Category:
Sri Lanka June tea exports fall
July 29, 2009 (LBO) – Sri Lanka’s tea exports fell in June from a year ago with earnings for the first half buoyed by the rupee’s depreciation against the dollar, brokers said. Prices at this week’s Colombo auction also fell from the week before, mainly on lower quality. Shipments of tea in June fell eight […]
Sri Lanka Talawakelle Tea Estates returns to profit
July 29, 2009 (LBO) – Sri Lanka’s Talawakelle Tea Estates said it had returned to profit in the June 2009 quarter after making a loss in the previous quarter because of a sharp fall in the crop.A severe drought and the lagged effects of last year’s commodity market crash that led to the neglect of […]
Phone Ban
July 28, 2009 (AFP) – Sri Lanka has banned students from taking mobile phones to school following the suicide of a teenager disciplined for using her telephone, an education ministry spokesman said on Tuesday.All schools were ordered to impose the ban after a 14-year-old girl — reprimanded over telephone contact with a boy during school […]
Cost Model
July 29, 2009 (LBO) – The Sri Lankan unit of Bharti Airtel, which entered the island in January triggering a price war, says it is confident of making money with its low cost business model. “When we look at countries like Sri Lanka, we feel that the model we used in India can be replicated […]
Wire Drop
July 29, 2009 (LBO) – Sri Lanka’s wireline telephone connections dropped by 60,000 to 876,064 in the first quarter of 2009, the latest official data showed, though fixed wireless phone use continued to grow. “The decline of fixed connections started around 2000 in Finland, where now over 40 percent of homes are mobile-only,” says Rohan […]
Sri Lankan clothing retailer expands to the Maldives
July 29, 2009 (LBO) – Sri Lankan menswear retailer Hameedia has expanded into the neighbouring Maldive islands, opening a showroom in the capital Male.“It involves a careful selection of fabrics and accessories, studying both national and international market trends, and, the demanding task of marketing.” Hameedia Managing Director Fouzul Hameed said the company was looking […]
Sri Lanka private flying revival in the offing
July 29, 2009 (LBO) – Sri Lanka’s civil aviation authority is considering giving approval for the operation of more private aircraft, the use of which was severely restricted and sometimes banned during the ethnic war.But the Tigers were defeated by government forces in May and flying restrictions are being eased with the end of the […]
Sri Lanka rupee may move if IMF forex reserve targets are not met
July 28, 2009 (LBO) – Sri Lanka’s tight peg with the US dollar, which is now backed by complementary monetary policy may move under an International Monetary Fund program if foreign reserve targets are not met, an official said. The 20-month IMF program is underpinned on a flexible exchange rate, and is based on specific […]
Chinese Deal
July 28, 2009 (LBO) – Sri Lanka’s Central Bank said it has signed an Investment Facilitation Agreement with China Development Bank, considered one of China’s three policy banks that also funds the country’s large infrastructure projects.“Under this agreement, China Development Bank will initially place a US dollar deposit with the Central Bank of Sri Lanka, […]
Bank Numbers
July 28, 2009 (LBO) – Sri Lanka’s Seylan Bank said net profit for the June 2009 quarter fell 39 percent to 188 million rupees from a year ago with both interest income and fee income falling and bad loans rising.The bank, part of the Ceylinco group, said in a stock exchange filing that interest income […]
Sri Lanka in ADB south Asia tourism project
July 28, 2009 (LBO) – Sri Lanka has been included in an Asian Development Bank funded project to link and promote tourist sites in south Asian countries, especially for eco-tourism and pilgrimage tourism. A report by the ADB said the project was conceived as a linked series of sub-regional tourism investments in the five countries […]
Million Mark
July 28, 2009 (LBO) – Sri Lanka’s Bharti Airtel has exceeded one million customers and the firm is rolling out its network in the east of the island, following the end of a 30-year war in the island, a top official said.“We have exceeded one million customers in Sri Lanka in 171 days of operations,” […]