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Sri Lanka aims high in doing business ranking
Nov 01, 2011 (LBO) – Sri Lanka is aiming to reach 70 in an ease of doing business ranking compiled by the World Bank next year from 89 in 2012, and 30 in 2014 by cutting red tape and transforming the way the state interact with businesses, officials said. “If we do not change, others […]
Sri Lanka planned expropriation law under fire
Nov 01, 2011 (LBO) – A secretly written expropriation law which has not yet been presented to parliament has come under fire from a lawmaker and an ex-chamber chief for undermining freedom of citizens and future investment prospects. The proposed bill, which was reportedly written by a private law firm, seeks to vest in the […]
Sri Lanka stocks end down 0.5-pct
Oct 31, 2011 (LBO) – Sri Lankan shares closed lower despite early gains with turnover boosted by the acquisition of a stake in Galadari Hotel by an investment fund linked to the Dubai government and other private deals, brokers said. The main All Share Price Index fell 0.46 percent (29.19 points) to 6,319.25, while the […]
Wheels Wealth
Oct 31, 2011 (LBO) – A post-war economic boom and lower import taxes helped sharply increase September 2011 quarter profits at two Sri Lankan vehicle importers which are agents for top German, Japanese and Indian brands. Diesel & Motor Engineering Company (DIMO), agents for Mercedes Benz and Tata, said September quarter net profit rose 175 […]
Finance License
Oct 31, 2011 (LBO) – Commercial Leasing Company, a unit of Sri Lanka’s LOLC group, said it had received a finance company license from the banking regulator and will seek a public listing. The firm will also increase its small and medium industry and micro finance portfolio. “The company is well positioned to take advantage […]
Finance Growth
Oct 31, 2011 (LBO) – Citizens Development Business Finance, a registered finance company in Sri Lanka said net profits for the September 2011 quarter rose 146 percent to 161.2 million rupees from a year earlier, helped by interest margins and other income. The firm reported earnings of 3.58 rupees for the quarter. For the six […]
Growth Number
Oct 31, 2011 (LBO) – Sri Lanka’s Sampath Bank group profits for the September 2011 quarter rose 45.6 percent to 1.14 billion rupees helped by higher non-interest income and a tax cut interim accounts showed. The group reported earnings of 7.33 rupees for the quarter. For the nine months to September earnings were 20. 81 […]
Sri Lanka issues travel warning on flood hit Thailand
Oct 31, 2011 (LBO) – Sri Lankans should avoid all but ‘extremely essential’ travel to Thailand’s capital Bangkok as floods worsened, the island’s foreign ministry said. “[U]unless it is extremely essential, Sri Lankans are advised to temporarily postpone their travel to Bangkok until such time the situation improves,” a foreign ministry statement said. Parts of […]
Sri Lanka Galadari stake bought by Dubai govt
Oct 31, 2011 (LBO) – An investment fund connected to the Dubai government has bought a 16.1 percent stake in Sri Lanka’s Galadari Hotel, in a deal valued at 1. 18 billion rupees. The broking firm TKS Securities said 29.5 million shares were bought at 40 rupees each. Sri Lanka’s tourist arrivals have been up […]
Sri Lanka Renuka City Sept net eroded by lower investment gains
Oct 31, 2011 (LBO) – Lower profit from share trading owing to a fall in the Sri Lankan stock market has halved Renuka City Hotels’ September 2011 quarter profit, a stock exchange filing showed. Net profit fell 58 percent to 52 million rupees in the September 2011 quarter from a year ago although sales more […]