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Sri Lanka stocks down 0.46-pct
June 28, 2011 (LBO) – Sri Lankan stocks closed 0. 46 percent lower Tuesday amid profit-taking by Environmental Resources Investment (ERI) investors and month-end clearing of debtor’s positions, brokers said. Notable crossings (off-market negotiated deals) were 454,100 shares of Distilleries at 180 rupees each, 199,300 shares of Central Finance at 1400 rupees and 200,000 Aitken […]
Off Line
June 28, 2011 (LBO) – Sri Lanka’s logistics industry has warned that lengthy delays in automating cargo clearing procedures were eroding the island’s competitiveness as it seeks to position itself as a cargo hub. “It now takes too much time and money to get things done. We must look at ways and means of improving […]
Watch List
WASHINGTON, June 28, 2011 (AFP) – The United States on Monday removed the Philippines and Singapore from a human trafficking watchlist that had drawn concerns from the close allies, but it reported record abuses around the world. The State Department’s annual Trafficking in Persons Report has become increasingly sensitive for Southeast Asian governments, which face […]
Sri Lanka air taxi on honeymoon flight
June 28, 2011 (LBO) – SriLankan Air Taxi, a floatplane service operated by Sri Lanka’s state-run national carrier has carried its first honeymoon couple to a hotel in the South of the island. “It was a fantastic ride and we both enjoyed the breathtaking scenery on a clear sunny day and above all being up […]
Sri Lanka airline catering unit listing shelved
June 28, 2011 (LBO) – A plan to take public SriLankan Catering, a wholly owned unit of Sri Lanka’s state-run national carrier has been shelved amid a flood of private sector initial offers, Treasury secretary P B Jayasundera said. Several Sri Lankan private sector firms have raised money from capital markets in recent weeks. “Now […]
Sri Lanka apparel firm to trade from June 29
June 28, 2011 (LBO) – Orient Garments, Sri Lanka’s firm apparel manufacture to be listed on the Colombo Stock Exchange will be offered for trading from June 29, at an introductory price of 23 rupees. Orient Garments had posted revenues of 2. 8 billion rupees in the year to March 2011 with profits of 125. […]
Sri Lanka apparel exports recovery faster than expected: exporter
June 27, 2011 (LBO) – Sri Lanka is seeing a surge in demand for apparels abroad which may allow the sector to meet industry targets earlier than planned, the island’s largest single garment exporter said. Sri Lanka’s Joint Apparel Export Forum, an industry body has forecasted apparel exports to reach 5.0 billion dollars by 2015, […]
Sri Lanka stocks becalmed
June 27, 2011 (LBO) – Sri Lankan stocks closed almost flat Monday with speculative trade in Environmental Resources Investment (formerly known as Walker & Greig) and connected firms, brokers said. Abans Financial Services (AFSL) share started trading Monday and closed at 79.80, up 70.30 rupees or 740 percent from their introductory price of 9.50 rupees. […]
Asset Quality
June 27, 2011 (LBO) – Fitch Ratings Lanka has confirmed Sinhaputhra Finance’s (SFL) national long-term rating at ‘B(lka)’ with a negative outlook. The confirmation reflects the latest improvement in SFL’s credit risk management practices and the subsequent “stabilisation” in its asset quality, although the latter still remains weaker than its peers’ average, a statement said. […]
Stringent Standards
June 27, 2011 (LBO) – RAM Ratings Lanka has reaffirmed the Construction Guarantee Fund’s (CGF) long- and short-term financial enhancement ratings at BBB+ and P2 with the long-term rating having a stable outlook. “The ratings are supported by the Fund’s very strong capitalisation and stringent underwriting standards, as well as the expected financial support from […]