Author: lbostgadmin
Sri Lanka tea exports fall sharply in April
June 06, 2009 (LBO) – Sri Lanka’s shipments of tea, its main commodity export, fell sharply in April compared with a year ago, as production was hit by severe drought earlier in the year, brokers said.Asia Siyaka said Sri Lanka earned 34.4 billion rupees from tea exports up to April 2009, down 19 percent from […]
Safety Net
June 06, 2009 (LBO) – Sri Lanka’s Commercial Bank of Ceylon (CBC) has inked a deal with the International Finance Corporation (IFC) to underwrite 50 percent of the investment risk in the volatile renewable energy business, a senior bank official said. IFC is sharing the risk in renewable energy projects with us, said Amitha Gooneratne, […]
Below Par
June 06, 2009 (LBO) – Ships calling at Colombo port are still experiencing delays owing to problems in a new computerised terminal management system, shipping agents said. Colombo is south Asia’s transhipment hub port with better cranes than other ports in the region but its computer systems had not been updated for some time. The […]
Sri Lanka Hemas profits hit by start-up losses, interest costs
June 05, 2009 (LBO) – Sri Lanka’s Hemas Holdings said group net profit fell 31.7 percent to 775 million rupees in the 2008-09 financial year from a year ago largely owing to start-up losses and finance costs of new investments.Group revenue rose 8.3 percent to 15.3 billion rupees in the financial year ended March 31, […]
Sri Lanka gets Chinese loan for low cost housing
June 05, 2009 (LBO) –Sri Lanka’s government is to take a 500 million dollar 20-year loan from China to build 100,000 low cost houses for state sector employees, shanty dwellers and people affected by disasters, the Cabinet office said. A Cabinet memorandum on the project said the loan is to be arranged by state-owned China […]
Sri Lanka gets Indian support in human rights battle
June 05, 2009 (LBO) – India has rapped UN human rights commissioner Navi Pillai saying she should not abuse her position to pursue hidden agendas against Sri Lanka.Ambassador Gopinath Achamkulangare of India said in a statement India believes that the commissioner will accept the outcome the special session on Sri Lanka without taking a position […]
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June 5, 2009 (LBO) – RAM Ratings Lanka has lifted the outlook on Sri Lanka Insurance Corporation’s (SLIC) ‘AA-‘ claims paying ability to ‘positive’ from ‘stable’, following its return to state hands. “The positive outlook reflects the stronger level of financial flexibility that SLIC is expected to enjoy in the form of Government support,” RAM […]
Sri Lanka probes foreigners in refugee camps
June 4, 2009 (AFP) – Sri Lanka has identified six foreign nationals among tens of thousands of war displaced civilians held in state-run camps in the island’s north, a minister said Thursday. Three Australians and one each from Britain, the Netherlands and Norway had crossed over to government-held areas after escaping from the war zone […]
India new govt says will focus on growth, help poor
NEW DELHI, June 4, 2009 (AFP) – India’s new Congress-led government promised Thursday to focus on spurring economic growth in its bid to meet a recent election pledge of turning voters’ hopes “into change”.Spelling out the government’s goals for a second term in office after being swept back to power on promises to help the […]
One Horse
June 5, 2009 (LBO) – Sri Lanka’s Lanka Orix Leasing Company (LOLC) is the sole bidder for a 33 percent stake in Seylan Bank offered by the Central Bank to a strategic partner that can inject equity to the firm, market sources said. “In response to the invitation for fresh bids by the Central Bank […]
Sri Lankan stocks recoup losses
June 05, 2009 (LBO) – Sri Lankan stocks Friday recovered from Thursday’s losses but still managed lose 1.71 percent during the week due to profit taking, mainly by foreign investors, brokers said. The spot dollar remained unchanged at 114.90/95 levels in late afternoon trade, dealers said. Dealers said the money market was dull this week […]
Sri Lanka Hayleys profits down on lower margins, exports
June 04, 2009 (LBO) – Sri Lanka’s Hayleys said net profit for the 2008-09 financial year fell 31 percent to 311 million rupees from a year ago as the export-oriented group was hit by the global economic slump.Gross turnover rose five percent to 32 billion rupees in the year ended March 31, 2009, according to […]