All Blogs
Half Speed
July 02, 2009 (LBO) – Raman Roy, chairman of India’s Quatrro BPO Solutions, said their Sri Lanka business process outsourcing unit, a tie-up with John Keells Holdings, is not doing as well as anticipated.Revenues had fallen as the US recession took its toll on the auto and restaurant businesses which comprised the bulk of its […]
Tele Sale
July 2, 2009 (LBO) – Millicom International Cellular, the parent of Sri Lanka’s Tigo mobile network, said several buyers have expressed interest in taking over its Asian operations.Millicom has operations in Sri Lanka, Cambodia and Laos.By the end of the March quarter the firm said it had 4.5 million subscribers in Asia, generating a profit […]
Sri Lanka Treasuries yields fall
July 1, 2009 (LBO) – Sri Lanka’s three and six month Treasury bill yields edged lower while the 12-month yield stayed flat at Wednesdays auction, the government’s debt office said.The 3-month yield fell 12 basis points to 11.29 percent and the 6-month yield fell 9 basis points to 11.94 percent. The 12-month yield stayed flat […]
Sri Lanka says stand by loan a test of IMF objectivity
July 1, 2009 (LBO) – A decision on a loan from the International Monetary Fund (IMF) for Sri Lanka expected in “four or five weeks” will be a test of the objectivity of the organization, a government minister said. In March, Sri Lanka floated the rupee, as a prior action for the loan ending a […]
Sri Lankan stocks down 0.6-pct on profit taking
July 01, 2009 (LBO) – Sri Lankan shares closed down 0.6 percent Wednesday, as retailers took profit, while institutional, high net worth and foreign investors stayed in the sidelines, brokers said. National Development Bank closed at 153.50 rupees, up 1.00. Brokers said 1.58 million Lanka Cement shares changed hands today, while 1.22 million Piramal Glass […]
Oversight Move
July 01, 2009 (LBO) – Sri Lanka’s registered finance companies would be required to list on the Colombo Stock Exchange as part of an enhanced regulatory framework of the financial sector, Central Bank Governor Nivard Cabraal said. Cabraal said the Securities and Exchange Commission, Sri Lanka Accounting and Auditing Standards Monitoring Board, the Institute of […]
‘s Rating
July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings Lanka said it upgraded Seylan Merchant Leasing (SML) national long-term rating to ‘BBB-(lka)’ from ‘BB +(lka)’ on the acquisition of a 84.5 percent stake by People’s Leasing Company (PLC). PLC’s purchase consideration amounted to 441.4 million rupees for the 84.5 percent stake in SML and was […]
Sampath Rating
July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings said it has confirmed the ‘AA-(lka)’ national long-term rating of Sampath Bank, as well as its individual and support ratings at ‘D/E’ and ‘5’, with a stable outlook. Furthermore, the bank’s credit decisions became more centralised since early-2009, and its recoveries were strengthened by reallocating experienced […]
Sri Lanka tea industry not getting cess funds
July 01, 2009 (LBO) – Sri Lanka’s tea industry has said funds collected through a government cess on exports which are supposed to be used for the benefit of the trade are not forthcoming. Avi de Silva, chairman of the Colombo Tea Traders™ Association, said insufficient monies disbursed from the cess fund were making worse […]
Sri Lanka supports Indian Ocean free trade
July 01, 2009 (LBO) – Sri Lanka has welcomed the initiatives taken to promote trade and investment among member states of an Indian Ocean regional grouping, the foreign affairs ministry said in a statement. He also welcomed the initiatives taken by IOR-ARC to promote investment, including the work done towards the implementation of an agreement […]