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Indian rupee falls to new low, amid trading curbs
May 22, 2012 (LBO) – India’s rupee fell to a new low of 55.06 against the US dollar Tuesday after trading curbs were slapped on forward and swap markets. Earlier in May the central bank limited intra-day open positions of banks. Trimming open positions, especially overnight positions, which narrows the depth of forex markets can […]
” rating confirmed
May 22, 2012 (LBO) – Fitch Ratings has confirmed an ‘AA(lka)’ rating of state-run Sri Lanka Insurance (SLIC), the island’s largest insurer by assets, with a stable outlook, saying capitalization was strong, profits high and solvency ratios have improved. The regulatory solvency ratio for its life business had improved to 11.55 times by end-December 2011 […]
Sri Lanka Hemas Power hit by forex losses
May 22, 2012 (LBO) – Sri Lanka’s Hemas Power, a unit of listed Hemas Holdings said profits in the March 2012 quarter fell 78 percent to 24 million rupees amid as it was hit by foreign exchange losses. The firm reported earnings of 16 cents for the quarter in interim acconts. In the year to […]
Sri Lanka small builders in former war zone get German help
May 22, 2012 (LBO) – Small construction contractors in former war zones in Sri Lanka’s East are being given technical help to win construction projects involving post-war rebuilding which they were losing earlier, a German aid agency said. They will be trained in contract management, bidding documents, preparation of bids and claims, quality assurance and […]
Sri Lanka benefits from new $2bn SAARC currency swap
May 21, 2012 (LBO) – Sri Lanka is among the South Asian countries, who will benefit from a 2. 0 billion dollar currency swap arrangement set up by India, a statement said. Funded entirely by India, the swap facility will enable the central banks of Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka to […]
‘s Amaya Leisure March net up 68-pct
May 21, 2012 (LBO) – Profits at Sri Lanka’s Amaya Leisure, a unit of listed Hayleys group rose 68 percent in the March 2012 quarter as strong tourist arrivals boosted revenues, interim accounts showed. Administrative expenses were kept under check rising only 7 percent to 90. 6 million rupees. The group also has carry forward […]
Sri Lanka plans rice exports to South Africa: minister
May 21, 2012 (LBO) – Sri Lanka is in talks with a South African commodity firm to export 20,000 tonnes of rice lying at Paddy Marketing Board, a state-run grain purchasing firm, officials said. Agriculture minister Mahinda Yapa Abeywardene said discussions have been initiated to sell ‘red-rice’ to South Africa at about 370 dollars a […]
Sri Lanka starts exporting maize
May 21, 2012 (LBO) – Sri Lanka’s will export its first consignment of maize on May 22, filling a part of a 10,000 tonne order to Taiwan and Canada as domestic production picks up pace, officials said. Sadikeen said as a result buyers were prepared to pay more for his maize. He was exporting at […]
Electric Lessons
May 21, 2012 (LBO) – Hearing I was off to the Himalayan Kingdom of Bhutan, a friend wrote ‘come back and tell us what you learned.’ This question was on my mind when I heard that Sri Lanka’s Minister of Power and Energy was in Bhutan at the same time. What had we each learned […]
Sri Lanka frees ex-army chief from prison
May 21, 2012 (LBO) – Sri Lanka former army chief Sarath Fonseka walked out of prison on Monday to a hero’s welcome, after President Mahinda Rajapakse ordered his release. Fonseka unsuccessfully tried to unseat Rajapakse in the January 2010 presidential election. The two fell-out as to who should take credit to crush the Tigers in […]
Mortgage Lending
May 20, 2012 (LBO) – Profits at Sri Lanka’s HDFC Bank, a mortgage lender quarter rose 79 percent to 125 million rupees the March 2012 quarter helped by higher interest income, interim accounts showed. The bank reported earnings of 1. 94 rupees for the quarter. The stock traded at 54.60 rupees, up 80 cents Friday. […]
’s jailed ex-army chief smells freedom
May 20, 2012 (LBO) – Sri Lanka’s President Mahinda Rajapakse has signed papers to pardon jailed ex-army chief Sarath Fonseka, his aide said Sunday, a day after the island marked three-years since defeating the Tamil Tigers. Rajapakse inked the papers on Friday evening and passed them to his chief-of-staff, his spokesman Bandula Jayasekera said. The […]