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‘s profits surge on stronger margins
Feb 08, 2013 (LBO) – Textured Jersey Lanka Plc, a unit of Sri Lanka’s Brandix apparel group and Hong Kong based Pacific Textured Jersey said profits rose 94 percent to 364 million rupees in the December 2012 quarter from a year earlier. The firm reported profits of 56 cents per share for the quarter. For […]
Sri Lanka parliamentary probe on retirement fund halted mid-way: legislator
Feb 09, 2013 (LBO) – A probe by a parliamentary committee on investments made by a state controlled retirement fund of private sector workers had been halted mid-way, an opposition legislator has said.Harsha de Silva, an opposition member told parliament that proceedings at a parliamentary committee examining investments by the Employees Provident Fund managed by […]
Sri Lanka to develop Trincomalee port city with ADB finance
Feb 08, 2013 (LBO) – Sri Lanka will improve infrastructure in the northeastern port city of Trincomalee with an 85 million US dollar loan from the Asian Development Bank, information minister Keheliya Rambukwelle said.The Integrated Urban Development Project for Trincomalee will improve city infrastructure and encourage private sector investment, he said. The cabinet of ministers […]
Canal Project
Feb 07, 2013 (LBO) – Sri Lanka will rehabilitate a colonial era canal north of the capital Colombo for tourism promotion and to improve the livelihoods of people living in the area, information minister Keheliya Rambukwelle said.Negombo beach area is a popular tourist area. State-run Sri Lanka Land Reclamation and Development Company had been awarded […]
‘s Serendib Hotels boosted by online sales
Feb 07, 2013 (LBO) – Serendib Hotels Plc, a unit of Sri Lanka’s Hemas group which reported a surge in profits in the peak December quarter said occupancy was boosted by online sales and profits were helped by cost controls. European visitors led by Germany were the mainstay at Serendib group hotels. “However, it is […]
Sri Lanka tea planters welcome reduction of sudden export tax
Feb 07, 2013 (LBO) – Sri Lanka Planters Association representing large tea growing companies welcome a reduction in a sudden hike in a tea export tax, which was sprung on the industry with no warning or consultation. Sri Lanka’s authorities have a habit of imposing taxes through gazette on citizens without consultation violating fundamental principles […]
Global Grouping
Feb 07, 2013 (LBO) – A newly established Sri Lanka chapter of The International Association of Outsourcing Professionals (IAOP), a body with over 200,000 members will help raise standards and attract new business, officials said. The International Association of Outsourcing Professionals (IAOP) with over 200,000 associate members worldwide already has 60 local chapters, sets standards […]
Sri Lanka three, six month Treasuries yields drop
Feb 06, 2013 (LBO) – Sri Lanka’s 3-month Treasuries yield dropped 22 basis points to 9.25 percent at Wednesday’s auction but the 12-month yield was flat, data from the state debt office showed. Compared to the auction on the last week of December, the 3-month yield has dropped 75 basis points, the 6-month yield 1.16 […]
Bond Sale
Feb 06, 2013 (LBO) – Sri Lanka’s Seylan Bank said it will sell up to 2.0 billion rupees in 5-year debt unsecured debt yielding as much as 15.5 percent a year, which will be free of withholding tax under new budget proposals. The bank is selling unsecured, subordinated debt which can be used to boost […]
Appointments
Feb 06, 2013 (LBO) – HSBC has appointed Patrick Gallagher as chief executive for Sri Lanka and Maldives replacing Nick Nicolaou. The new appointment will take effect from April 30, 2013, subject to regulatory approval, the firm said in a statement. Martin Tricaud, currently managing director, global head of multinationals, global banking and markets, will […]