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Tight Quarter
July 30, 2012 (LBO) – Sri Lanka’s Union Bank group has report net profits of 27.4 million rupees for the June 2012 quarter, down 61.5 percent from a year earlier, amid rising interest rates and expenses. The bank did not separately report earnings per share at group level in quarterly accounts filed with the Colombo […]
Trading Monitor
July 30, 2012 (LBO) – A trading surveillance system developed by MillenniumIT, a London Stock Exchange unit based in Sri Lanka has gone live in at the Egyptian Exchange (EGX), the company said. “We are very pleased offer our services to the Egyptian Exchange to improve its surveillance and market monitoring functionsm,” Tony Weersinghe, chief […]
India show in Sri Lanka to boost investment and trade
July 30, 2012 (LBO) – India Show, an exposition of Indian business in Colombo to be held from August 03 has drawn over 100 exhibitors which will give a chance for the two countries to boost trade and investment as well as influence policy, officials said. “We hope this will be a platform to build […]
Reporting Awards
July 29, 2012 (LBO) – Sri Lanka’s Smart Media, a marketing communications firm said it had been placed second global award from a US based organization for its annual reports, and won the top award for Asia Pacific. US-based League of American Communications Professionals (LACP) had given a gold award Smart Media in the Worldwide […]
Sri Lanka rice export controls not a blanket ban: minister
July 29, 2012 (LBO) – Sri Lanka’s fledgling rice exporters could still ship rice under some restrictions, including a minimum price and there was no blanket ban, a minister said. The notice said ‘specific varieties of rice” targeted at export markets could be shipped with export licenses. Sri Lanka’s state can restrict citizens from importing […]
Sri Lanka Cricket bans noisy horns from grounds
July 29, 2012 (LBO) – Sri Lanka Cricket has banned spectators from bringing noisy portable horns and hooters to the venues with immediate effect. We will be implementing this rule on Tuesday, the cricket board said. The two sides meet for the fifth game in Pallekele in Kandy on August 4 and a one-off Twenty20 […]
Broad Target
July 27, 2012 (LBO) – Sri Lanka Telecom, the country’s only wireline access provider says it is planning to double its broadband users to 600,000 over the next two years with the completion of a network modernization project. SLT ‘i-Sri Lanka’ project was started in 2011 to expand the telco’s optical fibre network deploying fiber-to-the-node […]
Appeal Option
July 28, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has lost an appeal against a London ruling that forced it to pay up on a complex oil derivative it bought in 2008, a media report said. “It has been reported that the order is against us,” Sri Lanka’s Attorney General Palitha Fernando was […]
Sri Lanka energy SOE losses projected at 1.0-pct of GDP
July 28, 2012 (LBO) – Sri Lanka’s state energy enterprises will make losses of about one percent of gross domestic product, a lower than 1.75 percent GDP loss made in 2011, an International Monetary Fund report has said. Though the IMF program had a requirement to make energy enterprises break-even it was not a performance […]
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July 27, 2012 (LBO) – Sri Lanka’s Seylan Bank has rated given a ‘BBB+(lka)’ rating for a proposed 2.0 billion rupee subordinated bond rated one notch below the bank’s ‘A-(lka)’ national rating. “Seylan’s National Long-Term Rating is driven by implied extraordinary support from the State of Sri Lanka during financial distress, given the bank’s systemic […]