Category:
Growth Strategy
July 26, 2013 (LBO) – Standard Chartered Bank views Sri Lanka positively and is looking to grow its business with a strategic decision to expand in the island, a top official said.This week Standard Chartered Sri Lanka took part in a 200 million US dollar syndicated loan to state-run Bank of Ceylon. “For a long […]
Sri Lanka Cinnamon Lakeside, revenues, profits down in June
July 26, 2013 (LBO) – Profits at Sri Lanka’s Trans Asia Hotels, owners of Colombo’s 5-star Cinnamon Lakeside fell 23 percent to 121.5 million rupees in the June 2013 quarter from a year earlier, interim accounts showed.The firm, a unit of John Keells Holdings, reported earnings of 61 cents per share for the quarter. Revenues […]
Sri Lanka urban waste to be made into fertilizer: IWMI
July 26, 2013 (LBO) – Sri Lanka-based International Water Management Institute (IWMI) said it is partnering with island’s environmental authority to turn urban waste, a major water pollutant into organic fertilizer. Sri Lanka’s urban waste has a high volume of moist organic matter which is not economical to burn and generate power, experts have said. […]
Boat-people
SYDNEY, July 26, 2013 (AFP) – The United Nations on Friday said it was “troubled” by Australia’s decision to send asylum-seekers arriving by boat to Papua New Guinea given conditions there failed to adequately protect refugees. In it’s first assessment of the hardline policy announced a week ago by Prime Minister Kevin Rudd, the United […]
Base Case
July 26, 2013 (LBO) – Chevron Lubricants Lanka Plc said profits in the June 2013 quarter rose 5.5 percent to 562 million rupees from a year earlier, despite falling revenues on lower raw material prices. The firm reported earnings of 4.69 per share in interim accounts filed with the Colombo Stock Exchange. In the six […]
Loans to eurozone businesses drop sharply: ECB
FRANKFURT, July 25, 2013 (AFP) – Loans to businesses in the debt-mired eurozone tumbled in June, the European Central Bank said Thursday, weakening a key component of any economic recovery. Private sector loans dropped 1.6 percent last month in a year-on-year comparison, the ECB said, after a 1.1 percent decline in May. Loans to households […]
‘s Asia Pacific chief Anoop Singh to retire
July 26, 2013 (LBO) – Anoop Singh, director of the International Monetary Fund’s Asia Pacific Department and one-time country representative of Sri Lanka is to retire. “Anoop’s departure will deprive the Fund of one its most distinguished staff members, and his friends of a hugely admired colleague,” IMF managing director Christine Lagarde said in a […]
Sri Lanka stocks close down 0.7-pct
July 25, 2013 (LBO) – Sri Lanka’s stocks closed down 0.67 percent on Thursday with large cap stocks and banking sector making losses, brokers said. Distilleries Company closed at 190.10 rupees up 10 cents The benchmark Colombo All Share Index closed 40.98 points lower at 6,038.16 and the S&P SL 20 Index closed 24.63 points […]
Risky Journey
CIANJUR, July 25, 2013 (AFP) – The confirmed death toll from the sinking of a boatload of Australia-bound asylum-seekers rose to 11 Thursday, as rescuers continued searching the seas off Indonesia for survivors.Local police spokesman Achmad Suprijatna told AFP two more bodies were found Thursday morning, two days after the boat sank off the southwestern […]
Growth Market
July 25, 2013 (LBO) – Emirates NBD Capital which syndicated a 200 million dollar loan for Sri Lanka’s state-run Bank of Ceylon is looking to provide more local firms with Islamic and conventional finance, a top official said.“We are looking to do similar transactions with other financial institutions,” chief executive Mohammad Wajid Kamran said. “We […]
Syndication
July 25, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will use a 200 million dollar syndicated loan to expand corporate lending, acting chairman Raju Sivaram said.Others included Axis Bank DIFC Branch, Band of Baroda, Indian Overseas Bank Singapore, Union National Bank PSJ, Doha Bank and Habib Bank. The loan was arranged by Dubai-based […]
Sri Lanka state trading agency in talks for city hotels
July 25, 2013 (LBO) – Sri Lanka’s Co-operative Wholesale Establishment (CWE), an virtually defunct state agency is in talks with Indian and Malaysian parties to build hotels in two prime properties, a parliamentary report said.The state agency has a 6.5 acre site in D R Wijewardene Mawatha in Sri Lanka’s capital Colombo which is expected […]