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CB expects financial and leasing companies to cut rates
Nov 07 (Island) A senior official of a state bank says finance and leasing companies would not be in a position to reduce lending rates immediately as deposits are contracted at higher long term rates.
"Finance and leasing companies certainly can reduce their lending rates but it would take a few more months for them to adjust according to Central Bank’s expectations.
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Industrial zones go islandwide
Nov 07 (DN) The Ministry of Industrial Development has set up many industrial zones away from Colombo and Gampaha under the Gamata Karmantha program in different districts, Secretary, Ministry of Industrial Development, R.V.D. Piyathilaka told Daily News Business.
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Sri Lanka and Kuwait sign agreement on Investment Promotion and Protection
Nov 06 (CP) Colombo- Sri Lanka and Kuwait yesterday (05) signed the Investment Promotion and Protection Agreement (IPPA) which will open new investment opportunities for Kuwait in Sri Lanka.
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Depositors protest in Colombo
Depositors of the Ceylinco Property Sharing Investment Corporation today staged a protest campaign against the company in Colombo.
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Sri Lanka responds to EU rights probe concerns
Nov 06 (Reuters) COLOMBO- Sri Lanka delivered its formal response on Friday to a European Union probe that found it in breach of international human rights laws and said it was hopeful of retaining a lucrative trade concession with the bloc.
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World Gold Council Welcomes Sri Lankan Allocation To Gold
Nov 06 (PRN) NEW YORK- The World Gold Council is delighted to note that the Central Bank of Sri Lanka has announced that it is buying gold to diversify its reserves.
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CB in FX swap mops up Rs. 6 bn
Nov 06 (Island) The Central Bank is buying and selling dollars in the foreign exchange swap (FX swap) market in a bid to defend the exchange rate and mop up excess rupee liquidity, so far trading US$ 55 million this week and absorbing about Rs. 6 billion in excess liquidity, dealers said.
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Sri Lanka to acquire satellite technology
Nov 06 (DN) Sri Lanka will acquire satellite technology shortly with the setting up of the Sri Lanka Space Agency (SLASA), a regulatory body for new technology.
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More than 60 apply to build hotels in Trinco
Nov 01 (Nation) More than 60 prospective investors have applied to build hotels in the newly proposed 8-kilometre tourism zone on the Kuchchaveli coast, Tourism Ministry Secretary George Michael said yesterday.
Most of the applicants are joint collaborations with foreign investors, it is learnt.
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Rs179 billion worth taxes defaulted in 2008-report
Nov 07 (DM) Taxes running to the tune of Rs. 179 billion had been defaulted in 2008, and of this amount Rs.88 billion had been categorized as disputed taxes, according to the annual report of the Inland Revenue Department presented in Parliament yesterday
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S Lanka shares up from 2-mo low on bargain hunting
Nov 06 (Reuters) COLOMBO- Sri Lanka's shares rose on Friday from a near two-month low, as investors bought shares battered in the recent fall, triggered by weak investor appetite on economic woes and trade union protests ahead of national polls.
The All-Share Price Index of the Colombo Stock Exchange jumped 1.99 percent or 56.80 points to 2911.62,
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Prices of several essential items reduced in Sri Lanka
Nov 06 (CP) Colombo- The Trade and Consumer Affairs Ministry has taken measures to reduce the prices of several essential items.
Speaking to the media Minister Bandula Gunawardena said the prices of the sugar, canned fish, and dhal had been reduced.
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Fitch Ratings upgrades Sri Lanka's Sovereign Rating Outlook
Fitch Ratings on Friday affirmed Sri Lanka's ratings at 'B+' and revised the country's sovereign rating outlook to 'stable' from 'negative'.
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Sri Lankan news sends gold over $1,100
Nov 06 (RTE) The price of gold hit a record high above $1,100 an ounce in London today following a report that Sri Lanka had joined India in purchasing the precious metal in favour of the US dollar.
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Sri Lanka Cargills net up 35-pct; to invest in expansion
Nov 06 (LBO) Cargills (Ceylon) group which runs Sri Lanka's largest retail chain said profits rose 35 percent to 139 million rupees in the September 2009 quarter from a year earlier, and was planning a billion rupees in new investments in the current year.
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Hayleys posts five-fold improvement in profit in strong 1H result
Nov 06 (DM) Robust performances in manufacturing, lower input costs, a strong shift to higher value products and capital gains from portfolio rationalization in the first half of 2009/10 have enabled .
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Holcim to bid for Jaffna cement plant
Nov 06 (ARI) The Sri Lanka unit of Swiss-based Holcim said it would enter the bidding process to build a joint venture cement plant with state-run Sri Lanka Cement Corporation in the northern Jaffna peninsular.
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