All Blogs
Sri Lanka supermarket chain cuts waste with better logistics
Nov 02, 2011 (LBO) – Investing in better logistics and supply chain management helped Sri Lanka’s Cargills group to reduce wastage and improve efficiency at its Food City supermarket chain. Cargills deputy chairman Ranjit Page said the process ensures prices to consumers remain static and its outlets charge one price throughout the island. Farmers get […]
Sri Lanka recall Tharanga for Pakistan ODI
COLOMBO, November 1, 2011 (AFP) – Sri Lanka Cricket on Tuesday included opener Upul Tharanga, and fast bowlers Dilhara Fernando and Lasith Malinga in the 15-man squad for the one-day series against Pakistan. Selectors led by former skipper Duleep Mendis made seven changes from the Test squad that is currently playing against Pakistan in the […]
Sri Lanka expropriation law will violate economic freedom: opposition
Nov 02, 2011 (LBO) – A planned expropriation law violates economic freedoms of citizens and will scare away foreign investors, lawmakers representing Sri Lanka’s main opposition United National Party said. The law to expropriate ‘underperforming enterprises’ and ‘underutilized assets’ is being rushed to parliament on November 09 after being secretly written outside the state drafting […]
Sri Lanka minister in bid to fast track building starts
Nov 02, 2011 (LBO ) – Sri Lanka’s economic development minister Basil Rajapaksa urged state agencies to drop archaic rules and procedures that were delaying construction starts, and the ease of doing business in the country. Analysts point out that in many laws enacted in Sri Lanka after independence, a clause relating to ‘minister’s concurrence’ […]
Sri Lanka stocks end down 0.6-pct
Nov 01, 2011 (LBO) – Sri Lankan shares closed lower Tuesday with a large transaction in Hayleys boosting turnover, brokers said. The main All Share Price Index fell 0.59 percent (37.40 points) to 6,281.85, while the more liquid Milanka index dropped 0.48 percent (27.13 points) to close at 5,604.15, according to stock exchange figures. Turnover […]
Teaming Up
Nov 01, 2011 (LBO) – Sri Lankan transport firms have formed a partnership with the local branch of a global professional body that will lobby the government on policy changes needed to improve the island’s logistics business. The Chartered Institute of Logistics and Transport (CILT) Sri Lanka has teamed up with 15 corporate entities from […]
Branching Out
Nov 01, 2011 (LBO) – Union Bank of Colombo (UBC) and foreign investment fund ShoreCap II have completed the acquisition of Sri Lanka’s The Finance and Guarantee Company (TF&G). TF&G’s deposit base is over three billion rupees with over half of the company’s deposits being converted to non-voting shares with the consent of depositors as […]
Sound Profile
Nov 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Hatton National Bank’s (HNB) National Long-Term rating at ‘AA-(lka)’ with a stable outlook. The agency has also confirmed HNB’s subordinated debentures at ‘A+(lka)’, a statement said. “The ratings reflect HNB’s sound financial profile, supported by robust capitalization, asset quality and profitability among local commercial banks,” […]
Finance Deal
Nov 01, 2011 (LBO) – Merchant Bank of Sri Lanka, a unit of state-run Bank of Ceylon said a consortium led by Navara Capital Ltd, an investment house, will buy 68 percent of a savings banking unit. MBSL took over the savings bank amid a banking crisis two years ago after there was a run […]
Sri Lanka Hilton reveals management fees
Nov 01, 2011 (LBO) – Hotel Developers (Lanka), owners of Hilton Colombo Hotel in the Sri Lankan capital, has paid about 33 percent of gross operating profit as management fees and other charges to the international hotel chain which runs the property. The total amount paid to Hilton Worldwide, formerly Hilton International USA, was 1,371 […]