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Sri Lanka business chamber to form broad alliance for peace
July 23, 2008 (LBO) – The private sector of Sri Lanka must join together to work towards ending the conflict to attain peace and development, the newly appointed chairman of the Ceylon Chamber of Commerce (CCC) said. The 25-year ethnic conflict has affected the trade and commerce sector and slowed down the country’s growth, said […]
Sri Lanka stocks slump; losses in JKH, Janashakthi Insurance
July 22, 2008 (LBO) – Sri Lankan shares slumped 1.76 percent Tuesday, dragged down by losses in heavyweights like John Keells Holdings (JKH), as investors digested the news about a court ruling against the conglomerate’s lucrative bunker business.Debutant Janashakthi Insurance fell further as did several index-heavy stocks. The All Share Price Index shed 41.94 points […]
Forex Accounts
July 22, 2008 (LBO) – Commercial Bank said it has begun accepting deposits from foreigners and Sri Lankan expatriates after the Central Bank relaxed foreign exchange rules. Special Foreign Investment Deposit Accounts (SFIDA) can be opened in designated foreign currencies and Sri Lankan rupees, it said in a statement. The minimum initial deposit required to […]
Inflating Luck
July 22, 2008 (LBO) – The Sri Lankan government is going to double the prices of lottery tickets from September onwards. The national lotteries board and the development lotteries board have an effective duopoly on selling lotteries in Sri Lanka. Updated National Lotteries Board chairman A De vass Gunewardena says that the last price revision […]
SMS Business
July 22, 2008 (LBO) – Sri Lankan business news from Lanka Business Online (LBO) is now available on Dialog SMS, giving the opportunity for people on the move to be in touch with the latest breaking business news.Dialog subscribers have to type ‘act lbo’ (act-space-lbo) and send to 678 to activate the service. The first […]
Sri Lanka summit to consider trade, food security moves
July 22, 2008 (LBO) – South Asian leaders holding a summit in the Sri Lankan capital Colombo next months will consider setting up common standards for goods made in the region as well as a food crisis fund and buffer stocks, a senior official said. Foreign Affairs Minister Rohitha Bogollagama said south Asian leaders are […]
Sri Lanka Tigers declare ceasefire for S. Asia summit
July 22, 2008 (AFP) – Sri Lanka’s separatist Tamil Tiger rebels declared Tuesday a ceasefire with the military during a 10-day meeting of South Asian leaders starting here this week.There was no immediate comment from Colombo on the ceasefire. Sri Lanka’s army chief said last week that his forces had wiped out two-thirds of the […]
Sri Lankan Airlines to reduce flights to cut costs
July 22, 2008 (LBO) – Sri Lankan Airlines plans to reduce flights to cut costs amid soaring fuel prices but said the new schedule would not affect key passenger segments like tourists and migrant workers. The state-owned airline said in a statement it will go ahead with re-fleeting plans by replacing four old aircraft with […]
Sri Lanka-India trade deal proponents emphasise benefits
July 22, 2008 (LBO) – Sri Lankan proponents of a new trade and investment treaty with India say the island should go ahead with the deal as it gives access to a fast-growing economy with a huge market. Mano Selvanathan, president of the Indo-Lanka Chamber of Commerce and Industry, says safeguards built into the proposed […]
Indian government survives confidence vote: state TV
NEW DELHI, July 22, 2008 (AFP) – India’s government on Tuesday survived a parliamentary confidence vote that could have led to early polls and scuppered a nuclear energy deal with the United States, state television showed.A total of 253 deputies backed the government, 232 voted against and two abstained, according to results from electronic voting […]
Emerging markets want industrialised nations to make first move
GENEVA, July 22, 2008 (AFP) – Emerging economies challenged rich countries to prove their goodwill on Tuesday at crucial World Trade Organization talks, which were hamstrung by the absence of the Indian trade minister.Ministers from about 35 key nations are meeting in Geneva this week to break seven-year deadlock over a new global trade deal. […]
Indian opposition demand PM resign over bribe allegations
NEW DELHI, July 22, 2008 (AFP) – India’s main opposition party on Tuesday demanded the resignation of Prime Minister Manmohan Singh over allegations the government was bribing lawmakers to survive a vote of confidence in parliament. The demand came as a crucial debate descended into chaos when opposition MPs started waving around large bundles of […]