Author: lbostgadmin
Bunker Biz
July 27, 2011 (LBO) – Mc Marine (Pvt) Ltd, a newly incorporated bunkering unit of Sri Lanka’s McLarens shipping group which is planning to cater to ships off the south of the island, has recruited Channa Abeyagunewardena as its chief executive. Sri Lanka started to make greater inroads into bunkering after a state monopoly and […]
Sri Lanka May 2011 imports up on aircraft, cars
July 27, 2011 (LBO) – Sri Lanka’s exports rose 34 percent in May 2011, to 832 million US dollars and imports rose at a faster 67 percent to 1. 76 billion dollars partly due to strong imports of cars and a aircraft, the Central Bank said. Agricultural exports rose 19 percent to 182 million US […]
Sri Lanka Belgium trade associations cement link
July 27, 2011 (LBO) – Trade associations representing businesses in Sri Lanka and Belgium had inked a deal to expand economic links between the two countries, the island’s embassy in Brussels said. BelgoLux Sri Lanka Business Council has 23 large Belgium companies, the embassy said. R D S Kumaratne who heads the mission’s economic and […]
Evolving Watch
July 27, 2011 (LBO) – Sri Lanka’s Ceylease Financial Services Ltd’s (CFSL), a unit of the state-run Bank of Ceylon group rated ‘BB+(lka)’ has been placed on ‘rating watch evolving’ by Fitch Ratings Ltd ahead of a possible merger. “Conversely, a decrease in BOC’s effective shareholding through, for example, a divestment of the merged entity […]
Cross Country
July 27, 2011 (LBO) – A Sri Lankan apparel maker had made the country’s first ever payment in Renminbi to a supplier in China after the Chinese currency was allowed for cross border trade, HSBC Bank which settled the deal said. “We firmly believe that this initiative will increase our cost competitiveness in the future.” […]
Motor Owners
July 27, 2011 (LBO) – Sri Lanka’s new car registrations rose 10 fold to 29,883 in the first half of 2011, amid 63 percent overall rise in vehicle registrations following a tax cut that increased citizen’s access to vehicles, official data shows. During the six months to June, Sri Lankans have registered 248,572 new vehicles […]
Toll Level
July 27, 2011 (LBO) – Sri Lanka’s first expressway is likely to charge a toll of 300 rupees for the full journey from the capital Colombo to the southern town of Galle, deputy highways minister Nirmala Kothelwawala said. The highway can cut down the journey to Galle from Colombo from the current three hours to […]
Sri Lanka stocks close up 0.18-pct
July 27, 2011 (LBO) – Sri Lankan stocks close up for the second straight day, with recently listed Swarnamahal Financial Services, dominating trading brokers said. The benchmark All Share Price Index up 0.18 percent or 11.98 points to 6,505.56, while the Milanka Index of more liquid stocks closed up 0.26 percent (0.57 points) to 5,943.91, […]
Sri Lanka Treasuries yields flat
July 27, 2011 (LBO) – Sri Lanka Treasuries yields were flat at Wednesday’s auction with yields flat across maturities, data from the government’s debt office said. The 3-month yield was at 7.11 percent, the 6-month yield was at 7. 19 percent and the 12-month yield was at 7. 25 percent, unchanged from a week earlier. […]
Sri Lanka foreign reserves move towards US$8bn
July 26, 2011 (LBO) – Sri Lanka’s foreign reserves would be close to eight billion US dollars after proceeds from a billion dollar sovereign bond comes to the country, Central Bank Governor Nivard Cabraal said. The balance is expected to be disbursed in two tranches after reviews in September and March. By end May Sri […]
Sri Lanka inflation panic level above 7.0-pct: Treasury secretary
July 26, 2011 (LBO) – Sri Lanka should keep inflation below 7. 0 percent to ensure economic stability Treasury Secretary P B Jayasundera said, as lower levels of inflation may be beyond the capacity of economic policies to deliver. Additional inflation is created by central bank credit, such as liquidity facilities given to banks or […]
India hikes rates by surprise 50 basis points
MUMBAI, July 26, 2011 (AFP) – India’s central bank hiked interest rates by a higher-than-expected 50 basis points on Tuesday, its 11th increase since March 2010, as it struggles to combat near double-digit inflation. The Reserve Bank of India (RBI) raised its repo rate at which it lends to commercial banks to 8.0 percent and […]