Tag: lankabusinessonline
Protests in Sri Lanka over French film festival
COLOMBO, July 17, 2013 (AFP) – Hundreds of government supporters protested outside the French embassy in Colombo Wednesday over a film festival which included a local movie considered by Sri Lanka’s military to be insulting. Demonstrators chanted anti-French slogans, denouncing the Sinhalese-language movie “Flying Fish” and the embassy for showing it at the French film […]
Sri Lanka bets on high-end casinos to boost economy
COLOMBO, July 17, 2013 (AFP) – Multi-million-dollar casinos planned for Colombo have boosted Sri Lanka’s ambitious hopes of becoming Asia’s new gambling hotspot, but the projects still face political and religious opposition. “In the alcohol and tobacco industries, we have a good idea of how much is produced, what the sales are and more importantly […]
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WASHINGTON, July 17, 2013 (AFP) – US Federal Reserve Chairman Ben Bernanke reiterated Wednesday that the Fed stimulus could be wound up next year if economic growth remains steady as forecast.The surge in rates, economists worry, could itself slow the recovery by slowing demand in the recovering housing sector, which has become a key contributor […]
Sri Lankans arrested in UK for working
July 16, 2013 (LBO) – Two Sri Lankans were arrested by the immigration authorities for overstaying visas and working in Blackpool, England, the UK High Commission in Colombo said.The statement said the proposals are part of the UK’s action against unauthorized migrants to live and work in the UK and to take tough action against […]
‘s faster rise in household expenses, lower carb intake a concern: economist
July 15, 2013 (LBO) – A faster rise in expenditure than income and a reduction in consumption of rice and wheat was a concern that policymakers have to pay attention, a legislator and economist said. Opposition legislator Harsha de Silva said, according to the initial results of a 2012 household income and expenditure survey of […]
‘s maturing foreign debt, budget deficit a concern: Fitch
July 15, 2013 (LBO) – Sri Lanka’s 6.0 percent growth level and lower inflation helped its ‘BB-‘ rating but a high budget deficit and maturing foreign debt were concerns, Fitch Ratings has said in a regional review. An improvement in public or external financing can help an improve the while a significant deterioration in public […]
Sri Lanka industries fear upcoming land ownership restrictions
July 15, 2013 (LBO) – Planned restrictions on land ownership in Sri Lanka by foreigners may hurt industrial expansion in the country, an association representing some of the largest industries in the country said. “A number of our member and other large manufacturing companies in Sri Lanka are foreign owned,” Pravir Samarasinghe, head of the […]
Petro Search
July 13, 2013 (LBO) – Sri Lanka is revamping its petroleum exploration law to provide better investor protection and to clearly separate regulatory and upstream activities, a top official said.Wickramasuriya told a business forum ahead of a bidding round that is to close in November that since the existing law which was drafted in 2003 […]
Sri Lanka BOC to finance Rs. 3.9 bn road project
July 12, 2013(LBO) – Sri Lanka’s state run Bank of Ceylon will provide a 3.91 billion rupee loan to the Road Development Authority to rehabilitate and upgrade a 48 kilometer stretch of road. The state information office said in a statement that the project which has approval from the cabinet of ministers will be completed […]
Oil Services
July 11, 2013 (LBO) – Sri Lanka’s Hayleys Energy Services, a unit of listed Hayleys Plc said it has started providing services to international oil firms through a business process outsourcing arm.Already ConocPhillips and TAQA were clients of its BPO service, chief executive Chas Charles told an oil and gas exploration conference in Colombo. He […]
Sri Lanka needs free trade, FDI, better education, to sustain growth
July 10, 2013 (LBO) – Sri Lanka has to maintain economic stability free trade, draw more foreign investment and invest in education to boost productivity and sustain high levels of growth, officials said at the start of a policy forum.Ceylon Chamber of Commerce chief Suresh Shah said Sri Lanka had to export more to grow. […]
Sri Lanka gold sales fall after tax: dealers
July 10, 2013 (LBO) – Gold purchases from dealers in Sri Lanka slowed after a 10 percent tax was imposed, despite prices falling further, industry players said.On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 40,500 rupees for a 22 carats and 44,000 rupees for a 24 carats, […]