Author: lbostgadmin
Sri Lanka exports up 27-pct in November: ministry
Dec 19, 2013 (LBO) – Sri Lanka’s exports rose 27 percent in November 2013 from a year earlier, with revenues during the first 11 months growing 5.1 percent, the commerce ministry said. In October 2012, Sri Lanka earned 827.6 million US dollars from exports and revenues for the 11 months were down 6.6 percent at […]
Lowered
Dec 19, 2013 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Union Bank of Colombo Plc by one notch to ‘BB(lka)’ on rising non-performing loans. The outlook was revised to stable from negative at the lower rating. “The downgrade reflects the deterioration in UB’s credit profile, in terms of its asset quality and capitalisation,” the […]
Sri Lanka stocks close 0.9-pct higher
Dec 19, 2013 (LBO) – Sri Lanka stocks close up 0.9 percent Thursday with tobacco and diversified firms gaining, brokers said. Sri Lanka Telecom closed 30 cents higher at 37.00 rupees and Lanka Orix Leasing Company closed 80 cents lower at 75.50 rupees. NDB closed 3.50 rupees higher at 160.00 rupees and DFCC also closed […]
” rating confirmed
Dec 19, 2013 (LBO) – Fitch Ratings has confirmed a ‘AAA(lka)’ rating of Distilleries Company of Sri Lanka with a stable outlook. Fitch said it had a strong market share of 60 percent for local alcohol production but was vulnerable to illicit products amid tax hikes. Potential debt funded acquisitions change the group’s risk profile. […]
‘s APIIT
Dec 18, 2013 (LBO) – A Malaysia based private equity firm linked to the state is in talks to acquire APIIT Lanka (Pvt) Ltd, a Sri Lanka based tertiary education institute, a media report said.Higher education is a growing sector in Sri Lanka with high demand and the current administration is relaxing a state monopoly […]
Sri Lanka re-issues investment approvals on casino resorts
Dec 18, 2013 (LBO) – Sri Lanka has re-issued notices on tax concessions to three casino resorts with no mention of gaming being made, after initial investment approvals were withdrawn under fire.The state has issued gazette notices for Lake Leisure Holdings by Australian gaming tycoon James Packer and local entrepreneur Ravi Wijeratne, Queensbury Leisure by […]
Tele Consolidation
Dec 18, 2013 (LBO) – Bharti Airtel is close to exiting Sri Lanka after investing 300 million US dollars to acquire two million users, a media report said.India’s Hindu Business Line newspaper citing un-named sources said after give months of negotiations it was close to a sale to Etisalat, which had a five million user […]
Bad Employer
DOHA, December 18, 2013 (AFP) – Migrants who have worked for nearly a year without pay on a Qatar skyscraper are facing “severe foot shortages” and cannot leave or seek other employment, Amnesty International said Wednesday.Qatar has come under mounting criticism from rights groups, particularly after being chosen to host the 2022 World Cup, which […]
”s Minor start building US$40mn hotel
Dec 18, 2013 (LBO) – Sri Lanka’s Hemas Holdings said it has started construction of a 40 million US dollar joint venture hotel with Thailand based Minor Hotel Group.It will operate under Minor group’s Anantara brand which is a 28-hotel chain in 8 countries with 15 more properties under development. The foundation stone for the […]
Transit Point
COLOMBO, December 17, 2013 (AFP) – Sri Lanka has recorded a sharp rise in drug busts, suggesting the island is becoming a transhipment hub for heroin in Asia, a government minister said Tuesday. In August, Sri Lanka customs found 260 kilos (572 pounds) of pure heroin in a container at the Colombo port. The cargo […]
Sri Lanka stocks close flat
Dec 18, 2013 (LBO) – Sri Lanka stocks close flat Wednesday with diversified stocks losing ground, brokers said. Asian Hotels and Properties closed flat at 62.40 rupees and Bukit Darah closed 5.50 rupees lower at 614.50 rupees. The Colombo benchmark All Share Price Index closed 0.12 points lower at 5,811.76, down 0.00 percent. The S&P […]
Sri Lanka Treasuries yields plunge
Nov 18, 2013 (LBO) – Sri Lanka’s Treasuries yields plunged across maturities for the second week in a row, with the 12-month rate falling 62 basis points to 8.53 percent, data from the state debt office showed. The Central Bank has been intervening heavily in forex markets not allowing the rupee to appreciate in recent […]