Author: lbostgadmin
Sri Lanka releases another IMF document
July 30, 2009 (LBO) – Sri Lanka has released the technical memorandum of understanding signed with the International Monetary Fund (IMF), days after the main economic policy agreement was released.A few decades ago many countries did not release IMF documents as governments were unwilling to defend policies in the documents. IMF programs are drawn up […]
Sri Lanka mission chief interviewed by IMF publication
July 30, 2009 (LBO) – An International Monetary Fund publication, the IMF Survey has published an interview with Brian Aitken, who led mission to Sri Lanka that resulted in a 2.6 billion US dollar loan to the island. The full interview is reproduced below: IMF Survey online: Why does Sri Lanka need an IMF-backed program? […]
Sri Lanka private flying revival in the offing
July 29, 2009 (LBO) – Sri Lanka’s civil aviation authority is considering giving approval for the operation of more private aircraft, the use of which was severely restricted and sometimes banned during the ethnic war.But the Tigers were defeated by government forces in May and flying restrictions are being eased with the end of the […]
Sri Lankan clothing retailer expands to the Maldives
July 29, 2009 (LBO) – Sri Lankan menswear retailer Hameedia has expanded into the neighbouring Maldive islands, opening a showroom in the capital Male.“It involves a careful selection of fabrics and accessories, studying both national and international market trends, and, the demanding task of marketing.” Hameedia Managing Director Fouzul Hameed said the company was looking […]
Wire Drop
July 29, 2009 (LBO) – Sri Lanka’s wireline telephone connections dropped by 60,000 to 876,064 in the first quarter of 2009, the latest official data showed, though fixed wireless phone use continued to grow. “The decline of fixed connections started around 2000 in Finland, where now over 40 percent of homes are mobile-only,” says Rohan […]
Cost Model
July 29, 2009 (LBO) – The Sri Lankan unit of Bharti Airtel, which entered the island in January triggering a price war, says it is confident of making money with its low cost business model. “When we look at countries like Sri Lanka, we feel that the model we used in India can be replicated […]
Phone Ban
July 28, 2009 (AFP) – Sri Lanka has banned students from taking mobile phones to school following the suicide of a teenager disciplined for using her telephone, an education ministry spokesman said on Tuesday.All schools were ordered to impose the ban after a 14-year-old girl — reprimanded over telephone contact with a boy during school […]
Sri Lanka Talawakelle Tea Estates returns to profit
July 29, 2009 (LBO) – Sri Lanka’s Talawakelle Tea Estates said it had returned to profit in the June 2009 quarter after making a loss in the previous quarter because of a sharp fall in the crop.A severe drought and the lagged effects of last year’s commodity market crash that led to the neglect of […]
Sri Lanka June tea exports fall
July 29, 2009 (LBO) – Sri Lanka’s tea exports fell in June from a year ago with earnings for the first half buoyed by the rupee’s depreciation against the dollar, brokers said. Prices at this week’s Colombo auction also fell from the week before, mainly on lower quality. Shipments of tea in June fell eight […]
Bank Score
July 29, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed Hatton National Bank’s (HNB) National Long-term rating at ‘AA-(lka)’ with a stable outlook. The rating reflects the bank’s good profitability, asset quality and capitalisation among local commercial banks, Fitch said in a statement. Fitch also confirmed the bank’s subordinated debentures at ‘A+(lka)’. HNB’s […]
Sri Lankan shares down 0.33-pct on profit taking
July 29, 2009 (LBO) – Sri Lankan stocks fell Wednesday as retail investors took profits, while there was heavy trading in Dialog Telekom for the fourth day running, brokers said.Brokers said 10.04 million Dialog Telekom shares changed hands Wednesday, while 1.64 million shares of Janashakthi Insurance and 1.12 million shares of Lanka Cement also changed […]
Sri Lanka bill yields fall
July 29, 2009 (LBO) – Sri Lanka’s Treasury bill yields fell across maturities with the 3-month yield falling 15 basis points to 10.64 percent, at Wednesday’s auction, the government’s debt office said. The 6-month yield fell 27 basis points to 11.46 percent and the 12-month yield fell 13 basis points to 11.97 percent. The government […]