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Sri Lanka rupee weaker, rates steady
May 29, 2012 (LBO) – Sri Lanka’s rupee was quoted weaker around 131. 40/50 to the US dollar in the spot market Tuesday while bond yields were flat from a day earlier, dealers said. The rupee has weakened from around 129 rupees to current levels the US dollar over the past three weeks as rupee […]
Sri Lankan stocks fall three-percent
May 29, 2012 (LBO) – Sri Lankan stock prices continued to slide, falling nearly three-percent as investor worried about the new trading rules, brokers said. Colombo’s main All Share Price Index was down 2. 46 percent on Tuesday, or 121.75 points to close at 4,813.26. The liquid Milanka Price Index fell 2. 22 percent or […]
Tough Course
May 29, 2012 (LBO) – Sri Lanka’s Expolanka Holding Plc, whose main business is in logistics said net profits rose 2. 68 percent to 286 million rupees in March 2012 quarter from a year earlier, though full year profits were sharply down. The group reported earnings of 15-cents for the quarter. The stock closed at […]
Increased Bookings
May 29, 2012 (LBO) –Sri Lanka’s e-Channelling Plc, which runs a booking engine for doctors, said its profits rose nine-fold to 73.88 million rupees in the year to March 2012 from a year earlier, on the back of higher revenues. The firm reported earnings of 60-cents per share 2012. The stock closed down 10-cents to […]
‘s mini hydro firm hit by drought
May 29, 2012 (LBO) – Sri Lanka’s Vallibel Power Erathna Plc, a mini hydro firm, said it lost 13. 04 million rupees in the March 2012 quarter as revenues fell amid drought and a tariff paid by the state power utility also decreased. The firm reported losses of 2 cents per share for the quarter. […]
Sri Lanka kicks off flood control program in Colombo
May 29, 2012 (LBO) – Sri Lanka has begun a five-year 223 million dollar programme to stop flooding and improve storm water drainage in the capital Colombo, which has been worsened by rapid filling of wetlands in the city. Partly funded by the World Bank, officials plan to expand canals, water retention tanks and related […]
Sri Lanka stocks down 1.5-pct
May 28, 2012 (LBO) – Sri Lankan stock prices continued to tumble, with the main indice breaching the psychological 5,000 barrier, brokers said. On Monday, the broader All Share Price Index shed 1.49 percent or 74.66 points to close at 4,935.01m while the liquid Milanka Price Index fell 1. 86 percent or 84.57 points to […]
Farm Lending
May 28, 2012 (LBO) – Sri Lanka’s Treasury secretary P B Jayasundera said banks should lend more to agriculture and slammed lenders for financing too much trade and consumption activities. He said only about 3.0 percent of total credit is given to the tea sector, about 0.5 percent to fisheries. “Instead money goes to consumption […]
Financial Stability
May 28, 2012 (LBO) – Sri Lanka’s Central Bank said, The Finance Company, a firm that is being bailed out under regulatory supervision is stable and expressed confidence that it will return to profits. The Central Bank said The Finance has increased its deposits by 5.36 percent and its lending portfolio by 11 percent in […]
Japan funds Sri Lankan civil servants Masters studies
May 28, 2012 (LBO) – Sri Lanka has struck a deal that allows 15 state employees a chance to pursue their Masters studies in Japan, a statement said. Under the Japan International Cooperation Agency or JICA, some 211 million yen or 340 million rupees will be spent on this scholarship programme, JICA said Monday. The […]