Author: lbostgadmin
Sri Lanka shares becalmed despite big deals
Mar 19, 2012 (LBO) – Sri Lankan shares closed barely changed Monday although foreign buying into a local conglomerate pushed turnover up over three billion rupees, brokers said. The main All Share Price Index was stagnant at 5,449.46, while the more liquid Milanka index rose 0. 51 percent (24.83) to close at 4,889.08. Turnover was […]
Sri Lanka sells US$72mn 3-yr bonds
Mar 19, 2012 (LBO) – Sri Lanka sold 72 million US dollars of three-year bonds at six-month Libor + 385 basis points and 12 million dollars of four-year bonds at Libor +415 bp, the Central Bank’s Public Debt Department said. Both foreign and local commercial banks subscribed bids at the auction, it said. “The offer […]
SriLankan Airlines borrows $175mn to pay creditors: report
Mar 18, 2012 (LBO) – SriLankan Airlines is to get a loan of 175 million US dollars (21. 8 billion rupees) from the Mashreq Bank in the United Arab Emirates to pay its creditors, the Sunday Times newspaper said. Sri Lanka’s Cabinet of ministers has agreed to offer a government guarantee to the national carrier […]
‘s flip-flop on cotton exports hurting textile industry: Fitch
NEW DELHI, (Asia Pulse) – Rating agency Fitch said that India’s partial lifting of a ban on cotton exports has led to uncertainty over prices and time of purchasing of the natural fibre by the domestic textile companies. “This uncertainty on cotton price movements could over the long term increase raw material price risk and […]
Cycle Sales
Mar 18, 2012 (LBO) – Singer (Sri Lanka) Plc, a listed consumer durables distributor which 22 billion rupees in revenues in 2011 said it has seen strong sales of bicycles in former war-torn areas, where the product has been traditionally popular. Singer sells ‘Lumala’ branded vehicles through its distribution network, which grew in 2011, the […]
Sri Lanka Samapth Bank to raise up to Rs2.5bn in debt
Mar 19, 2012 (LBO) – Sri Lanka’s Sampath Bank said it was planning to raise as much as 2. 5 billion rupees from the sale of debentures which will be quoted on the Colombo Stock Exchange. The bank said in stock exchange filing that it wanted to sell 15 million debentures of 100 rupees each. […]
Sri Lanka should watch external developments, learn lessons: banker
Mar 17, 2012 (LBO) – Sri Lanka should watch global developments closely, in particular the unfolding scenario in Europe and learn lessons, Saliya Rajakaruna, chief executive of the Nations Trust Bank has said. Rajakaruna said the US economy was still struggling, the future of the Euro single currency was in doubt, the Middle East was […]
Sri Lanka targets US$12bn in exports in 2012
Mar 16, 2012 (LBO) – Sri Lanka is targeting 12 billion US dollars in exports in 2012 up from 10. 4 billion in 2011 which will be helped by an upcoming trade fair and a weaker rupee, export development board chief Janaka Ratnayaka said. Ratnayaka said if current trends continue exports may reach a 2015 […]
Sri Lankan consumers seen cheated by protectionist lobbies
Mar 16, 2012 (LBO) – Powerful protectionist lobbies and lack of awareness are denying Sri Lankan consumers the benefits of free trade which could significantly reduce costs if more imports are allowed from neighbouring countries, a new study said. Opposition from influential business groups to the proposed Comprehensive Economic Partnership Agreement with India, to replace […]
Sri Lanka tea trade warns of lower orders, prices
Mar 16, 2012 (LBO) – Sri Lanka’s tea trade has warned that tea export orders and prices could fall in the months ahead as crops rise and consumption falls off in key markets. And smallholders, whose returns have been sharply diminishing, find that their operations are increasingly becoming financially unsustainable, the CTTA said. “The prognosis […]
Sri Lanka city hotel in Rs218mn expansion
Mar 16, 2012 (LBO) – Sri Lanka’s listed Renuka City Hotels Plc said it is starting a 218 million rupee expansion, amid a tourism boom. Renuka City Hotels said in a stock exchange filing that it will add 18 new rooms, a swimming pool, gym and staff facilities in the project. Sri Lanka’s tourist arrivals […]
SME Focus
Mar 16, 2012 (LBO) – Sri Lanka’s Standard Chartered Bank is planning to double business from small and medium enterprises over the next three years with a specially tailored platform of products and services, officials said. Rajeev Chalisgaonkar, head of SME in South Asia said in India, deposits and advances in the business segment grew […]