Author: lbostgadmin
Sri Lanka tea prices rise as output falls
March 07, 2009 (LBO) – Sri Lankan tea prices rose at this week’s Colombo auctions mainly because of a shortfall in crop as well as improved quality, brokers said.Prices are likely to remain strong if the present dry weather continues and curtails the crop, they said. About 50 invoices of high grown teas from regional […]
Docking Trends
March 07, 2009 (LBO) – Sri Lankan ship builder Colombo Dockyard said net profit rose 32 percent to almost 1.5 billion rupees in 2008 from the year before, as it reaped the benefits of the shipping boom earlier in the year. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Sri Lanka rupee unchanged after IMF bailout announcement
Mar 06, 2009 (LBO) – The Sri Lanka rupee traded at 114.20/25 against the US dollar in the spot market after the central bank said it had gone for an International Monetary Fund bailout. Dealers say exporters are hoping for a devaluation of about 5 percent at least, though it is uncertain whether the currency […]
” govts: Canada
OTTAWA, March 5, 2009 (AFP) – The 37-year conflict raging in Sri Lanka was borne out of “repressive” governments in Colombo, Canadian Minister of State for Foreign Affairs said Thursday.“I am sure all Canadians share the government’s revulsion at the continuing humanitarian catastrophe in Sri Lanka, a civil conflict born of a succession of repressive […]
Pakistan IDs cricket attackers, security concerns mount
LAHORE, March 6, 2009 (AFP) – Authorities in Pakistan said they had identified the gunmen who attacked the Sri Lankan cricket team, as international concern mounted Friday over how the security plans failed. Prime Minister Kevin Rudd of Australia, home to two officials caught up in Tuesday’s deadly attack in the city of Lahore, demanded […]
Intervention
Mar 06, 2009 (LBO) – Sri Lanka’s central bank said it is looking for managing agents for two registered finance companies in the troubled Ceylinco group and a management shake-up is on the cards for another. Managing agents were being sought for Asian Finance and Ceylinco Investment and Realty under central bank monitoring while the […]
Leasing Sale
March 06, 2009 (LBO) – Sri Lanka’s largest leasing company is in talks to buy a leasing company in the island’s Ceylinco group, a listed investment bank in the group said in a stock exchange filing.Seylan Merchant Bank is in talks with People’s Leasing Company, a unit of state-run People’s Bank, to sell a controlling […]
Management Chat
Mar 06, 2009 (LBO) – Merchant Bank of Sri Lanka, (MBSL) a unit of state-run Bank of Ceylon, said it was in talks with the regulator to manage and rehabilitate Ceylinco Savings Bank, a member of the island’s troubled Ceylinco group. In another development Seylan Merchant Bank said it was in talks with People’s Leasing […]
Flat Rate
Mar 06, 2009 (LBO) – Commercial Bank of Ceylon group has reported profits of 4,118.9 million rupees for the year ended December 2008, lower by 0.7 percent, with revenues growing 24.8 percent to 43.9 billion rupees. Group interest income grew 21.9 percent to 37.2 billion rupees, interest expense grew 28.44 percent to 24.3 billion and […]
New Lease
Mar 06, 2009 (LBO) – A Sri Lankan motor company is offering a ‘buy now, pay later’ auto leasing scheme, which it hopes will boost sales that have plunged with the economic slowdown. The new leasing facility introduced by Associated Motorways (AMW) allows potential customers to purchase a Suzuki M800 car today and commence lease […]
Sri Lanka stock trading buoyed by Carson deal
March 06, 2009 (LBO) – Sri Lankan shares ended firmer Friday with trading volumes boosted by large transfers of shares within the Carson Cymberbatch conglomerate, brokers said.Seylan Merchant Leasing rose 16 percent or 1.25 to end at 9.25 rupees while Seylan Merchant Bank rose eight percent or 20 cents to end at 2.70. Seylan Merchant […]
Sri Lanka says foreign investment US889mn in 2008
Mar 05, 2009 (LBO) – Sri Lanka had received 889,9 million US dollars of foreign direct investments in 2008 which includes a 136.72 million US dollar loan, the island’s investment promotion agency said. The Board of investment said the investments in ventures approved by it were up 21 percent from the US dollars 734 million […]