Category:
‘s over-priced hotel boom ending: equities report
Feb 09, 2013 (LBO) – Sri Lanka is about 500 to 800 US dollars more expensive than alternatives for a 10-day holiday with standards lower than competition, which may hit occupancy in the future, an equities research report has warned.A 10-day holiday in Sri Lanka may cost between 2,000 to 2,600 US dollars with a […]
Sri Lanka Chevron lubricants unit profits flat
Feb 08, 2013 (LBO) – Sri Lanka’s Chevron Lubricants Plc said profits in the December quarter rose 1.7 percent to 571 million rupees from a year arlier, while volume sales dropped amid an economic slowdown.The firm reported earnings of 4.76 rupees per share. For the year to December the firm reported earnings of 19.06 rupees […]
Sri Lanka issues rule for money brokers
Feb 08, 2013 (LBO) – Sri Lanka’s central bank has issued new regulations covering the money broking industry requiring them to be certified, set up reporting requirements and internal policies and procedures.Money brokers provide bid and offers in money and forex markets while protecting the anonymity of their clients. “The regulations are expected to give […]
‘s Commercial Credit goes for second tranche
Feb 08, 2013 (LBO) – Sri Lanka’s Commercial Credit is seeking subscriptions for debentures up to 500 million rupees, after the first tranche of 250 million rupees was taken up, managers to the issue said.Up to February 07, 168 applications worth 354 million rupees had been received. The Merchant Bank of Sri Lanka which is […]
Sri Lankan bond issues to be given expected rating first: Fitch
Feb 08, 2013 (LBO) – Bond issues by Sri Lankan companies will go through a two-step process in the future, where an ‘EXP’ or ‘expected’ rating will be assigned which will then be finalized after documentation and closure, Fitch Ratings said.Fitch said a rating referred to as ‘expected’ is issued on the agencies expectations regarding […]
Rating Action
Feb 08, 2013 (LBO) – An ‘AAA(lka)’ rating of Sri Lanka’s Standard Chartered Bank has been confirmed by Fitch Ratings, with a stable outlook, based on it being part of a lender that has a higher international rating.Fitch says an appeal on a 27 billion rupee fine, which is higher than its equity, imposed by […]
Mob Attack
Feb 08, 2013 (LBO) – A 15-strong mob who stormed into a branch of state-run Bank of Ceylon has left two injured, Sri Lanka’s foreign ministry said, calling for extra security for other entities connected to the island.A mob armed with knives, clubs, and iron rods had stormed the Bank of Ceylon branch at Poonamallee […]
Sri Lanka to tighten laws on refuse tea
Feb 08, 2013 (LBO) – Sri Lanka is tightening laws to control the refuse tea prevent malpractices, with draft rules being devised by the plantations industries ministry the state information office said. The proposed laws relating to refuse tea and several off grades had been referred to a cabinet sub-committee headed by minister Susil Premjayantha […]
Sri Lanka AIA insurance unit net up 12-pct
Feb 08, 2013 (LBO) – Sri Lanka’s Aviva NDB Insurance, a unit of American International Assurance, said profits rose 7 percent to 514 million rupees helped by strong investment income and better underwriting.The firm reported earnings of 17.13 rupees per share. For the full year to December the insurer reported earnings of 26.01 rupees per […]
‘s profits surge on stronger margins
Feb 08, 2013 (LBO) – Textured Jersey Lanka Plc, a unit of Sri Lanka’s Brandix apparel group and Hong Kong based Pacific Textured Jersey said profits rose 94 percent to 364 million rupees in the December 2012 quarter from a year earlier. The firm reported profits of 56 cents per share for the quarter. For […]
Sri Lanka parliamentary probe on retirement fund halted mid-way: legislator
Feb 09, 2013 (LBO) – A probe by a parliamentary committee on investments made by a state controlled retirement fund of private sector workers had been halted mid-way, an opposition legislator has said.Harsha de Silva, an opposition member told parliament that proceedings at a parliamentary committee examining investments by the Employees Provident Fund managed by […]
Sri Lanka to develop Trincomalee port city with ADB finance
Feb 08, 2013 (LBO) – Sri Lanka will improve infrastructure in the northeastern port city of Trincomalee with an 85 million US dollar loan from the Asian Development Bank, information minister Keheliya Rambukwelle said.The Integrated Urban Development Project for Trincomalee will improve city infrastructure and encourage private sector investment, he said. The cabinet of ministers […]