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Seven killed in floods, mudslides in Sri Lanka
COLOMBO, May 15, 2013 (AFP) – At least seven people have been killed and two are missing in floods and mudslides following heavy rain across Sri Lanka, the disaster management centre said Wednesday.Sri Lanka depends on monsoon rains for irrigation and power generation, but the seasonal downpours frequently cause deaths along with damage to property.A […]
‘s Ceylinco Insurance net up 55-pct
May 15, 2013 (LBO) – Sri Lanka’s Ceylinco Insurance, the island’s largest insurer by written premium said net profits rose 55 percent to 326 million rupees in the March 2013 quarter, from a year earlier.The firm reported earnings of 12.37 rupees per share. Group gross written premium rose 10 percent to 6.0 billion rupees in […]
‘s Krrish to pay up
May 15, 2013 (LBO) – Sri Lanka has given India’s Krrish group till May 31 to complete their payments charging 12 percent interest for an extension, investment promotion minister Lakshman Abeywardena said.Out of 4,995 million rupees due for land leased for a mixed development project, the company had so far paid 4,049 million rupees or […]
‘s economic exuberance wanes
COLOMBO, May 15, 2013 (AFP) – After crushing Tamil rebels four years ago Sri Lanka expected to become South Asia’s tiger economy, but exuberance has given way to mediocre growth and fears of more trouble ahead.The country was almost broke when troops defeated separatist Tamil Tigers in May 2009, but Colombo predicted that ending 37 […]
Sri Lanka market interest rates drop after rate cut
May 14, 2013 (LBO) – Sri Lanka’s market interest rates has eased down with the effective policy rate settling at around 7.8 percent though cash auctions down from around 8.3 percent before a 50 basis point rate cut last week, dealers said. On Tuesday gilt backed overnight repurchase transactions were quoted 8.30/40 percent levels in […]
Forex Hit
May 14, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said profits fell 19.7 percent to 2.25 billion rupees in the March 2013 quarter from a year earlier, on narrowing interest spreads and lower forex gains.Analysts are therefore forced to call banks up for basic information readily available under earlier rules, unless they voluntarily […]
Brand Summit
May 14, 2013 (LBO) – Some of Sri Lanka™s renowned marketing thinkers, regional advertising experts and key Google officials will share their insights on how firms could build resilient brands during a one day conference in Colombo this month.In a fast paced, upheaval-prone modern world, today™s strong brand equity does not guarantee tomorrow™s success. Brands […]
‘s Union Assurance net up 31-pct
May 14, 2013 (LBO) – Profits at Union Assurance Plc, a unit of Sri Lanka’s John Keells Holdings rose 31 percent to 111.3 million rupees in the March 2013 quarter from a year earlier, helped by investment income and fair value gains. The firm reported earnings of 1.30 rupees per share. The stock closed at […]
Sri Lanka hydro reservoirs get highest inflows in single day
May 14, 2013 (LBO) – An Indian Ocean cyclone named after an ancient Sri Lankan king who is famed for building irrigation tanks had brought the highest water inflows in a single day to the island’s hydro power storage system. More water from yesterday’s rain held in catchment areas are expected to flow into the […]
Sri Lanka to set tax of around 10-pct for foreigners leasing land
May 14, 2013 (LBO) – Sri Lanka’s new restrictions on foreign ownership of property will have provisions that will allow non-nationals investing in the country to lease land with a tax of 5 to 15 percent, senior government officials said.Large investment projects may be given permission to purchase land by special approval. Ferdinando said listed […]
Sri Lanka gets US$218mn FDI in first quarter 2013
May 14, 2013 (LBO) – Sri Lanka has received 218 million US dollars of foreign direct investments in the first quarter of 2013 and is targeting two billion dollars for the full year, investment promotion minister Lakshman Abeywardena said.In 2012 Sri Lanka received 1,338 million US dollars in FDI up from 1,066 million US dollars […]
Sri Lanka stocks close down 0.2-pct, banks retreat
May 13, 2013 (LBO) – Sri Lanka’s stocks closed down 0.18 percent Monday with bank stocks sliding as domestic investors took profits, brokers said. The Lion Brewery Ceylon closed at 372.00 rupees up 1.90 rupees. Ceylon Tobacco Company was down 0.50 rupees to close at 829.00 rupees. Nestle Lanka closed at 1860.00 rupees up 9.40 […]