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POLL: Sri Lanka Central Bank expected to keep policy rates steady
July 26, 2016 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady for a fifth straight month on Thursday, a Reuters poll showed, despite signs that inflation and private sector credit growth are picking up. The central bank has tightened monetary policy twice since December to fend off pressure on the fragile rupee […]
Sri Lankan rupee steady; exporter dollar sales offset importer demand
July 26, 2016 (Reuters) – The Sri Lankan rupee traded steady on Tuesday in dull trade as importer demand for the dollar was offset by greenback selling by exporters, dealers said. One-week rupee forwards, which have been acting as a proxy for the spot rupee, were steady at 146.20/35 per dollar compared with Monday’s close […]
Flemingo duty free partners with Sri Lankan Airlines FlySmiLes
Flemingo Duty Free has partnered with FlySmiLes, the frequent flyer program of Sri Lankan Airlines to enhance value and delight its customers. Starting July 2016, FlySmiLes members are eligible to earn miles on their Duty Free purchases at Flemingo Duty Free outlets at both the arrival and departure lounges of the Bandaranaike International Airport, Sri […]
Sri Lanka’s Agalawatte employees agree to work with Browns
July 26, 2016 (LBO) – The Joint Employees’ Union for the Protection of Agalawatte Plantations has agreed to work with Browns who purchased 60 percent of Agalawatte shares from Mackwood Plantations. The union’s convener Lakshman Kumara told LBO that their main issue of job security has been taken care of during today’s discussions with Browns […]
Textured Jersey profit up 63 pct, eyes growth from acquisitions
July 26, 2016 (LBO) – Textured Jersey, a leading knitted fabric company, said profits after tax grew by 63 percent to reach 2.2 billion rupees in the year to March, with the company looking forward to growth from its recent acquisitions. Turnover grew by 30 percent over the previous year to reach 17.8 billion rupees, […]
Sri Lanka’s Commercial Credit to be part of LankaPay ATM network
Jul 26, 2016 (LBO) – Sri Lanka’s Commercial Credit Finance joined the LankaPay Common ATM Network, recently. LankaPay has 95 percent of automated teller machines in Sri Lanka and carries over 2.5 million domestic interbank ATM transactions every month. Other members of the network include People’s Bank, Bank of Ceylon, Hatton National Bank, Seylan Bank, […]
Mandatory offer by Brown to purchase Eden Hotels expires
Jul 26, 2016 (LBO) – The mandatory offer made by Browns Hotels and resorts to purchase all the remaining ordinary shares of Eden Hotel Lanka has expired as of 22 July 2016, a statement said. The Colombo Stock Exchange said in a filing that further to the mandatory offer made by Brown Hotels and Resorts to […]
New Sales head at Altair
Indocean Developers, the promoter of the Altair twin tower high rise, has announced the appointment effective 15th July, of Jay Dias as Head of Sales and Marketing. Mr. Dias was till recently Head of Sales for City Hotels at Cinnamon Hotels & Resorts and was previously the Director Sales & Marketing at the John Keells […]
Maga Engineering to rehabilitate rural roads at Rs13.2bn
Jul 26, 2016 (LBO) – Sri Lanka’s construction firm Maga Engineering was recently awarded the contract to rehabilitate and improve rural roads in four districts of Sri Lanka, the company said. The project is formulated and financed by the Asian Development Bank and implemented by the Road Development Authority under the Integrated Road Investment Program […]