Category:
Capital Cushion
Feb 20, 2012 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB and P2 to Sri Lanka Savings Bank with the long-term rating having a stable outlook. The ratings are upheld by the bank’s state ownership and the ongoing support from the government and reflect SLSB’s strong capital cushioning […]
‘s Kuruwita Textile Mills back in profit
Feb 20, 2012 (LBO) – Sri Lanka’s Kuruwita Textile Mills returned to profit in the December 2011 quarter helped by lower cotton prices and lower costs from a revamp that included shedding staff. The firm, which supplies treated fabric to garment manufacturers, said it made a December 2011 quarter net profit of 13 million rupees […]
Sri Lanka exporter forum on flexible exchange rate
Feb 20, 2012 (LBO) – Exporters Association of Sri Lanka (EASL) will be hosting a forum on flexible exchange rates on February 28, after the Central Bank stopped large scale defence of a currency peg earlier in the month. “The Forum aims to assist Exporters understand the impact of the changeover to Flexible Exchange Rates […]
Sri Lanka state officials occupy sugar firm: listed company
Feb 20, 2012 (LBO) – State officials are occupying land of a listed Sri Lankan company, the parent firm of Pelwatte Sugar Industries told shareholders, despite it falling the outside the definition of a controversial law to expropriate citizens’ property. Citizens then had to pay taxes, but did not have property rights either, leading to […]
Sri Lanka over-fished by estimated 600 illegal vessels: report
Feb 19, 2012 (LBO) – The sea around Sri Lanka is facing the danger of being overfished by an estimated 600 illegal vessels a day, and marine reserves may have to be declared to conserve fish stocks, a media report said. The Sunday Times newspaper quoting John Church, an international fisheries and maritime security specialist […]
Sri Lanka slain fisherman laid to rest without security forces: report
Feb 19, 2012 (LBO) – A Sri Lankan fisherman slain by police in a protest against a sudden fuel price increase was laid to rest without the presence of the police and military but accompanied by thousands of fellow fishers, a media report said. The fisherman, Anthony Fernando, was killed by police fire in a […]
Chat Margins
Feb 18, 2012 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia’s Axiata and the islands largest mobile firm said group profits for the December 2011 quarter rose 11 percent to 1. 4 billion rupees, from a year earlier. Fixed broadband operations earned 2.3 billion rupees and lost 942 million rupees at gross level […]
India asks state banks not to overstate profit
NEW DELHI (Asia Pulse) – The Indian Finance Ministry has written to all public sector banks asking them to ensure profits are not overstated and to make appropriate provisions for bad loans. In a letter to heads of public sector banks, the Finance Ministry said “instances of over-reporting of profit have been continuing year after […]
Sri Lanka rupee stronger after opening
Feb 17, 2012 (LBO) – Sri Lanka’s rupee was quoted around 118.30/50 against the US dollar in mid morning trade, up from opening and stocks rose nearly 2.0 percent before easing back, dealers and brokers said. . The rupee opened around 118.80/119.20 and strengthened against the US dollar as the currency moved to consolidate towards […]
Sri Lanka shares end marginally higher
Feb 17, 2012 (LBO) – Sri Lankan shares ended slightly higher Friday after a roller-coaster ride with heavy trading again in stocks favoured by speculators while there was also some buying into banks, brokers said. The main All Share Price Index closed up 0.12 percent (6.08 points) at 5,285.17, for the third day, after a […]
Taking Logistics
Feb 17, 2012 (LBO) – Sri Lanka’s plans to become a logistics hub stand to gain from the shift in Asian manufacturing from China to countries like Vietnam that could yield more cargo for ports like Colombo, a logistics expert said. “Logistics is like an orchestra in which the container terminal operator plays a key […]
Red Ink
Feb 17, 2012 (LBO) – Sri Lanka’s The Finance Company slipped back into the red in the December quarter having broken even the previous quarter although losses were much less than a year ago. The troubled finance firm, which was re-structured under regulatory guidance, made a December 2011 quarter loss of 17.5 million rupees compared […]