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Sri Lanka investment, structural shifts backed by World Bank
May 24, 2012 (LBO) – Sri Lanka’s aims of improving investment, supporting structural shifts and improving living standards as a middle income country will be the focus of a new 4-year program, multilateral lender, the World Bank said. Sri Lanka already had ‘well articulated’ vision for development, it said. “The road ahead in achieving the […]
Sri Lanka Treasuries yields fall across maturities
May 23, 2012 (LBO) – Sri Lanka’s Treasuries yields fell across maturities at Wednesday’s auction with the 3-month yield slipping 41 basis points to reach 11. 58 percent, around the levels seen in the secondary market over several days. The 6 month yield fell 8 basis points to 12. 32 percent and the 12 month […]
Some Headway
May 23, 2012 (LBO) – Sri Lanka’s listed Mercantile Shipping Company Plc, cut losses in the March 2012 quarter to 1.89 million rupees in the from 18.2 million a year earlier helped by stronger margins, interim accounts show. The firm reported losses of 66 cents per share for the quarter. For the year to March […]
Plugging Leaks
May 23, 2012 (LBO) — Fraudulent practices across business activities has risen over the past two-years in Sri Lanka, with billions of rupees lost each year to economic crime, a new study showed. Awareness of fraud is always the first step towards managing the issue. It’s the first step towards beginning a new era of […]
Sri Lanka Finlays estates diversify crops
May 22, 2012 (LBO) – Sri Lanka’s Hapugastenne and Udapussellawa Plantations, controlled by James Finlays said losses were making it difficult to replant tea but they were trying to improve productivity and was expanding rubber and timber. Hapugastenne Plantations lost 214.00 million rupees in the year to March 2012, reversing a profit of 281 million […]
Sri Lanka Nestle March net down 25-pct
May 22, 2012 (LBO) – Sri Lanka’s Nestle Lanka Plc, a unit of a Swiss food firm said profits in the March 2012 quarter fell 25 percent to 461 million rupees as the firm was hit by higher energy prices and currency depreciation. Nestle Lanka reported earnings of 8.60 rupees per share for the quarter. […]
Sri Lanka Cricket gives local TV rights to Carlton Sports
May 23, 2012 (LBO) – Sri Lanka Cricket has offered the local television rights to the new Carlton Sports Network for a three-year period, after the sports channel emerged the sole bidder, a news report said Wednesday. Carlton Sports Network (CSN) was formed last February and its chief executive, Nishantha Ranatunga is also the present […]
’s former sacked Aussie coach, takes legal action
May 23, 2012 (LBO) – Sri Lanka’s former Australian cricket coach Geoff Marsh has sent a letter of demand over his unfair dismissal, a report said Wednesday. Marsh, 53, who was given a two-year contract in September 2011, was removed in January and replaced by South African Graham Ford. Sri Lanka Cricket did not give […]
Steady Ship
May 22, 2012 (LBO) – Sri Lanka’s Hatton National Bank PLC retained its AA-(lka) rating from Ftich Ratings, but the risk evaluator warned the bank’s ratings was constrained by exposure to weak lending to the Maldives. One of Sri Lanka’s biggest privately-held banks, HNB retained its stable outlook, while Fitch also affirmed the lender’s sub-ordinated […]
Risk Management
May 22, 2012 (LBO) – Sri Lanka’s DFCC Bank said it had appointed Trevine Fernandopulle, a senior banker, as its executive vice president and group chief risk officer. Fernandopulle was earlier deputy chief executive at Sri Lanka’s HSBC unit and been chief risk officer at state-run Bank of Ceylon and credit risk manager at Saudi […]
Tighter Rules
May 22, 2012 (LBO) – Sri Lanka’s securities watchdog has tightened short term trading by workers and directors of broking firms and also passed strictures on future trading by a state bank, following a controversial stock purchase on which payment was stopped. SEC said market intermediaries will not be allowed to engage in trade below […]
Quit Notice
May 22, 2012 (LBO) – Pradeep Kariyawasam, the chairman of Sri Lanka’s state-run National Savings Bank had resigned ahead of more fresh planned protests by the lender’s trade unions, over a controversial stock deal, media reports said. The finance ministry halted the payment on the deal as the controversy erupted and the sellers later agreed […]