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Sri Lanka rains seen hurting tea crop
Nov 02, 2012 (LBO) – Heavy rains in Sri Lanka’s tea growing areas are not likely to lead to a sharp recovery in crops that have been reduced by drought, a tea broker said. John Keells brokers also said the rains will relieve the suffering caused by drought which had reduced irrigation water and hydro-power […]
Sri Lanka Nestle unit profits up 3.9-pct
Nov 02, 2012 (LBO) – Sri Lanka’s Nestle Lanka Plc, a unit of Switzerland Nestle, said profits in the September quarter rose 3.9 percent from a year earlier to 798 million rupees as it took steps rolex replica to counter the effects of a depreciating currency and higher energy costs. The firm reported earnings of […]
Sri Lanka hydro power generation up on cyclonic rains
Nov 02, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has upped hydro power generation and stored more water as cyclonic rains lashed the island, while irrigation tanks in several areas were also filling up, data from state agencies show. Data on the CEB website (www.ceb.lk) shows that daily hydro power generation had risen […]
”’ bond
Nov 01, 2012 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia Axiata, said it was planning to sell a Malaysian Ringgit denominated ‘Sukuk’ Islamic financial instrument to raise about 51 billion rupees (366 million US dollars). The proposed ‘Sukuk Murabahah’ programme for 1.2 billion Malaysian ringgit will have a tenor of 15-years. The […]
‘s Leasing plans billion rupee CP sale
Nov 01, 2012 (LBO) – Sri Lanka’s People’s Leasing Company, the country’s largest leasing firm is planning a billion rupees commercial paper sale, which has been given a short term ‘F1+(lka) rating, Fitch Ratings said. People’s Leasing has a long term rating of ‘AA-(lka)’ from Fitch. The leasing firm is a unit of state-run People’s […]
Sri Lanka stocks close -0.3 pct lower
Nov 01, 2012 (LBO) – Sri Lanka’s stocks fell 0.35 percent Thursday dragged down by financial sector stocks despite gains by index heavy Dialog Axiata, brokers said while the ruling coalition moved to impeach the country’s chief justice. Hatton National Bank fell 7.20 to close at 140.80 rupees, Commercial Bank closed at 102.90 down 2.0 […]
Flat Quarter
Nov 01, 2012 (LBO) – Profits at Sri Lanka’s People’s Leasing and Finance group, the country’s largest non-bank lender was 795 million in the September 2012 quarter rupees barely changed from 790 million rupees a year earlier. Leasing and higher purchase rentals outstanding were also flat at 79 billion rupees by end September from 78.9 […]
Steady Rate
Nov 01, 2012 (LBO) – Sri Lanka’s Nations Trust Bank’s ‘A(lka)’ rating has been confirmed by Fitch Ratings with a stable outlook, on a stable credit profile and efforts to improve its franchise, the rating agency said. “Continued consolidation of NTB’s franchise alongside sustained improvements to its credit profile may result in a rating upgrade,” […]
Sri Lanka to lease islet for resort for a billion rupees
Nov 01, 2012 (LBO) – Sri Lanka will lease an islet off the Western coast of the island for a 1,070 million rupee upfront payment to a developer to build an integrated tourist resort, information minister Keheliya Rambukwelle said. The cabinet of ministers had approved a proposal by economic development minister Basil Rajapaksa to lease […]
Impeachment
Nov 01, 2012 (LBO) – Sri Lanka has begun a process to impeach chief justice Shirani Bandaranayake with a motion signed by with 117 legislators representing the ruling coalition, information minister Keheliya Rambukwelle said. Rambukwelle said the harmony between the parliament and judiciary had been disturbed with the judiciary overstepping its role, which has prompted […]