Author: lbostgadmin
Sri Lanka stocks close up 0.2-pct
July 26, 2013 (LBO) – Sri Lanka’s stocks closed up 0.23 percent on Friday with large cap stocks and some banking stocks showing gains, brokers said. C T Holdings contributed most to the index closing at 144.90 rupees up 8.70 rupees. John Keells Holdings closed at 268.00 up 1.00 rupee and Nestle Lanka closed at […]
Many Sri Lanka state agency accounts disclaimed by auditors: COPE report
July 26, 2013 (LBO) – Accounts of 18 state enterprises and agencies had been disclaimed by auditors, while another 04 had adverse opinions, some for two years running, while some others had not even submitted annual reports, a parliamentary report said. An adverse audit opinion refers to an occasion when an auditor finds enough information […]
Petro Price
July 25, 2013 (LBO) – Cairn Lanka, a unit of India-based Cairn is in talks with Sri Lanka’s government over gas pricing and commercial terms following the discoveries made in two wells, the company said. “Monetization of the existing discoveries continues to be evaluated under various development & commercial scenarios,” the parent firm said in […]
Sri Lanka scales back army presence in former rebel stronghold
July 24, 2013 (AFP) – Sri Lanka’s military said Wednesday it will dismantle over a dozen army camps in the former rebel stronghold of Jaffna, weeks ahead of key council elections in the embattled region.Sri Lanka adopted a de facto federal system in 1987 but never held elections in the Tamil-dominated north, which continued to […]
Sri Lanka Textured Jersey net up, says orders strong
July 25, 2013 (LBO) – Sri Lanka’s Textured Jersey Lanka (TJL), a knit fabric maker, said profits rose 40 percent to 240 million rupees in the March 2013 quarter from a year earlier, and it order book was full. Textured Jersey said revenues were up 10 percent in the March 2013 quarter to 2.9 billion […]
Sri Lanka Allianz unit launches investment linked insurance
July 25, 2013 (LBO) – Allianz Lanka, unit of Germany’s Allianz said it had launched an investment-linked insurance product where “finance savvy” customers can select a plan that fits their risk appetite and protection needs. The consumer insights show us the way to develop products to suit their palate,” Allianz Lanka chief executive Surekha Alles […]
‘s Mihin budget airline director wages up amid losses
July 25, 2013 (LBO) – Sri Lanka’s state-run budget carrier Mihin Lanka had doubled rewards to director in “sitting fees” to 11.2 million while making losing around a billion rupees a year since 2008, a parliamentary report said. A report by the parliament’s bipartisan Committee on Public Enterprises (COPE) said Mihin Lanka had lost 1,300 […]
Fast Growth
July 25, 2013 (LBO) – Sri Lanka’s information technology and business process outsourcing sector has tripled exports and doubled the workforce in a little over five years, an industry official said. The Sri Lanka Association of Software and Services Companies (SLASSCOM) say export revenues grew 182 percent to an estimated 600 million US dollars in […]
Policy Training
July 25, 2013 (LBO) – Sri Lanka™s Postgraduate Institute of Management (PIM), provider of management education said it will launch its course on public policy for business leaders, academics, researchers and government officials on August 01. While resource persons include IMF’s Sri Lanka resident representative Koshy Mathai, Lloyd Fernando, Indrajit Aponsu, W A Wijewardena, Saman […]
Sri Lanka state trading agency in talks for city hotels
July 25, 2013 (LBO) – Sri Lanka’s Co-operative Wholesale Establishment (CWE), an virtually defunct state agency is in talks with Indian and Malaysian parties to build hotels in two prime properties, a parliamentary report said.The state agency has a 6.5 acre site in D R Wijewardene Mawatha in Sri Lanka’s capital Colombo which is expected […]
Syndication
July 25, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will use a 200 million dollar syndicated loan to expand corporate lending, acting chairman Raju Sivaram said.Others included Axis Bank DIFC Branch, Band of Baroda, Indian Overseas Bank Singapore, Union National Bank PSJ, Doha Bank and Habib Bank. The loan was arranged by Dubai-based […]
Growth Market
July 25, 2013 (LBO) – Emirates NBD Capital which syndicated a 200 million dollar loan for Sri Lanka’s state-run Bank of Ceylon is looking to provide more local firms with Islamic and conventional finance, a top official said.“We are looking to do similar transactions with other financial institutions,” chief executive Mohammad Wajid Kamran said. “We […]