Author: lbostgadmin
Lube Warning
July 22, 2012 (LBO) – Sri Lanka’s Chevron Lubricants has reported net profits of 533 million rupees in the June 2012 quarter, up 26 percent from an year earlier, but has warned of tougher times ahead. The firm said earnings for the quarter were 4. 40 rupees per share. In the half year to June […]
Sri Lanka to have two hour power cuts
July, 23 2012 (LBO) – Sri Lanka will have two hour power cuts daily, the first in over a decade, following the outage of a 300 MegaWatt coal plant that generated about 20 percent of the daily energy needs of the country. Industry analysts say it could be run a so-called ‘merchant plant’ if the […]
Sri Lanka state airline part repays fuel debts
July 23, 2012 (LBO) – Sri Lanka’s state-run SriLankan Airlines had repaid a 100 million US dollars to settle dues to Ceylon Petroleum Corporation and is negotiating to settle an undisclosed balance amount, a media report said. “We’re negotiating with the CPC on the repayment in terms of pricing and credit terms and will arrive […]
Sri Lanka bought leaf factory returns to profit
July 23, 2012 (LBO) – Tea Smallholder Factories Plc, a unit of Sri Lanka’s John Keells Holdings had posted 23. 9 million rupees in profits in the June 2012 quarter, turning around from a loss of 9. 1 million rupees a year earlier. The firm reported earnings of 80 cents a share for the quarter. […]
Sri Lanka stocks down 0.13 pct
July 23, 2012 (LBO) – Sri Lanka’s stocks fell 0.13 percent Monday, with large cap stocks losing ground, brokers said. The Colombo All Share Price Index fell 6.45 points to 4,881.77 and the S&P 20 Index of large cap stocks fell 0.24 percent (06.54 points) to 2761.90. The day’s turnover of 321 million rupees was […]
Sri Lanka rupee extends gains
July 23, 2012 (LBO) – Sri Lanka’s rupee rose to 130. 90/131.05 levels against the US dollar Monday extending earlier gains with inflows as monetary policy remained in favour of a stronger rupee, dealers said. Some inflows to bond markets were also not bought the monetary authority helping keep upward pressure on a rupee peg. […]
Sri Lanka in talks with IMF for longer term program
July 22, 2012 (LBO) – Sri Lanka is to begin talks with the International Monetary Fund for an ‘Extended Fund Facility’ which could result in citizens getting long term economic liberties and the implementation of prudent measures to prevent economic shocks that hurt people. A reduction of state interventions in the economy in the form […]
Sri Lanka gets final IMF tranche, asked to watch inflation, state firms
July 21, 2012 (LBO) – Sri Lanka should watch inflation, the budget gap and fix energy enterprise to the economy stable in the future the International Monetary Fund has said ending a three-year bailout program. The IMF released a final 415 million US dollar tranche under a 2.5 billion US dollar bailout package, a somewhat […]
Performance Linked
July 21, 2012 (LBO) – Sri Lanka’s ‘pay for performance’ schemes should be carefully designed to be fair and transparent and linked to a firm’s short and long term goals while incorporating the organization’s core values, top corporate executive said. Performance based pay schemes can also drive employees to focus excessively on hitting targets to […]
Sri Lanka starts construction of stalled high rise for Hyatt hotel
July 20, 2012 (LBO) – Sri Lanka has re-started the construction of a stalled 43-story high rise in the capital Colombo with a new company taking over assets, which will house a Hyatt branded hotel, a statement said. It could house 600 people seated, or 1,000 standing. The hotel will have 54 suites, 265 ‘King’ […]
Clear Path
July 20, 2012 (LBO) – LankaClear Private Limited, Sri Lanka’s main cheque and electronic clearing house, is spending 300 million rupees to deploy a nationwide common card and payment switch that allows customers to use any bank teller machine, officials said. The company, which is jointly owned by the Central Bank and local commercial banks, […]
Road Building
July 20, 2012 (LBO) – A 24 kilometre road in Sri Lanka’s from Maha Oya to Aralaganwila will be built under a scheme where a 500 million dollar bank credit will be used by the state road agency fund domestic contractors. Sierra Construction (Pvt) Ltd has got the contract to build the road for 2,363 […]