Author: lbostgadmin
Movie Moves
Feb 09, 2012 (LBO) – Sri Lanka could attract Vietnam’s growing film industry to shoot on location, as the two countries shared many similarities, Hanoi’s envoy to the island Ton Sinh Thanh said. “Vietnam’s film industry is growing and Sri Lanka has many beautiful locations,” ambassador Thanh told reporters in Colombo. “At one time films […]
Sri Lanka tea estate lose Rs28mn in Dec quarter
Feb 09, 2012 (LBO) – Sri Lanka’s Bogawantalawa Tea Estates Plc said it lost 28 million rupees in the December 2011 quarter from a profit of 69 million rupees a year earlier as margins turned negative. The firm reported a loss of 34 cents for the quarter. In the nine months to December it lost […]
Liner Concentration
Feb 09, 2012 (LBO) – Shipping lines are coming together and concentrating their power to survive a downturn in trade that is causing losses but a recent freight rate hike might not last, Sri Lankan shippers have been told. In 2012, 253 vessels with a total capacity of 1. 4 million TEUs (twenty-foot equivalent container […]
Sri Lanka shares end down 2.3-pct
Feb 09, 2012 (LBO) – Sri Lanka’s stock market slumped further Thursday, with the main index losing 125 points after falling 100 points the day before, down for the seventh straight trading session, brokers said. The main All Share Price Index closed down 2. 30 percent (125.26 points) at 5,316.99, while the more liquid Milanka […]
Sri Lanka rupee eases lower with no intervention
Feb 09, 2012 (LBO) – Sri Lanka’s rupee fell against the US dollar to below 115 rupees after the Central Bank stopped intervening on a specific price, following a 30 cent lowering of its band earlier in the day, dealers said. The rupee fell from 114.30 to in the spot market Thursday with the lowering […]
Sri Lanka central bank bill stock tops Rs200bn
Feb 09, 2012 (LBO) – Treasury bills acquired by the Central Bank to back money printed to sterilize interventions in the forex markets to defend a dollar peg has topped 205 billion rupees, official data showed. The peg was adjusted down 30 cents to 114.60 rupees from 114.30 rupees on Thursday from a day earlier, […]
Sri Lanka central bank will not intervene at fixed price: CB Governor
Feb 09, 2012 (LBO) – Sri Lanka’s Central Bank will not intervene at a fixed price but will continue to supply part of the dollars needed to settle petroleum bills Governor Nivard Cabraal said after a trading band was removed Thursday. The International Monetary Fund has called for greater flexibility in forex markets to protect […]
Sri Lanka rupee trades with no intervention
Feb 09, 2012 (LBO) – Sri Lanka’s rupee recovered to close around 115.20/30 against the US dollar in the spot market after weakening as much as 115.70 in intra-day trade immediately after the central bank stopped interventions, dealers said. The rupee was pegged to the US dollar at 114.30 on Tuesday and after announcing a […]
Sri Lanka tea market in Middle East seen threatened
Feb 08, 2012 (LBO) – Sri Lanka might be in danger of losing part of its market for tea in the Middle East, one of its biggest markets, as younger consumers are shifting away from the beverage. Hilmy Cader, chief executive of MTI Consulting, said his international management consultancy based in Bahrain had observed a […]
SriLankan Airlines goes for early check-in
Feb 08, 2012 (LBO) – SriLankan Airlines has called on all economy class passengers to check in an hour before scheduled time of departure in a move to ease congestion at the airport. “All SriLankan Airlines economy class check in counters will close 60 minutes before scheduled time of departure from February 01, 2012,” a […]
Sri Lanka Watawala to invest marketing unit proceeds in tea, oil palm
Mar 08, 2012 (LBO) – Sri Lanka’s Watalawa Plantations Plc said cash from the sale of a marketing arm will be used to expand oil palm, boost efficiencies in its tea estates and cut debt, as interest rates continued to rise. Shortly before the budget, through an ad hominen law the state took back land […]
Sri Lanka CIC Holdings rated A/P2
Feb 08, 2012 (LBO) – RAM Ratings Lanka has assigned long- and short-term corporate credit ratings of A and P2 to CIC Holdings (CIC) with a stable outlook on the long-term rating. The group™s ratings are supported by the dominant market positions in its key business areas as well as resilient demand for agriculture related […]