Author: lbostgadmin
Sri Lanka state officials occupy sugar firm: listed company
Feb 20, 2012 (LBO) – State officials are occupying land of a listed Sri Lankan company, the parent firm of Pelwatte Sugar Industries told shareholders, despite it falling the outside the definition of a controversial law to expropriate citizens’ property. Citizens then had to pay taxes, but did not have property rights either, leading to […]
Sri Lanka exporter forum on flexible exchange rate
Feb 20, 2012 (LBO) – Exporters Association of Sri Lanka (EASL) will be hosting a forum on flexible exchange rates on February 28, after the Central Bank stopped large scale defence of a currency peg earlier in the month. “The Forum aims to assist Exporters understand the impact of the changeover to Flexible Exchange Rates […]
‘s Kuruwita Textile Mills back in profit
Feb 20, 2012 (LBO) – Sri Lanka’s Kuruwita Textile Mills returned to profit in the December 2011 quarter helped by lower cotton prices and lower costs from a revamp that included shedding staff. The firm, which supplies treated fabric to garment manufacturers, said it made a December 2011 quarter net profit of 13 million rupees […]
Capital Cushion
Feb 20, 2012 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB and P2 to Sri Lanka Savings Bank with the long-term rating having a stable outlook. The ratings are upheld by the bank’s state ownership and the ongoing support from the government and reflect SLSB’s strong capital cushioning […]
Private Equity
Feb 20, 2012 (LBO) – Dubai based Abraaj Capital, said it has bought Aureos Capital, a private equity firm that has invested over 1.3 billion dollars in small and medium enterprise in Latin America, Africa and Asia. “The integration with the Abraaj Group is a testament to Aureos’ success and investment proposition in the high-growth […]
Shipping Woes
Feb 20, 2012 (LBO) – Sri Lanka’s Mercantile Shipping Company said it made a net loss of 12 million rupees in the December 2011 quarter compared with a profit of 4. 4 million a year ago. Mercantile Shipping Company, through a subsidiary, acquired two new ships in recent years and the accounts showed it provided […]
Sri Lanka slain fisherman laid to rest without security forces: report
Feb 19, 2012 (LBO) – A Sri Lankan fisherman slain by police in a protest against a sudden fuel price increase was laid to rest without the presence of the police and military but accompanied by thousands of fellow fishers, a media report said. The fisherman, Anthony Fernando, was killed by police fire in a […]
Sri Lanka over-fished by estimated 600 illegal vessels: report
Feb 19, 2012 (LBO) – The sea around Sri Lanka is facing the danger of being overfished by an estimated 600 illegal vessels a day, and marine reserves may have to be declared to conserve fish stocks, a media report said. The Sunday Times newspaper quoting John Church, an international fisheries and maritime security specialist […]
India asks state banks not to overstate profit
NEW DELHI (Asia Pulse) – The Indian Finance Ministry has written to all public sector banks asking them to ensure profits are not overstated and to make appropriate provisions for bad loans. In a letter to heads of public sector banks, the Finance Ministry said “instances of over-reporting of profit have been continuing year after […]
Chat Margins
Feb 18, 2012 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia’s Axiata and the islands largest mobile firm said group profits for the December 2011 quarter rose 11 percent to 1. 4 billion rupees, from a year earlier. Fixed broadband operations earned 2.3 billion rupees and lost 942 million rupees at gross level […]
Retail Parley
Feb 17, 2012 (LBO) – Retail professionals from some of the world™s top department stores are due in Sri Lanka this month for a three-day conference that is expected to generate valuable exposure for the island’s retail sector. Among the association™s members are some of the top department stores in the world including Selfridges, Saks […]
Sri Lanka tea prices rise after rupee depreciation
Feb 17, 2012 (LBO) – Prices of Sri Lankan teas rose at the Colombo auctions this week with brokers attributing the increase to the fall in the value of the rupee against the dollar after the central bank stopped defending the currency. “There was improved demand,” Forbes & Walker Tea Brokers said in a report. […]