president Mahinda Rajapaksa has launched the second stage of a coal power complex built with Chinese financing which will add another 600 MegaWatt, the president’s office said. China became top lender to commit funds to Sri Lanka is 2009 accounting for 1.2 billion US dollars. The first 300Mega […]
‘s first commercial wind energy plant to start
Mar 18, 2010 (LBO) – Senok Wind Power, Sri Lanka’s first commercial wind energy plant, will start operating this month in Puttalam in the island’s north western coast using a 10 MegaWatt plant, officials said. “This pioneering effort set from Senok has set the pace for attracting private sector investment for further development of wind […]
Sri Lanka shares close 0.35-pct down, more deals in Lighthouse
Mar 18, 2010 (LB0) – Sri Lankan shares closed down Thursday as investors continued taking profits ahead of elections, while there was more heavy trading in The Lighthouse Hotel, brokers said. The All Share Price Index closed at 3,755.19, down 13.10 points, while the Milanka index of more liquid shares dipped 0.18 percent (7.86 points) […]
Sri Lanka sate-run provident fund buys into hotel
Mar 18, 2010 (LBO) – Sri Lanka state-run Employees Provident Fund of private citizens had bought a 10 percent stake in Lighthouse Hotel, a unit of the Jetwing leisure group, a stock exchange filing said. NDB stockbrokers said the EPF, the country’s largest retirement fund, had bought 4. 6 million shares of Lighthouse. The hotel […]
Arbitrary Rule
SEOUL, March 18, 2010 (AFP) – North Korea has executed a top financial official blamed for a bungled currency revaluation that triggered chaos in the communist state, South Korean news reports said Thursday. The redenomination last November 30 forced people to swap old banknotes for new at a rate of 100 to one, but restricted […]
‘s Ceylinco Insurance eyes East Asia, Middle East: senior official
Mar 18, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance Company is to tie up with insurance companies in Asia and the Middle-East to market a motor policy with immediate claim settlement that took the domestic market by storm, officials said. Gross written premium fell 9.0 percent to 4.60 billion rupees and net premium after paying […]
‘s Rajapakse rejects early pardon for Fonseka
SINGAPORE, March 18, 2010 (AFP) – Sri Lankan President Mahinda Rajapakse has ruled out an early pardon for his election rival Sarath Fonseka and dismissed the former army chief as a “fool” who was unprepared for politics. In an interview with Singapore’s Straits Times published Thursday, Rajapakse also spelled out his economic ambitions for post-war […]
Protest over arrest of Sri Lanka reporter linked to Fonseka
March 18, 2010 (AFP) – Sri Lankan media groups Thursday protested against the arrest of a reporter close to Sarath Fonseka, the detained ex-army chief who tried to unseat the president in recent elections. The groups issued a joint statement demanding the release of Ruwan Weerakoon, a reporter with the Nation newspaper, who was arrested […]
Sri Lanka calls investments for capital city urban development
Mar 18, 2010 (LBO) – Sri Lanka is inviting investments for a high-rise complex proposed for prime land in the congested city that will be cleared of slums as part of an urban renewal project, officials said. The ‘Panchikawatte Triangle’ re-development project will provide 26 acres of land in the heart of the city for […]