Author: lbostgadmin
Sri Lanka visit by US trade mission
Feb 06, 2013 (LBO) – The first American trade mission to Sri Lanka since the end of a three decades war in 2009 will visit the country from February 7 to 9, the US embassy in Colombo said.The multi-sector trade mission which is arriving after visiting South India will have firms in education, food, healthcare, […]
‘s Janashakthi Insurance launches pension product
Feb 06, 2013 (LBO) – Janashakthi Insurance has launched a pension market with a retirement product, as the island’s population ages rapidly, officials said. The money will be locked in for a minimum of 5 years. “Or you can tailor this policy for a variety of needs other than retirement, such as education needs of […]
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Feb 06, 2013 (LBO) – Sri Lanka’s Deccan Aviation Lanka said it had been re-named Millenium Airlines Ltd, and will operate under the brand ‘Simplifly’.The firm operates a Bell Jet Ranger helicopter, a GippsAero GA8 Airvan, a Cessna 206 amphibian and says it plans to bring in a Bell 407 VIP transport. The firm was […]
Retail Trend
Feb 06, 2013 (LBO) – Sri Lanka’s Odel Plc, a unit of Parkson Retail Asia Limited, Malaysia said profits in the December 2012 quarter rose 50 percent to 81 million rupees, while warning about the effects of a value added tax imposed from January.The company is sitting on 2.0 billion rupee cash reserve after the […]
‘s Bogawantalawa tea estate profits surge
Feb 06, 2013 (LBO) – Profits at Sri Lanka’s Bogawantalawa Tea Estates Plc, surged to 146 million rupees from a loss of 28 million rupees a year earlier, helped by stronger tea prices, interim accounts show. The firm reported earnings of 1.75 rupees per share during the quarter.In the nine months to December it reported […]
Sri Lanka hotel lose Rs349mn during refurbishment
Feb 06, 2013 (LBO) – Hotel Services (Ceylon) Plc, the oldest five star rated hotel in Sri Lanka’s capital Colombo, which has been given a colonial-style make-over and re-named ‘The Kingsbury’ has lost 341 million rupees in the past nine months.Hotel Services (Ceylon) Plc, which is now controlled by Sri Lanka’s Hayleys group went through […]
Appointments
Feb 06, 2013 (LBO) – HSBC has appointed Patrick Gallagher as chief executive for Sri Lanka and Maldives replacing Nick Nicolaou. The new appointment will take effect from April 30, 2013, subject to regulatory approval, the firm said in a statement. Martin Tricaud, currently managing director, global head of multinationals, global banking and markets, will […]
Bond Sale
Feb 06, 2013 (LBO) – Sri Lanka’s Seylan Bank said it will sell up to 2.0 billion rupees in 5-year debt unsecured debt yielding as much as 15.5 percent a year, which will be free of withholding tax under new budget proposals. The bank is selling unsecured, subordinated debt which can be used to boost […]
Sri Lanka three, six month Treasuries yields drop
Feb 06, 2013 (LBO) – Sri Lanka’s 3-month Treasuries yield dropped 22 basis points to 9.25 percent at Wednesday’s auction but the 12-month yield was flat, data from the state debt office showed. Compared to the auction on the last week of December, the 3-month yield has dropped 75 basis points, the 6-month yield 1.16 […]
Sri Lanka hydro generation recovers in November, demand flat
Feb 05, 2013 (LBO) – Sri Lanka’s hydro power generation has doubled in November 2012 on improving rains allowing the utility to cut thermal generation by 25 percent, while demand remained flat, official data shows. Sri Lanka has generated 959 million units of electricity (GigaWatt hours) in November 2012 barely changed from 958 GWh a […]
Sri Lanka knit fabric maker reduces losses
Feb 05, 2013 (LBO) – Sri Lanka’s Hayleys MGT Knitting said it lost 110 million rupees in the December 2012 quarter down from a loss of 156 million rupees a year earlier.The firm reported a loss of 73 cents per share. For the nine months to December the firm reported a loss of 196 million […]
Afghanistan grows 12-pct, inflation 6-pct: IMF
Feb 05, 2013 (LBO) – Afghanistan’s economy is estimated to have grown at a blistering 12 percent rate in 2012 helped by lower inflation of 6 percent and a good harvest, the International Monetary Fund said. Afghanistan was expected to submit a value added tax law to parliament and also fix Kabul Bank. The IMF […]