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Sri Lanka printer gets top green rating
Jan 21, 2013 (LBO) – Sri Lanka’s Aitken Spence Printing said its new printing facility had received a ‘Gold’ rating from in Leadership in Energy and Environmental Design (LEED) from US-based Green Building Council. The company’s new 77,000 square feet facility near Sri Lanka’s capital Colombo, was given LEED-NC (New Construction): GOLD Certification, the firm […]
Sri Lanka needs price formula for petroleum, electricity: power minister
Jan 21, 2013 (LBO) – Sri Lanka needs a cost based price formula for electricity and petroleum, power minister Patali Ranawaka has said.The rupee fell from 110 to 134 to the US dollar during the crisis. There was a steep energy price hike in February 2012 and the rupee has since strengthened to 126.50 to […]
Bus Bailout
Jan 20, 2013 (LBO) – Sri Lanka Transport Board, a loss-making state bus utility has been given a 2.8 billion rupee bailout from tax payer money, the state information office said.In 2011 the SLTB had being given a 3.939 billion rupee subsidy on top of a 4.6 billion rupee cash handout the year earlier, according […]
Finance Rating
Jan 19, 2013 (LBO) – Sri Lanka’s Vallibel Finance Ltd has been rated ‘BB+’ with a stable outlook by RAM Ratings Lanka. “Vallibel’s ratings are moderated by the increasing trend in new non-performing loans (NPLs) in recent times, coupled with its unseasoned loan portfolio, given aggressive loan Growth,” RAM Ratings Lanka said. “The ratings are, […]
US officials to visit Sri Lanka for LLRC talks
Jan 19, 2013 (LBO) – Three US officials led by deputy assistant secretary James Moore will visit Sri Lanka from January 26 for talks which include progress on implementing recommendations of a post-war reconciliation report, the US embassy in Colombo said. He will be accompanied by Deputy Assistant Secretary of Defense Vikram Singh and Deputy […]
UN flays Sri Lanka Chief Justice removal
Jan 19, 2013 (LBO) – The controversial removal of Sri Lanka’s Chief Justice Shirani Bandaranayake through a process courts have ruled to be unconstitutional is a “calamitous setback” for rule of law, a United National official has said. “The removal of the Chief Justice through a flawed process which has been deemed unconstitutional by the […]
Liquidity spikes in Sri Lanka money markets
Jan 18, 2013 (LBO) – Liquidity in Sri Lanka’s money markets has climbed to around 40 billion rupees amid dollar inflows bought by the monetary authority, but two terms auctions were announced Friday to mop up liquidity.Sri Lanka’s central bank creates money through dollar purchases to maintain a de facto peg to the US dollar […]
Sri Lanka LOLC Rs1.25bn debentures rated [SL)A- by ICRA
Jan 18, 2013 (LBO) – ICRA Lanka, an associate of Moody’s Investors Service has given a [SL]A- rating with a stable outlook for a 1.25 billion rupee usecured debenture sale by Lanka Orix Leasing Company Plc. The rating took into account LOLC track record of profitable operations, its market position, experienced management team, adequate risk […]
Car Trends
Jan 18, 2013 (LBO) – Sri Lanka’s new vehicle registrations fell 44.8 percent to 25,308 in December 2012, with new registrations of small Maruti and Suzuki cars down 64 percent and BMW cars up 161 percent, data compiled by JB Securities equities research shows.BMWs are believed to be imported on tax-slashed permits given to state […]
Land Routes
Jan 18, 2013 (LBO) – Sri Lanka will build 37 major bridges on national roads with a loan from the Japan and major roads in Colombo will be re-built with another credit, information minister Keheliya Rambukwelle said.A bridge on the Nawala-Nugegoda road will also be reconstructed with the funds. Sri Lanka will borrow 12.38 billion […]
Sri Lanka to imports 4,500 dairy cows to state farms
Jan 18, 2013 (LBO) – Sri Lanka’s state-run National Livestock Development Board is spending 28.537 million US dollars to import 4,500 dairy cows, of which 500 animals have already arrived in the country, information minister Keheliya Ramukwelle said.The cows will be distributed among three farms in Bopaththalawa, Nikaweratiya and Sirignapatha. Under the first stage 500 […]
Latin Conquest
Jan 18, 2013 (LBO) – MilleniumIT, a Sri Lanka based unit of the London Stock Exchange group has struck a deal to provide trading and order routing technology to Peru’s Lima Stock Exchange. Peru will get Millennium Exchange softer and Millennium SOR smart order routing technology. “We are very conscious of the relevance of technology […]