Category:
Sri Lanka gets more duty free access to Pakistan
April 02, 2009 (LBO) – Pakistan has increased the number of products that can be imported from Sri Lanka to 4,000 under the final phase of the free trade deal between the two countries.Exporters can obtain concessions under the FTA from the Department of Commerce which is the authority that is monitoring the implementation of […]
Sri Lanka rupee weakens to new life low
April 01, 2009 (LBO) – The Sri Lanka rupee traded at a new low of 116.10 rupees against the greenback Wednesday dealers said, heightening expectations of a successful deal with the International Monetary Fund (IMF).In a pegged country rate cuts are achieved by further monetizations of deficits (printing money) unless the government reduces spending.This will […]
Sri Lankan shares up, Lanka Cement draws interest
April 01, 2009 (LBO) – Sri Lankan stocks edged higher on Wednesday boosted by speculative trading by small investors in Lanka Cement, which has a defunct plant in the north that is being eyed by foreign firms, brokers said. The All Share Price Index was up 0.10 percent (1.70 points) to end at 1,639.76 while […]
Missing Miles
April 01, 2009 (LBO) – Sri Lanka is in talks with the Asian Development Bank on ways to raise funds to build the last stretch of a key highway linking the island’s south with the capital Colombo, a senior ADB official said.The highway, meant to link the capital Colombo with the town of Matara in […]
Bank Promotions
April 01, 2009 (LBO) – Sri Lanka’s central bank said it has promoted four Assistant Governors, Rose Cooray, K G D D Dheerasinghe, Uthum Herat and D S Wijesinghe to the post of Deputy Governor.Cooray’s promotion was with effect from March 13 while the others will be promoted in May and July 2009. “These promotions […]
Top Marks
April 01, 2009 (LBO) – The Commercial Bank of Ceylon has been adjudged Sri Lanka’s ˜Best Bank’ for the 11th successive year by the financial publication Global Finance (USA), a company statement said. The ranking comes in a year when some of the best banks of previous years have lost their places to competitors due […]
Fresh Equity
April 01, 2009 (LBO) – A one-third stake in Sri Lanka’s Seylan Bank being offered to new investors by the regulators will be in new shares with the cash going into boost the capital of the bank. Ceylinco group currently owns a 24 percent stake of Seylan bank’s voting stock while its board manages several […]
Sri Lanka Aitken Spence opens new Maldivian resort
April 01, 2009 (LBO) – Sri Lanka’s Aitken Spence group said it has opened its latest Maldivian luxury resort called Adaaran ˜Prestige’ Vadoo. The resort, 15 minutes by speed boat from Male’ International Airport, has 50 villas including six Japanese concept rooms on the ocean, a company statement said. The company said each villa comes […]
Female Targets
April 01, 2009 (LBO) – Sri Lankan retailer Odel said it has opened a fashion accessories store for women called ‘Backstage’ in Singapore with more overseas outlets planned.Gunewardene said that later this year, Backstage will open its second outlet in Singapore at Orchard Central and also plans to enter the Maldives and India. Janine Magrath, […]
‘s most wanted claims Lahore attack, threatens US
LAHORE, March 31, 2009 (AFP) – Pakistan’s most wanted militant Tuesday claimed responsibility for a deadly police academy assault and threatened to attack the US capital in retaliation for a series of air strikes. Pakistani Taliban chief Baitullah Mehsud, for whom the United States has posted a five-million-dollar reward, said there would be more attacks […]
‘s son wounded: military
April 1, 2009 (AFP) – Tamil Tiger rebel leader Velupillai Prabhakaran’s eldest son was wounded in battle against Sri Lankan security forces, military spokesman Brigadier Udaya Nanayakkara said on Wednesday.Prabhakaran’s location is uncertain, though the Tigers say their leader is still with his men as they try to stave off defeat at the hands of […]
Lubricant Trends
April 01, 2009 (LBO) – Sri Lanka’s Chevron unit said net profit for the 2008 financial year fell 12 percent to 948 million rupees from a year ago with high fuel price and economic slowdown reducing sales amid increasing competition.Revenue for the financial year ending December 31, 2008 rose three percent to 8.9 billion rupees, […]