Author: lbostgadmin
Sri Lanka storms kills 16, over 30 missing
Nov 26, 2011 (LBO) – Heavy rain and strong winds that lashed Sri Lanka yesterday had left 16 people dead and at least 33 missing in several parts of Sri Lanka, the island’s disaster management office said. Authorities are still searching for more than 30 fishermen reported missing. Heavy winds that lashed the island had […]
Sri Lanka, Malaysia partners to promote Islamic banking, bonds
Nov 26, 2011 (LBO) – Sri Lanka’s Wealth Lanka Management (Pvt) Ltd, an investment house, and Al Tayseer Advisory Services Sdn. Bhd a Malaysia based consultancy has linked up to provide Islamic banking and bond market instruments, officials said. The firm advices on Islamic banking and corporate finance and advisory services for specialist industries like […]
Sri Lanka food processing, education, heath interests UAE: visiting minister
Nov 25, 2011 (LBO) – Sri Lanka’s food processing, education and health sectors and business process outsourcing sectors are of interest to the United Arab Emirates, visiting minister of foreign trade Lubna Al Qasimi has said. Minister Bathiudeen said Sri Lanka has free and preferential trade agreements with India and Pakistan and South Asia giving […]
India FDI up 41-pt to US$22.5bn to September
NEW DELHI, Nov 25 (AsiaPulse) – Foreign Direct Investment in India surged by 41 per cent to US$22.5 billion during the January-September period this year, despite the uncertain global economic environment. During January-September 201O, the country had attracted Foreign Direct Investment (FDI) worth US$15.97 billion. Experts maintained that the government should further streamline policies and […]
Sri Lanka tea prices fall
Nov 25, 2011 (LBO) – Sri Lankan tea prices fell at this week’s Colombo auctions with reduced demand and brokers saying the island is unlikely to match last year’s annual production owing to a slower recovery in crops. A key buyer also kept out of the first day of the auctions owing transport problems involving […]
Sri Lanka woos Sheraton India franchisee for hotel: report
Nov 25, 2011 (LBO) – Sri Lanka is in talks to with India’s ITC Ltd a franchisee of Starwood Hotels and Resorts’ Sheraton brand to build a 450 million US dollar hotel in a beachfront in the capital Colombo, a media report said. Reuters, a new agency quoted Sri Lanka’s Treasury Secretary as saying that […]
Asset Quality
Nov 25, 2011 (LBO) – RAM Ratings Lanka has upgraded LB Finance’s (LBF) long- and short-term financial institution ratings, from BBB+/P2 to A-/P2, with the long-term rating given a stable outlook. The rating agency has also revised upwards the long-term ratings of LBF’s debt issues, s statement said. “The upgraded ratings reflect LBF’s consistently expanding […]
Sri Lanka stocks end down one-pct
Nov 25, 2011 (LBO) – Sri Lankan shares fell further Friday, following Thursday’s crash below the 6,000 point mark, with a trading halt caused by an error trade jolting investors already unnerved by uncertainty and margin calls, brokers said. The main All Share Price Index fell 1.04 percent (60.99 points) to 5,805.76, while the more […]
Sri Lanka signal rate up
Nov 25, 2011 (LBO) – An effective signal interest rate in Sri Lanka has edged up over 30 basis points over the week with the monetary authority withdrawing excess liquidity through a cash auction a higher rate. The 3-month auction Treasury bill rate which is controlled by the monetary authority increased 44 basis points to […]
‘s top lender
Nov 23, 2011 (LBO) – China has emerged as the top lender to Sri Lanka in the nine months to September 2011, in terms of money actually disbursed and loans committed for new projects, finance ministry data shows. Up to September 2011, China has disbursed 599. 9 million US dollars out of a total of […]
Sri Lanka proceeds with expropriations
Nov 24, 2011 (LBO) – Sri Lanka has appointed competent authorities, a ministerial committee and a three member compensation committee to deal with 37 expropriated assets and enterprises. It is made up of foreign employment minister Dilan Perera, minor export crop promotion minister Reginald Cooray, productivity promotion minister Lakshman Seneviratne, deputy finance minister Geethanjana Gunawardena. […]
Indian firms look for cost savings as rupee falls
NEW DELHI, Nov 24 (AsiaPulse) – Indian FMCG firms are turning to efficient cost management and local procurement of raw materials to offset increasing pressure on margins due to the weakening of the rupee that has spiked input costs. Having already taken a series of price hikes this year, the firms have little room to […]