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Merger Watch
Jan 20, 2012 (LBO) – Fitch Ratings Lanka said it has maintained Ceylease Financial Services’ ‘BB+(lka)’ National Long-Term rating on Rating Watch Evolving (RWE). Two state-owned banks control Ceylease with Bank of Ceylon owing a 55 percent stake and a 72 percent stake held by Merchant Bank of Sri Lanka (MBSL). Fitch said in a […]
Sri Lanka Richard Pieris mulls hotel venture
Jan 20, 2012 (LBO) – Sri Lanka’s Richard Pieris & Company group plans to invest in the hotel sector as part of its diversification strategy amid a boom in tourists arrivals, an official said. The company is scouting for a suitable land to build a hotel, the group’s operations director Ravi Liyanage told Vimasuma.com, our […]
Sri Lanka seen needing to improve land, labour productivity
Jan 20, 2012 (LBO) – Sri Lanka’s plantation companies are in crisis with high costs and falling commodity prices that only greater labour and land productivity can overcome, an official said. The island 150-year-old plantation industry needs to rationalize land and labour utilization and management, said Anura Ekanayake, a former Director of Planning at the […]
Recycling Venture
Jan 20, 2012 (LBO) – Sri Lanka’s Kalhari Group has tied up with Epsi Computers for safe disposal of electronic waste which will be exported for recycling, a statement said. œElectronic waste is a new area for us,” Rajapaksa said. “We expect to provide Sri Lankans the facility to easily dispose of their electronic waste […]
Sri Lanka to discourage raw commodity exports
Jan 20, 2012 (LBO) – Sri Lanka’s decision to raise taxes on exports in raw form and reduce those for raw material imports is to encourage local manufacture and value addition, Minister of Industry and Commerce Rishad Bathiudeen said. The island intends to make it more expensive to export rubber, timber and minerals in raw […]
Sri Lanka Treasuries yields flat
Jan 19, 2012 (LBO) – Yields on Sri Lankan Treasury Bills remained mostly flat at Wednesday’s auction for the fourth consecutive week, with 12,693 million rupees of bills sold, the state debt office said. The 3-month yield fell one basis point to 8.67 while the 6-month yield stayed at 8. 71 percent and the 12-month […]
Sri Lanka shares end down one-pct
Jan 19, 2012 (LBO) – Sri Lankan shares slumped again Thursday as selling pressure continued despite the regulator agreeing to demands from stock brokers to lend more money to buy stocks, brokers said. PC Pharma which began trading this week closed at 54.60 rupees, up three rupees, with a million shares crossed at 52 rupees […]
Rail Support
Jan 19, 2012 (LBO) – IRCON International Ltd, an Indian company in railway infrastructure, has completed and handed over part of a rail track in southern Sri Lanka that is being upgraded with Indian aid. The formal hand over of th completed section of the Galle-Hikkaduwa railway track was made Thursday by S M Krishna, […]
Load Level
Jan 19, 2012 (LBO) – Sri Lanka’s road development agency has allowed heavy vehicles to use the island’s first expressway opened late last year linking the capital Colombo with the southern town of Galle. Trucks with containers and other goods will be allowed to use the southern expressway along with buses, Road Development Authority director […]
Legal Forum
Jan 19, 2012 (LBO) – Sri Lanka will be hosting a conference February initiated by the International Association of Young Lawyers (AIJA) which will also highlight the island’s potential as a legal process outsourcing destination, organizers said. AIJA will hold the two day conference from February 09 collaborating with the Bar Association of Sri Lanka, […]