Category:
Sri Lanka airport expansion financed by Japan
Mar 03, 2012 (LBO) – Sri Lanka’s main international airport has secured financing of 28.9 billion yen financing (330 million US dollars) to expand and modernize facilities as tourist arrivals continue to expand. In 2011 tourist arrivals rose 30 percent. The state information office said the cabinet of ministers had given the nod to get […]
Burning Loss
Mar 03, 2012 (LBO) – Giving subsidized furnace oil to a state-run power utility was the main main source of losses at a petroleum utility, while the private firms also made higher profits due to cheap power, the finance ministry said. The finance ministry said state-run Ceylon Petroleum Corporation lost 90 billion rupees in 2011 […]
Sri Lanka trims bank forex trading positions
Mar 02, 2012 (LBO) – Sri Lanka has trimmed the level of foreign exchange banks can keep overnight for trading to around a third of an earlier level, a day after curbs was placed in the forward market, dealers said. The rupee gained to 119.00/120.00 against the greenback in the spot dollar market from around […]
Sri Lanka shares end down 0.2-pct
Mar 02, 2012 (LBO) – Sri Lankan shares closed weaker Friday in somewhat choppy trade with turnover falling to low levels, brokers said. Environmental Resources Investments was the most actively traded stock, closing at 19.30 rupees, down 60 cents as was HVA Foods, which ended at 17.60 rupees, down a rupee. Acme Printing & Packaging […]
Higher Rates
Mar 02, 2012 (LBO) – Capital Alliance Finance Plc, a registered finance company in Sri Lanka said it is offering 14.5 percent for six month fixed deposits targeting short term investors amid a general rise in interest rates. “Many of the fixed deposit schemes available today are medium to long term investor friendly whilst short […]
Sri Lanka gets AirAsia flight to Bangkok
Mar 02, 2012 (LBO) – Low-cost carrier AirAsia’s Thai unit has begun direct flights connecting Bangkok with the Sri Lankan capital Colombo aiming to attract tourists and pilgrims in both countries whose main religion is Buddhism. Tassapon Bijleveld, chief executive of Thai AirAsia, said they expect a load factor of around 75-80 percent in the […]
Sri Lanka interest rate increases seen hitting insurance growth
Mar 02, 2012 (LBO) – The rise in interest rates in Sri Lanka, which began recently, could reduce the growth of the insurance market as it reduces the affordability of insurance products, RAM Ratings Lanka said. However, the rating agency said that despite the premium growth, most general insurers’ underwriting performance continued to be weak, […]
Sri Lanka caps forex forward deals to 90-days
March 01, 2012 (LBO) – Sri Lanka’s central bank has capped forward foreign exchange deals with the rupee to 90 days to reduce speculation Governor Nivard Cabraal said. “It will reduce speculation overall,” Cabraal said. Sri Lanka reduced interventions in forex markets on February 09, allowing the exchange rate to be market determined and said […]
Sri Lanka shares end up 0.2-pct
Mar 01, 2012 (LBO) – Sri Lankan shares closed firmer Thursday with big deals in Hayleys and LB Finance pushing up turnover, brokers said. The main All Share Price Index closed up 0.21 percent (11.59 points) at 5,469.68, while the more liquid Milanka index rose 0. 26 percent (12.13 points) to close at 4,763.19. Turnover […]
Asset Quality
Mar 01, 2012 (LBO) – Sri Lanka’s Sampath Bank said December 2011 quarter net profit fell 34 percent from a year ago but a rapid growth in staff and branches should help boost profits in future despite falling interest margins. He said 78 percent of the bank’s funding was generated from deposits compared with an […]
‘s AirAsia cuts pre-booked meal prices
Mar 01, 2012 (LBO) – AirAisa, a Malaysia based budget carrries said it had cut in-flight meals as much as 30 percent in the wake of a cut in check-in baggage fees two weeks earlier. “AirAsia always strives to listen to our guests, and take into account their feedback on how we can make their […]
Japan gains Sri Lanka auto market share with hybrids
Mar 01, 2012 (LBO) – Japan has increased its share in Sri Lanka’s auto market to 36 percent from 33 percent in value with a surge in hybrid vehicles, amid a boom coming after a cut in taxes, Sri Lanka’s main business chamber said. More than 100,000 petrol driven three wheelers have been imported in […]