Category:
Sri Lanka tea aid dispersal slow: official
July 10, 2009 (LBO) – A Sri Lankan government aid package for the tea industry to recover from a crash in prices is being disbursed only slowly, a senior industry official said. The industry faced cash flow problems as large volumes remained unsold at the auctions at the time and buyers reneged on contrcats. That […]
Change Agent
July 10, 2009 (LBO) – An international lawyer’s group has welcome recent comments by Sri Lanka’s newly appointed Chief Justice Ashoka de Silva, who said he would reform a key body which runs key sections of the country’s judicial system. Sri Lanka’s Judicial Service Commission (JSC) a three-member body which is chaired by the Chief […]
Sri Lankan stocks down 1.34-pct
July 09, 2009 (LBO) – Sri Lankan shares continued to slide Thursday as retail investors, key drivers of the market in the last six weeks, were forced to sell, brokers said. The benchmark Colombo All Share Price Index closed down 1.34 percent (31.74 points) to end at 2,344.48 on Thursday, while the Milanka index of […]
Foreign Banks
July 09, 2009 (LBO) – Foreign banks operating in Sri Lanka had maintained or improved profitability in 2008, despite adverse conditions, a report by Fitch Ratings said.Though risk management was good, Fitch said counterparty settlement risks were not studied enough on hedging deals. But the banks are expected to get support from head offices to […]
Forward Looking
July 09, 2008 (LBO) – In a far sighted move that puts the country firmly on a higher growth path Sri Lanka’s central bank Governor Nivard Cabraal has ruled out state directed bank lending as a long term policy.“As a policy we have resisted that (directed lending) because we think that the bank should have […]
Sri Lanka Aitken Spence to upgrade oldest hotel to new brand
July 9, 2009 (LBO) – Sri Lanka’s Aitken Spence group said it was upgrading the oldest hotel in its chain to its premium ‘Heritance’ brand which is built to reflect the history of an individual hotel as well as the country it is situated in. Neptune Hotel, which will be closed for refurbishment, was the […]
Sri Lanka tourist arrivals up in June
July 09, 2009 (LBO) – Tourist arrivals in to Sri Lanka rose in June 2009, just one month after the ethnic war ended and the first monthly growth in over a year, the tourism promotion office said. The number of visitors to the island went up 8.1 percent in June 2009 to 30,234 from a […]
Come Back
July 09, 2009 (LBO) – A former Sri Lankan Treasury secretary, P B Jayasundara, who was removed by the Supreme Court, might return to his old job if he is allowed to by a new bench, a senior minister said. Court said conglomerate John Keells Holdings (JKH) which bought the ship fuel business had secured […]
Submarine Links
July 09, 2009 (LBO) – Lanka Bell, a Sri Lankan wireless telecommunications operator, said its investment in an undersea fibre-optic cable had helped increase business and reduce rates.The company said in a statement the rapid expansion of the FLAG (Fiber-optic Link Around the Globe) high-speed submarine cable network has opened up new markets and opportunities […]
Sri Lanka can balance growth with environment: expert
July 09, 2009 (LBO) – Sri Lankan policy makers should not over emphasize on pollution control as the economy is still at a early development stage, as it may hinder economic growth and slowdown job creation, a leading expert on carbon finance said. “Right now I think developing the economy and creating jobs should be […]
Sri Lanka tells foreign aid agencies to scale down
July 9, 2009 (AFP) – Sri Lanka has directed all international relief agencies, including the Red Cross, to scale down operations following the defeat of the Tamil Tiger rebels, the human rights minister said Thursday.Mahinda Samarasinghe said the directive was not solely aimed at the International Committee of the Red Cross (ICRC) which had first […]
” operations
July 9, 2009 (AFP) – The International Committee of the Red Cross said Thursday it had been ordered by Sri Lanka to scale down relief operations in the island where it has been helping civilian war victims. As a result, the ICRC said it was withdrawing expatriate staff from the battle-scarred northeast which was the […]