Author: lbostgadmin
Sri Lanka expropriations will hurt investment: Fitch
Nov 16, 2011 (LBO) – Sri Lanka’s new law to expropriate 37 businesses would discourage investment and hurt growth, despite the state promising that it would be a one-off measure, Fitch Ratings has said. “While the Sri Lankan government has said that this is a one-off measure, and the list implies that the Act is […]
Sri Lanka apparel exporter sees faster lead times
Nov 16, 2011 (LBO) – Brandix, one of Sri Lanka’s top apparel exporters, expects lead times to deliver new designs to shrink rapidly in future given fast changing consumer fashions within the next two years. Rapidly shrinking lead times would be one of the biggest challenges for the apparel industry, Brandix chief executive Ashroff Omar […]
National Aim
Nov 16, 2011 (LBO) – Sri Lanka’s Nations Trust Bank plans to become a ‘nationwide’ bank with a fast branch expansion targeting both savers and small businesses, replicating a banking model tried on rich retail and corporate clients. Renuka Fernando, NTB’s deputy chief executive, said the bank will rapidly expand outside Colombo, setting up 15 […]
Quarterly Snap
Nov 16, 2011 (LBO) – Profits at Sri Lanka’s NDB Bank fell 20 percent to 620 million rupees in the September 2011 quarter from a year earlier, on weaker non-interest income, interim accounts showed Earnings per share for the quarter are 3. 78 rupees. For the 9-months the bank is reporting earnings of 10. 40 […]
Sri Lanka stocks extend losses
Nov 16, 2011 (LBO) – Sri Lanka’s stocks extended losses falling 1.14 percent in thin trading Wednesday amid continuing negative sentiment over an expropriation law and margin sales, brokers said. Brokers said motor stocks were being sold due a hike in car taxes expected in the next budget, but some firms which had reported good […]
Sri Lanka Treasuries yields up
Nov 16, 2011 (LBO) – Sri Lanka’s 3 and 6 month Treasuries yields rose at Wednesday’s auction and all bids for 12 months bills were rejected, data from the state debt office showed. Three month bills rose 12 basis points to 7.51 percent, 6-month bills rose 9 basis points to 7. 54 percent. Last week […]
Sri Lanka holds rates despite falling inflation amid peg defence
Nov 16, 2011 (LBO) – Sri Lanka is holding policy rates at between 7.00 percent and 8.50 percent despite falling inflation, the Central Bank said as rapid credit expansion put pressure on a peg with the US dollar amid strong economic growth. Inflation fell to 5.1 percent in October 2011 from 6.4 percent in September. […]
Sri Lanka to allay expropriation fears
Nov 15, 2015 (LBO) – Sri Lanka will explain to Moody’s, a rating agency that expressed alarm over policy uncertainty and deteriorating property rights, that there will be no more expropriations, Central Bank Governor Nivard Cabraal said. The State is seizing land in some 37 enterprises and expropriating one listed firm it is entirety for […]
Petroleum Prospects
Nov 15, 2011 (LBO) – The Sri Lanka unit of Indian Oil Corporation’s profit for the September 2011 quarter fell sharply from a year ago with sales staying virtually stagnant, interim accounts filed with the stock exchange showed. Lanka Indian Oil Corp. said net profit fell 44.6 percent to 277.8 million rupees in the quarter […]
Sri Lanka board dissolved for election
November 15, 2011 (AFP) – The Sri Lankan government on Tuesday cleared the way for the national cricket board committee to be elected for the first time in seven years in line with International Cricket Council (ICC) rules. Sports Minister Mahindananda Aluthgamage said he was dissolving Sri Lanka Cricket’s interim managing committee and hoped there […]
Sri Lanka knitwear maker to reduce greenhouse gas emissions
Nov 15, 2011 (LBO) – Textured Jersey Lanka, a Sri Lankan knitted fabric maker supplying apparel exporters, has begun work to reduce greenhouse gas emissions, aiming to meet a global standard that enables emissions trading. A manufacturer of weft-knitted and dyed stretch fabrics, Textured Jersey is a supplier for international brands like Victoria’s Secret, Marks […]
Indian airline Kingfisher posts widening losses
MUMBAI, November 15, 2011 (AFP) – Kingfisher Airlines said Tuesday it had doubled its losses in the July-September quarter, as its billionaire chief Vijay Mallya was set to announce plans to keep the Indian company afloat. The country’s second-largest airline by market share showed a net loss of 4. 69 billion rupees ($93 million) for […]