Author: lbostgadmin
Sri Lanka raises power prices
Feb 14, 2012 (LBO) – Sri Lanka’s power regulator has approved surcharges of between 15 to 40 percent on the bills of power users to recover a part of the cost of a steep fuel price increase, an official said. State run Ceylon Electricity Board still received some fuels below market price, PUCSL officials said. […]
Sri Lanka draws Indian clothing retailer
Feb 15, 2012 (LBO) – Sri Lankan clothing retailer Hameedia has tied up with India’s Madura Fashion & Lifestyle to sell its clothing brands and also open retail stores in the island. We’re going a step further and will make these brands available at several national apparel retail chains in major cities.” Madura Fashion & […]
Sri Lanka shares end up 0.3-pct
Feb 15, 2012 (LBO) – Sri Lankan shares ended firmer Wednesday after a nine-day slide, brokers said. Environmental Resources Investments was the most actively traded stock, closing at 15.40 rupees, up 30 cents. HVA Foods was also actively traded, closing at 17.70 rupees, up 80 cents. Panasian Power ended at 2.70, up 20 cents. The […]
Sri Lanka rupee drifts lower
Feb 15, 2012 (LBO) – Sri Lanka rupee opened weaker at 120.30/35 against the greenback in the spot dollar market and drifted lower as the foreign exchange market continued to look for direction but stocks opened stronger. Colombo All Share Index rose 1.6 percent in the first half hour of trading. In forex markets trades […]
Sri Lanka rupee depreciation temporary: Central Bank
Feb 15, 2012 (LBO) – A sharp depreciation of the rupee following a float of the currency was temporary and an overshooting which will correct as policy actions take effect, the Central Bank said. ‘[T]he recent depreciation of the Sri Lanka Rupee, which seems to be a reaction of forex dealers adjusting to the more […]
Sri Lanka Treasuries yields up; rupee steadier
Feb 14, 2012 (LBO) – Sri Lanka’s Treasuries yields rose edged up 07 to 18 basis points at Wednesday’s auction and the rupee recovered from record lows in the spot dollar market helped by forex sales by state banks. The debt office, which is a unit of the Central Bank said 3-month yields rose 07 […]
Sri Lanka policy reversals seen eroding sentiment
Feb 14, 2012 (LBO) – Recent policy reversals by Sri Lanka’s government has dampened investor sentiment and could lead to lower consumer spending, slowing economic growth, a stock broker said. The government raised interest rates, moved closer to floating the rupee by stopping interventions to defend the currency and jacked up fuel prices in quick […]
Sri Lanka exporters told to aim at US iced tea market
Feb 14, 2012 (LBO) – The market for tea in the United States is growing rapidly with the best prospects being in ready-to-drink teas, Joseph Simrany, president of the Tea Association of USA has told Sri Lanka’s tea industry. Even beverage multinationals were shifting towards tea which is also becoming increasingly popular among younger American […]
Provision Pattern
Feb 14, 2012 (LBO) – Sri Lanka’s Seylan Bank December 2011 quarter net profit rose 72 percent to 664 million rupees from a year ago, helped by lower loan loss provisioning. Interest income rose 12 percent to 4.2 billion rupees while interest expenses rose at a faster 15 percent resulting in net interest income going […]
Managing Wealth
Feb 14, 2012 (LBO) – NDB Aviva Wealth Management, a Sri Lankan asset management firm, has chosen Advent Software to provide a wealth management system for portfolio, client relationship and trade order management. NDB Aviva wanted to improve operational efficiency and achieve industry best practices to develop its institutional investor client base and improve service […]
Asset Quality
Feb 14, 2012 (LBO) – Fitch Ratings Lanka has confirmed Pan Asia Banking Corporation’s (PABC) proposed subordinated debentures of up to 2.0 billion rupees at ‘BBB-(lka)’. The issue is rated one notch below PABC’s national long-term rating of ‘BBB(lka)’ with a stable outlook reflecting its debt-like features, a statement said. “PABC’s ratings reflect continued improvements […]
Auto Outcome
Feb 14, 2012 (LBO) – December 2011 quarter net profit at Sri Lankan auto importer and distributor Diesel and Motor Engineering Company (Dimo) fell 27 percent to 713 million rupees from a year ago as sales slowed. A stock exchange filing said Dimo’s sales fell 12 percent to 10. 6 billion rupees in the quarter […]