Category:
Trade Flows
Mar 10, 2010 (LBO) – Cargo volumes at a Colombo port private container terminal in which John Keells Holdings has a big stake hit a monthly high in February as trade flows rebounded from global recession last year. South Asia Gateway Terminals handled 164,243 TEUs (Twenty-foot Equivalent container Units) in February 2010, its highest volumes […]
Lower Costs
Mar 10, 2010 (LBO) – Seylan Bank group has slashed its wage bill 30.7 percent to 2.5 billion rupees and is pushing to recover some its 29 percent bad loans as it is re-structured, senior officials in its state-backed management said. “We cut some unnecessary costs, stopped overtime, cut fuel allowances and increased staff retirement […]
Sri Lanka slashes terrorism insurance cover premium
Mar 10, 2010 (LBO) – Sri Lankan authorities said they had decided to slash the premium on general insurance terrorism cover by 75 percent from April 1, 2010 as there were no terrorist activities in the country. Insurance Board of Sri Lanka chairman, Udaya Sri Kariyawasam, has been quoted as saying the reduced premium on […]
Sri Lanka sends high level delegation to EU on GSP+
Mar 10, 2010 (LBO) – Sri Lanka is sending a high level delegation of senior government officials to save a preferential trade deal which is due end later in 2010 and broader relations with the European Union, a senior minister said. “On our part we are eager to engage with the international community,” international trade […]
‘s Dilshan signs for Sussex
HOVE, March 10, 2010 (AFP) – Sri Lankan Twenty20 specialist Tillakaratne Dilshan will play for Sussex this season, the English county announced on Wednesday. Dilshan, whose trademark ‘Dilscoop’ shot has enthralled crowds around the world, was player of the tournament at last year’s World Twenty20 in England where his 317 runs at 52.38 helped power […]
Sri Lanka tax system, state consumption hurting private investment: analysts
Mar 10, 2010 (LBO) – Sri Lanka’s high income taxes is making local firms weaker against others in developing countries, while a government living beyond its means is eating up long terms funds available for private investment, analysts said. “I’m a firm believer until this country drops the tax rate to 15 percent or 20 […]
Sri Lankans, other minorities growing in Canada
OTTAWA, March 9, 2010 (AFP) – Canada’s ethnic makeup will greatly change in the next 20 years as the number of non-Europeans or “visible minorities” rises to nearly one-third of the population, a government agency said Tuesday. The number of Chinese Canadians is projected to grow also, to around 3. 0 million. But as Chinese […]
Sri Lanka signs up US$290mn in railway, airport loans from China
Mar 10, 2010 (LBO) – Sri Lanka has signed up 290 million US dollars in financing from China’s Exim Bank to build an airport in the south of the island and expand railways, the foreign ministry said. The ‘A9’ is the main highway that links the northern Jaffna peninsular with the South. The highway is […]
Sri Lanka forestry firm share price hit by court action
Mar 09, 2010 (LBO) – Sri Lankan stocks closed 0.68 percent lower Tuesday with forestry firm Touchwood Investments falling sharply after an accounting watchdog said its tree valuation method is being challenged in the Supreme Court, brokers said. The All Share Price Index closed at 3,809.01, down 26.05 points, while the Milanka index of more […]
Support Rating
Mar 09, 2010 (LBO) – Sri Lanka’s Seylan Bank in which state ownership increased to 28 percent following a 1.1 billion rupee capital injection has retained its ‘BBB+(lka)’ with a ‘stable’ outlook, Fitch Ratings said. The bank was able to reverse the deposit run, and reported a net deposit inflow of over 5 billion rupees […]
Sri Lanka tea industry starved of export refunds
Mar 09, 2010 (LBO) – Sri Lanka’s tea industry, a top foreign exchange earner, is still starved of refunds from a government tax on exports, despite rival origins expanding market share, an industry official said. A committee of government and industry officials formed to decide how to allocate the funds raised from the cess on […]
Sri Lanka Amana Takaful starts general insurance in Maldives
March 09, 2010 (LBO) – Sri Lanka’s Amana Takaful Insurance said its Maldivian subsidiary Amana Takaful (Maldives) has got regulatory approval to do general insurance business in the archipelago. The company said in a stock exchange filing that Amana Takaful (Maldives) is a subsidiary of Amana Global which is a fully owned subsidiary of Amana […]