Author: lbostgadmin
India to relax garment import quota from Sri Lanka
Sept 20, 2012 (LBO) – India will increase a garment import quota by three million pieces a year to eight million without a sourcing requirement being imposed on Sri Lanka, the island’s industry ministry said citing a statement by a visiting Indian official. India and Sri Lanka has a free trade agreement through which nationalist […]
Sri Lanka state carrier opens sales office in Hambantota
Sept 20, 2012 (LBO) – State-run SriLankan Airlines said it is opening a sales office in Hambantota in the island’s south. Classic Travel (Pvt) Ltd, a fully owned unit of Sri Lanka’s Expolanka Holdings operate the agency office at No 30, Wilmot Street, Hambantota. .
India diesel price hike to cut subsidy by Rs200billion
Sept 20, 2012 (LBO) – A 12 percent or five Indian rupees per litre hike in diesel in prices in will reduce India’s subsidy cost by 200 billion rupees in the year to March 2013, Standard and Poors’ said. India has also rationed the issue of subsidized liquefied petroleum gas to six 14.2 kilogram cylinders […]
Supported Rating
Sept 20, 2012 (LBO) – An ‘A-(lka)’ rating of Sri Lanka’s Seylan Bank, the island’s sixth largest bank has been confirmed by Fitch Ratings with a stable outlook on expectations of state support. “Seylan’s rating reflects Fitch’s expectations of support from the State of Sri Lanka if required, given the bank’s systemic importance,” the rating […]
Sri Lanka stocks closed up 0.90 pct
September 20, 2012 (LBO) Sri Lanka stocks recovered losses and closed up 0.90 percent Thursday. The Colombo All Share Index closed at 5,901.97 up 52.83 points and the S & P SL 20 Index closed 27.97 higher at 3,169.61 up 0.89 percent. Turnover was 941 million rupees. Dialog Axiata dominated the day’s turnover with 81 […]
Sri Lanka central bank says issues guidelines to bank forex dealers
Sept 20, 2012 (LBO) – Sri Lanka’s Central Bank said it had issued a direction under the country’s banking law improve “the standard of business conduct and good market practices” on foreign exchange trading activities of licensed commercial banks. However some of the more extreme controls have been relaxed over the past three decades. “The […]
”AA(lka) rated bonds
Sept 20, 2012 (LBO) – A five year subordinated bond sale by state-run Bank of Ceylon’s of up to 6 billion rupees has been rated ‘AA(lka)’ one notch below the entity’s national rating of ‘AA+(lka)’, Fitch Ratings said. The bonds will be used to boost the bank’s Tier II capital base. Fitch said Bank of […]
Sri Lanka pushes up food prices to increase farmer profits
Sept 19, 2012 (LBO) – Sri Lanka has pushed up food prices of the people to provide greater profits to the farming lobby, while another tax on canned fish has also been raised, a notice published by the finance ministry said. The finance ministry said a tax on potatoes has been raised by 30 rupees […]
Sri Lanka raids fake ICC T20 cricket clothing stores
COLOMBO, Sept 19, 2012 (AFP) – Sri Lanka’s police raided a factory turning out counterfeit ICC World Twenty20 T-shirts and seized stocks of spurious merchandise, a senior officer said Wednesday. Deputy Inspector-General Anura Senanayake said they carried out the crackdown on fake World Twenty20 merchandise following a complaint from the International Cricket Council (ICC) over […]
‘s Janashakthi Insurance targets 15-pct top line growth
Sept 19, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance, which marks 18 years of operations in September, is expecting revenues to grow 15 percent to 8. 0 billion rupees in 2012, managing director Prakash Schaffter said. In the six months to June, gross written premium grew 14 percent to 3. 8 billion rupees. The composite […]
Bank Rating
Sept 20, 2012 (LBO) – RAM Ratings has confirmed an ‘AAA’ long term and ‘P1’ short term rating of Sri Lanka’s Standard Chartered Bank branch, with a stable outlook. The full statement is reproduced below: RAM Ratings Lanka reaffirms AAA/P1 rating to Standard Chartered Bank-Sri Lanka branch RAM Ratings Lanka has reaffirmed the respective long- […]
Sri Lanka stocks close one percent lower
Sept 19, 2012 (LBO – Sri Lanka stocks extended losses closing 1.04 percent lower Wednesday, as investors took profits from steep recent gains, while a newly listed finance company stock hit a new high, brokers said. Many other stocks however lost ground for the second day as investors took profits after recent steep gains. Abans […]