Author: lbostgadmin
Sri Lanka Browns to build hotels on tea plantations
Aug 30, 2011 (LBO) – Sri Lanka’s Browns Investments plans to build boutique hotels on two tea estates in the island’s central hills as it diversifies into the rapidly growing tourism industry. The island’s tourism industry has been growing rapidly with a sharp increase in arrivals after the end of the 30-year ethnic war in […]
Vessel Hire
Aug 30, 2011 (LBO) – Sri Lanka’s Mercantile Shipping Company is renegotiating vessel hire fees and trying a profit-share deal after slipping into the red last year when it was forced to reduce charter rates. But the company also managed to reduce loan repayments, has stable cash flows and anticipates a market recovery, chairman A […]
Sri Lanka stocks end up 0.6-pct
Aug 30, 2011 (LBO) – Sri Lanka’s stock market closed higher Tuesday with heavy trading in a hotel share and continued interest in a newly listed tea exporter boosting turnover, brokers said. The main All Share Price Index closed at 6,879.29, up 0.61 percent (41.94 points) while the more liquid Milanka index rose 0.17 percent […]
Risk to global economy rising: IMF chief
NEW YORK, August 27, 2011 (AFP) – Risks to the global economy are rising and the tools for supporting it are more limited than they have been in the past, IMF chief Christine Lagarde warned Saturday. But Lagarde — in a speech to a meeting of central bankers in Jackson Hole, Wyoming — said that […]
Sri Lanka rubber exporter pinched by export taxes, interest
Aug 29, 2011 (LBO) – Eastern Merchants Plc, an exporter of commodities that claims top spot for natural rubber exports from Sri Lanka said its margins were eroded by rising working capital costs and export taxes despite steep commodity inflation. Eastern Merchants group, which exports rubber, coir fibre, cinnamon and brushes said revenues grew 53 […]
Sri Lanka SOE in new move to clear controversial cement: report
Aug 29, 2011 (LBO) – A state enterprise has tried to again to clear a consignment of cement with a foreign quality certificate adding to a controversy where stocks earlier cleared without certification, a media report said. Sri Lanka’s The Sunday Times newspaper said the Sri Lanka National Co-operatives Board (SLNCB) which comes under the […]
Petrol Fiasco
Aug 29, 2011 (LBO) – A Sri Lanka government committee probing the import of substandard petrol which damaged vehicles has recommended payment of compensation to affected motorists. The report by the committee, handed over to petroleum minister Susil Premajayantha Monday, said the fiasco was caused by government officials not following essential procedures for fuel imports, […]
Sri Lank June exports up 32% to $816mn
Aug 29, 2011 (LBO) – Sri Lanka’s June 2011 exports rose 32 percent to 816 million US dollars from a year ago helped up strong growth in shipments of apparel as well as tea and rubber, the central bank said. Imports in June 2011 shot up 50 percent to 1.7 billion US dollars with a […]
Karachi bloodshed threatens havoc for Pakistan
KARACHI, August 29, 2011 (AFP) – Murder gangs rooted in Karachi’s boiling cauldron of ethnic politics are waging a savage fight for power and space in Pakistan’s financial capital, threatening to destabilise the entire country. At one of Karachi’s overflowing morgues, Amir Ali, clutching a photograph of his missing brother on his wedding day, searches […]
Top Rating
Aug 29, 2011 (LBO) – HSBC Sri Lanka’s ‘AAA(lka)’ rating has been confirmed by Fitch Ratings Lanka with a stable outlook based on the strength of its parent which has a rating higher than the island’s sovereign rating. Fitch said HSBC Sri Lanka branch was part of the same legal entity of Hong Kong & […]
Asset Quality
Aug 29, 2011 (LBO) – Fitch Ratings Lanka has confirmed Sampath Bank’s (SB) National Long-Term rating at ‘AA-(lka)’ with a positive outlook. “The affirmation reflects SB’s strong asset quality and profitability, its comfortable equity buffer maintained against future loan losses, as well as its rapid growth from 2010,” the rating agency said in a statement. […]
Sri Lanka stocks down, heavy trading in HVA
Aug 29, 2011 (LBO) – Sri Lanka’s stock market fell Monday after two days of gains with heavy trading seen in newly listed tea exporter HVA Foods which went over 46 rupees after recently trading below its issue price, brokers said. The main All Share Price Index closed at 6,837.35, down 0.23 percent (15.61 points) […]