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Sri Lanka CIC Holdings rated A/P2
Feb 08, 2012 (LBO) – RAM Ratings Lanka has assigned long- and short-term corporate credit ratings of A and P2 to CIC Holdings (CIC) with a stable outlook on the long-term rating. The group™s ratings are supported by the dominant market positions in its key business areas as well as resilient demand for agriculture related […]
Sri Lanka Watawala to invest marketing unit proceeds in tea, oil palm
Mar 08, 2012 (LBO) – Sri Lanka’s Watalawa Plantations Plc said cash from the sale of a marketing arm will be used to expand oil palm, boost efficiencies in its tea estates and cut debt, as interest rates continued to rise. Shortly before the budget, through an ad hominen law the state took back land […]
SriLankan Airlines goes for early check-in
Feb 08, 2012 (LBO) – SriLankan Airlines has called on all economy class passengers to check in an hour before scheduled time of departure in a move to ease congestion at the airport. “All SriLankan Airlines economy class check in counters will close 60 minutes before scheduled time of departure from February 01, 2012,” a […]
Sri Lanka tea market in Middle East seen threatened
Feb 08, 2012 (LBO) – Sri Lanka might be in danger of losing part of its market for tea in the Middle East, one of its biggest markets, as younger consumers are shifting away from the beverage. Hilmy Cader, chief executive of MTI Consulting, said his international management consultancy based in Bahrain had observed a […]
Sea Transfers
Feb 07, 2012 (LBO) – Global ship agency and offshore marine service provider GAC has set up a supply base in Galle to support ship-to-ship (STS) services, a statement said. The new service complements existing services such as ship agency, bunker supplies and the ship supply service. GAC Sri Lanka uses a fleet of ten […]
Maldives president resigns
Feb 07, 2012 (LBO) – Maldivian President Mohamed Nasheed has resigned, news reports said. Hundreds of police started demonstrating early Tuesday in the capital, Male, after officials ordered them to withdraw protection for government and opposition supporters protesting close to each other, the AP news agency said. The withdrawal resulted in a clash that injured […]
Sri Lanka Treasuries yields up
Feb 06, 2012 (LBO) – Sri Lanka’s Treasuries yields increased more than 50 basis points across maturities following at Monday’s auction held two days earlier due a holiday in the week, results published by the state debt office showed. The 3-month yield increased 56 basis points to 9. 24 percent, the 6-month yield rose 55 […]
Sri Lanka rupee opens weaker
Feb 06, 2012 (LBO) – Sri Lanka’s currency opened 20 cents weaker at 114.30 cents against greenback Monday as the monetary authority lowered its intervention rate in forex markets for the second consecutive day, dealers said. In bond markets a 2 two year instrument maturing on March 01, 2014 was quoted around 10.20/35 percent, up […]
Sri Lanka shares end down 0.5-pct
Feb 06, 2012 (LBO) – Sri Lankan shares closed weaker Monday, falling for the fifth straight trading session with trades in Commercial Bank helping to prop up turnover, brokers said. Environmental Resources Investments was also heavily traded, closing at 26.60 rupees, down 50 cents. The market is closed Tuesday for a religious holiday. The main […]
Health Profits
Feb 06, 2012 (LBO) – Sri Lanka’s Asiri Hospital Holdings said net profits in the December 2011 quarter rose 51 percent to 117 million rupees from a year earlier, as revenues grew 36 percent to 1. 67 billion rupees. The firm has earnings of 13 cents per share for the quarter. It is reporting earnings […]