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Sri Lanka stocks extend losses
Nov 16, 2011 (LBO) – Sri Lanka’s stocks extended losses falling 1.14 percent in thin trading Wednesday amid continuing negative sentiment over an expropriation law and margin sales, brokers said. Brokers said motor stocks were being sold due a hike in car taxes expected in the next budget, but some firms which had reported good […]
Quarterly Snap
Nov 16, 2011 (LBO) – Profits at Sri Lanka’s NDB Bank fell 20 percent to 620 million rupees in the September 2011 quarter from a year earlier, on weaker non-interest income, interim accounts showed Earnings per share for the quarter are 3. 78 rupees. For the 9-months the bank is reporting earnings of 10. 40 […]
National Aim
Nov 16, 2011 (LBO) – Sri Lanka’s Nations Trust Bank plans to become a ‘nationwide’ bank with a fast branch expansion targeting both savers and small businesses, replicating a banking model tried on rich retail and corporate clients. Renuka Fernando, NTB’s deputy chief executive, said the bank will rapidly expand outside Colombo, setting up 15 […]
Sri Lanka apparel exporter sees faster lead times
Nov 16, 2011 (LBO) – Brandix, one of Sri Lanka’s top apparel exporters, expects lead times to deliver new designs to shrink rapidly in future given fast changing consumer fashions within the next two years. Rapidly shrinking lead times would be one of the biggest challenges for the apparel industry, Brandix chief executive Ashroff Omar […]
Sri Lanka expropriations will hurt investment: Fitch
Nov 16, 2011 (LBO) – Sri Lanka’s new law to expropriate 37 businesses would discourage investment and hurt growth, despite the state promising that it would be a one-off measure, Fitch Ratings has said. “While the Sri Lankan government has said that this is a one-off measure, and the list implies that the Act is […]
Sri Lanka stocks plunge 2.3-pct
Nov 15, 2011 (LBO) – Sri Lanka stocks plunged 2.3 percent Tuesday to a 14-month low despite strong quarterly earnings amid low liquidity and an expropriation law casting a pall over sentiment, brokers said. Market participants were clearing margin accounts. “Punters are ignoring earnings,” an analyst said. “Of course they also ignored earnings when fundamentally […]
Gross Balance
Nov 15, 2011 (LBO) – Profits of Sri Lanka’s state-run Bank of Ceylon rose 32 percent to 2.83 billion rupees in the September 2011 quarter from a year earlier helped by better interest margins, while gross assets neared 800 billion rupees, interim accounts showed. In the nine months to September profits rose 56 percent to […]
Tablet Sales
WASHINGTON, November 14, 2011 (AFP) – Amazon began shipping the Kindle Fire on Monday as initial reviews were mixed for the touchscreen tablet computer seen as a potentially strong rival to Apple’s market-leading iPad. The Seattle, Washington-based online retail giant had initially planned to ship the Kindle Fire, which at 9 costs less than half […]
Indian airline Kingfisher posts widening losses
MUMBAI, November 15, 2011 (AFP) – Kingfisher Airlines said Tuesday it had doubled its losses in the July-September quarter, as its billionaire chief Vijay Mallya was set to announce plans to keep the Indian company afloat. The country’s second-largest airline by market share showed a net loss of 4. 69 billion rupees ($93 million) for […]
Sri Lanka knitwear maker to reduce greenhouse gas emissions
Nov 15, 2011 (LBO) – Textured Jersey Lanka, a Sri Lankan knitted fabric maker supplying apparel exporters, has begun work to reduce greenhouse gas emissions, aiming to meet a global standard that enables emissions trading. A manufacturer of weft-knitted and dyed stretch fabrics, Textured Jersey is a supplier for international brands like Victoria’s Secret, Marks […]