Author: lbostgadmin
Sound Profile
Nov 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Hatton National Bank’s (HNB) National Long-Term rating at ‘AA-(lka)’ with a stable outlook. The agency has also confirmed HNB’s subordinated debentures at ‘A+(lka)’, a statement said. “The ratings reflect HNB’s sound financial profile, supported by robust capitalization, asset quality and profitability among local commercial banks,” […]
Branching Out
Nov 01, 2011 (LBO) – Union Bank of Colombo (UBC) and foreign investment fund ShoreCap II have completed the acquisition of Sri Lanka’s The Finance and Guarantee Company (TF&G). TF&G’s deposit base is over three billion rupees with over half of the company’s deposits being converted to non-voting shares with the consent of depositors as […]
Teaming Up
Nov 01, 2011 (LBO) – Sri Lankan transport firms have formed a partnership with the local branch of a global professional body that will lobby the government on policy changes needed to improve the island’s logistics business. The Chartered Institute of Logistics and Transport (CILT) Sri Lanka has teamed up with 15 corporate entities from […]
Sri Lanka stocks end down 0.6-pct
Nov 01, 2011 (LBO) – Sri Lankan shares closed lower Tuesday with a large transaction in Hayleys boosting turnover, brokers said. The main All Share Price Index fell 0.59 percent (37.40 points) to 6,281.85, while the more liquid Milanka index dropped 0.48 percent (27.13 points) to close at 5,604.15, according to stock exchange figures. Turnover […]
G20 leaders to meet under threat of new global recession
PARIS, October 31, 2011 (AFP) – Leaders of the world’s biggest economies meet in Cannes this week as Europe tries to convince markets and US critics that its debt bail-out package is serious and urges China to fund it. “I think the result will be welcomed with relief by the whole world, which expected strong […]
Sri Lanka inflation eases to 5.1-pct in October
Oct 31, 2011 (LBO) – Consumer inflation in Sri Lanka’s capital Colombo slowed to 5.1 percent in October 2011, from 6. 4 percent in September, the third straight monthly slowdown, the state statistics office said. The Colombo Consumer Price Index slid 0. 1 percent to 151.5 points in October, from 151.7 in September. The 12-month […]
Sri Lanka lures Vietnam businessmen
Oct 31, 2011 (LBO) – A team of Vietnamese businessmen who visited Sri Lanka recently as part of a state visit by Truong Tan Sang, president of Vietnam, was reported to be keen on investing in the island. During the visit the Sri Lanka – Vietnam Business Council of the Ceylon Chamber of Commerce held […]
Sri Lanka expropriation law will harm investment: ex-chamber chief
Oct 31, 2011 (LBO) – A former head of Sri Lanka’s largest business chamber, Chandra Jayaratne, has warned that a proposed expropriation law will harm the island’s image as a safe investment destination. The proposed bill, which was reportedly written by a private law firm, seeks to vest in the state ‘underperforming enterprises and underutilized […]
Britain urges Sri Lanka to make progress on rights by 2013
LONDON, October 30, 2011 (AFP) – British Prime Minister David Cameron urged Sri Lanka on Sunday to make progress on human rights before it hosts the next Commonwealth leaders meeting in 2013 to prevent the likelihood of boycotts. Cameron said he pressed President Mahendra Rajapaske during this year’s Commonwealth heads of government meeting in Australia […]
” UN rights report
PERTH, October 30, 2011 (AFP) – Sri Lanka’s foreign minister Sunday condemned a “preposterous” UN-commissioned report alleging war crimes in his country, revealing he stopped Canada raising it at a Commonwealth meeting. Foreign Minister Gamini Peiris also confirmed Sri Lanka will host the next Commonwealth leaders’ meeting in 2013, saying that none of the 54-nation […]
Price Fuss
Oct 31, 2011 (LBO) – Dairy multinational Fonterra’s Sri Lanka unit has stopped supplying dairy products to the Food City supermarket chain after protests from traders they were being undercut by discounts offered by the retailer. Customers said supermarkets operated by the Cargills group had put up notices that Fonterra had withdrawn dairy brands like […]
Sri Lanka Kelani Valley profits up on rubber
Oct 31, 2011 (LBO) – Sri Lanka’s Kelani Valley Plantations group said profits grew 116 percent to 77. 8 million rupees in the September 2011 quarter with revenues growing 55 percent to 1,510 million rupees, helped by rubber. In April, wages of plantation workers were raised by a nation-wide collective agreement. Tea is labour intensive […]