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Sri Lanka rupee stronger, stocks close down
Dec 21, 2012 (LBO) – Sri Lanka’s stocks closed down 0.2 percent Friday with foreign interest in key large cap stocks and the rupee extended gains for the second day, dealers and brokers said. In December the Central Bank has settled some of its bill holdings despite injecting liquidity. Analysts have said Sri Lanka has […]
‘s Asian Alliance stock to be bought by DEG, FMO
Dec 21, 2012 (LBO) – Germany’s DEG, a part of the KfW group that invests in private firms in developing countries and FMO, a Dutch development financier are buying stock in Sri Lanka’s Asian Alliance Insurance in a 1. 8 billion rupee deal. . Sri Lanka’s Softlogic group said in a stock exchange filing that […]
Sri Lanka plantation buys tea exporter
Dec 21, 2012 (LBO) – Sri Lanka’s Kotagala Plantations Plc, a tea plantations firm said it had bought Union Commodities (Pvt) Ltd, a tea exporter for 1,575 million rupees (12. 4 million US dollars). No details were given how the purchase would be financed. Kotagala Plantations said Union Commodities had been ranked the fourth largest […]
Sri Lanka court summons Speaker, legislators to review impeachment
Dec 21, 2012 (LBO) – Sri Lanka’s court of appeal has summoned parliamentary Speaker and legislators who were in a committee that found the Chief Justice guilty of misconduct in controversial circumstances. Sri Lanka’s Chief Justice Shirani Bandaranayake went court asking to quash the decision of the committee saying she was denied natural justice, the […]
US enterprises forging revolution despite state interventions: Razeen Sally in Sri Lanka
Dec 21, 2012 (LBO) – Private enterprise in the United States is transforming its economic structure using available economic freedoms despite excessive state interventions that has delayed a recovery, a top economist has said. “It intervened far too much and misguidedly at home,” Razeen Sally, a former London School of Economics professor who is now […]
Distilleries Company of Sri Lanka rated AAA(lka): Fitch
Dec 20, 2012 (LBO) – Fitch Ratings said Distilleries Company of Sri Lanka Plc, has been rated AAA(lka) with a stable outlook helped by its market leadership in spirits, steady demand and entry barriers to new entrants. “Fitch views the high and frequent increases in top-line taxes on spirits as a regulatory risk, which has […]
Sri Lanka rupee strengthens, stocks close higher
Dec 20, 2012 (LBO) – Sri Lanka’s stocks closed 0.2 percent higher Thursday amid foreign investor interest and the rupee strengthened sharply against US dollar, brokers and dealers said. Sri Lanka’s central bank usually weakens the rupee by purchasing dollar inflows to the state. Analysts have said that with policy rates over 9.0 percent, Sri […]
First Step
Dec 20, 2012 (LBO) – Australia based SMEC International (Pvt) Ltd, a consultancy, has been awarded the contract to study the feasibility and prepare bid documents for an expressway to the central Sri Lanka, a minister said. Later stages of the Northern Expressway project involve extensions to Jaffna in the north of the island and […]
Road Finance
Dec 20, 2012 (LBO) – Sri Lanka will build an 18 kilometre road for 1,802 million rupees with a loan from a commercial bank under a scheme of financing domestic contractors, minister Keheliya Rambukwelle said. Hatton National Bank, a private commercial bank will finance the road. The road runs from Meepe to Ingiriya in Sri […]
” model boosts production
Dec 20, 2012 (LBO) – Sri Lanka’s Kahawatta Plantations Plc, has increased production and boosted employee incomes by trying out an ‘out grower’ model of allowing workers to farm tea on estate land on their spare time. The statement said workers go to work in gem pits and other work and only about 40 percent […]