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Sri Lankans should ask for single digit wage hikes: Treasury official
Nov 11, 2009 (LBO) – Sri Lankan workers should ask for to 3.0 to 5.0 percent annual wage hikes with the Central Bank targeting low inflation in the future, the island’s most senior Treasury official said. The output of Sri Lanka’s people have largely appropriated by a top heavy state sector. Last year more than […]
‘s central bank battles inflation expectations
Nov 11, 2009 (LBO) – Sri Lanka’s central bank is in a battle to dampen high public inflation expectations after capping price rises in the island’s capital Colombo to low single digits for more than a year.In 2009 the Central Bank is hoping to end the year with inflation at 3.5 percent after seeing only […]
Sri Lanka state to recruit 17,000 unemployable graduates
Nov 11, 2009 (LBO) – Sri Lanka’s government is to recruit 17,000 graduates from state universities unemployable in productive sectors, expanding an already bloated public sector, ahead of planned national polls due early next year.Graduates from state universities, who are educated at the expense of the people through general taxes, have successfully cultivated a perception […]
‘s boat people: Dying to strike it rich
MARAWILA, November 11, 2009 (AFP) – For 50 young Sri Lankans who had paid up to 1,500 dollars each for the chance of a new life, a five-week voyage in the hold of a fishing boat ended in an Australian camp for illegal migrants.Their families had sold property and whatever other assets they had to […]
Sri Lanka rupee opens stronger
Nov 10, 2009 (LBO) – Sri Lanka’s rupee traded stronger against the US dollar moving up to 114.45/50, with a state bank that usually acts for the monetary authority signaling the new rate, dealers said. The rupee moved up to 114.65 against the US dollar from its long-standing peg at 114.80 levels on Monday. Central […]
Sri Lankan stocks slide on forced selling
Nov 10, 2009 (LBO) – Sri Lankan shares closed down Tuesday mainly on forced selling by retail investors trying to meet settlement commitments and minimize losses in margin trading on borrowed funds, brokers said. Political uncertainties generated by talk of elections and continued media coverage of alleged insider dealing by US hedge fund manager Raj […]
Bank Numbers
Nov 10, 2009 (LBO) – Sri Lanka’s Pan Asia Banking Corporation (PABC) said September quarter profits rose 49 percent to 69 million rupees on income from trading government securities, despite higher bad loans and a shrinking loan book. Group interest income rose 9.0 percent to 788 million rupees, while interest expenses were flat at 450 […]
Bank Number
Nov 10, 2009 (LBO) – Sri Lanka’s Hatton National Bank (HNB) said September quarter group profit rose 17 percent to 945 million rupees with interest margins improving slightly although asset quality deteriorated.HNB’s group gross income for the quarter grew by six percent to 10.3 billion rupees, with deposits increasing while lending fell, according to a […]
Sri Lanka tourist arrivals up 7.0-pct in Oct
Nov 10, 2009 (LBO) – Sri Lanka’s October tourist arrivals grew 7.0 percent to 37,575 from a year earlier, but were slightly lower than the September figure of 37,983, data from the tourist promotion office showed. Meanwhile the state has also mandated minimum prices for Colombo’s five star rated hotels, and at least one hotel […]
Sri Lanka hotels score at World Travel Awards
Nov 10, 2009 (LBO) – A top Sri Lankan hotel group and several hotels won recognition at the World Travel Awards 2009 in London based on votes by travel agents worldwide. The Taj Samudra Colombo was named Sri Lanka’s leading hotel and another group hotel, Taj Exotica in southern Bentota was named Sri Lanka’s leading […]
Sri Lanka agri-firm eyes north-east investments
Nov 10, 2009 (LBO) – Coco Lanka, a Sri Lankan agri-business firm, said it is eyeing investment opportunities in the former northern and eastern war zones. The company said in a stock exchange filing that group net profit in the September 2009 quarter rose six percent to 66.5 million rupees from a year ago while […]
Sri Lanka agri-business call for easier land access
Nov 10, 2009 (LBO) – A top Sri Lankan farming firm has called for easier access to land for commercial agriculture in the quest to transform subsistence farmers into viable agri-businesses. Samantha Ranatunga, chief executive of the listed Chemical Industries (Colombo), said improvements in the legal, regulatory and policy environment were needed to promote private […]