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Sri Lanka rupee steadies on state bank selling
Mar 20, 2012 (LBO) – Sri Lanka’s rupee was quoted wide at 130. 00/131.00 against the US dollar and strengthened with some state bank selling, following a steep fall a day earlier, dealers said. The rupee was quoted at 130.00/20 in mid-morning trad.
Sri Lanka shares end down 0.7-pct
Mar 20, 2012 (LBO) – Sri Lankan shares closed weaker Tuesday with turnover also falling sharply after some big deals the previous two days where foreign investors bought into two conglomerates, brokers said. The main All Share Price Index fell 0.65 percent (35.44 points) to 5,414.02, while the more liquid Milanka index fell 0.27 percent […]
Carrier Call
Mar 20, 2012 (LBO) – A state-run container terminal in Sri Lanka’s Colombo port has won back Japan’s NYK (Nippon Yusen Kaisha) Line, which is a partner of the G6 Alliance of carriers formed last December. The 8,200 TEU vessel ‘MV NYK Virgo’, operated by G6 Alliance partner NYK Line had its inaugural call at […]
Name Change
Mar 20, 2012 (LBO) – Sri Lanka’s banking regulator has tightened regulation of finance companies, ordering those firms that are not licensed finance companies to remove words relating to finance from their names. It is also not applicable to an association of finance companies formed for the protection of their interests, trade unions which are […]
Sri Lanka state airline on yield maximizing drive
Mar 20, 2012 (LBO) – Sri Lankan Airlines is focusing on maximizing yields on its network and shifting capacity from Europe where competition is high to Asia, amid rising fuel prices, chief executive Kapila Chandrasena said. Mihin Lanka, a budget carrier, which shares some services with Sri Lankan is expected to lose around 15 million […]
Sri Lanka business groups oppose UN war crimes resolution
Mar 20, 2012 (LBO) – Sri Lanka’s business chambers have opposed a resolution in the United Nations Human Rights Council against alleged war crimes in the campaign that crushed Tamil Tiger separatists. “The joint Chambers of Commerce of Sri Lanka express concern over the resolution to be tabled at the UNHRC against Sri Lanka,” they […]
Oil Opportunity
Mar 20, 2012 (LBO) – A wide range of business opportunities is opening up for Sri Lankan companies in the emerging hydrocarbon exploration and production programme after two offshore gas strikes by Cairn India, an official said. These range from providing banking and financial services, oil well insurance, risk management, and training to catering services […]
Sri Lanka consumer protection activism seen weak
Mar 20, 2012 (LBO) – Sri Lankan consumer protection activism remains weak because of a lack of awareness and will, leaving consumers vulnerable to the lobbying power of big business and utilities, an official said. The Public Utilities Commission plans to step up its campaign to educate consumers this year. “After making people aware, we […]
Sri Lanka sells US$72mn 3-yr bonds
Mar 19, 2012 (LBO) – Sri Lanka sold 72 million US dollars of three-year bonds at six-month Libor + 385 basis points and 12 million dollars of four-year bonds at Libor +415 bp, the Central Bank’s Public Debt Department said. Both foreign and local commercial banks subscribed bids at the auction, it said. “The offer […]
Sri Lanka shares becalmed despite big deals
Mar 19, 2012 (LBO) – Sri Lankan shares closed barely changed Monday although foreign buying into a local conglomerate pushed turnover up over three billion rupees, brokers said. The main All Share Price Index was stagnant at 5,449.46, while the more liquid Milanka index rose 0. 51 percent (24.83) to close at 4,889.08. Turnover was […]