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Sri Lanka stocks slide 0.8-pct
Dec 16, 2011 (LBO) – Sri Lankan stocks sagged further Friday in a deepening slide that saw the main index dip below 5,900 points in thin turnover, brokers said. The main All Share Price Index fell 0.82 percent (48.63 points) to 5,892.69, while the more liquid Milanka index fell 1.08 percent (56.29 points) to close […]
Terminal Work
Dec 16, 2011 (LBO) – Construction work has begun on the first deep-water container terminal in a new harbour being built next to Sri Lanka’s Colombo port that will be owned and operated by a Chinese-led consortium. The 500 million US dollar South Container Terminal is to be built and operated by Colombo International Container […]
Implied Support
Dec 16, 2011 (LBO) – Fitch Ratings Lanka has confirmed Singer Finance (Lanka) Plc’s (SFL) national long-term rating at ‘BBB+(lka)’ with a stable outlook. SFL’s rating reflects Fitch’s expectation that support would be forthcoming from the parent, Singer (Sri Lanka) (SSLP) which is rated ‘A(lka)’, given the strategic importance of SFL, a statement said. In […]
Lower Outlook
Dec 16, 2011 (LBO) – Fitch Ratings has lowered the outlook on the ‘BB+(lka)’ rating of Sri Lanka’s Union Bank of Colombo to negative from stable on operational risks from its information technology system and weak branch procedures. The rating agency said loan growth was high at 56.5 percent but the bank did not have […]
Sri Lanka night race will help travel trade: Colombo hoteliers
Dec 16, 2011 (LBO) – A night car race in Sri Lanka’s capital Colombo has increased occupancy in city hotels and will help the travel trade if it is made an annual international event, hoteliers said. “An event like this will put us on the map as a happening city,” Rohit Khosla, head of Taj […]
Sri Lanka tea meet to seek common standard
Dec 16, 2011 (LBO) – Tea producing and consuming countries will seek to agree on a common standard for pesticide residue levels in tea during a meeting of the United Nations Food and Agriculture organisation body in Colombo early next year. Different MRL standards in markets like Japan and Germany had created problems for exporters […]
” for Indian industry
Dec 15, 2011 (LBO) – Sri Lanka is considered as a priority country for investment by Indian industry, the head of a visiting business mission from the Confederation of Indian Industry (CII) has told the island government. The 13-member CII mission’s main business interests were IT/BPO, auto components, metal and plastic products, electronic and engineering […]
Sri Lanka 2011 economic growth, inflation on target: CB Governor
Dec 15, 2011 (LBO) – Sri Lanka’s 2011 economic growth is likely to come slightly below an earlier expected 8. 3 percent and inflation will be below 6. 0 percent, Central Bank Governor Nivard Cabraal said. “Growth may be a little below 8. 3 percent,” Cabraal said. “But it will be higher than 8.0 percent.” […]
Sri Lanka stocks end down 0.2-pct
Dec 15, 2011 (LBO) – Sri Lankan stocks ended weaker Thursday with some deals seen in companies seen to have strong fundamentals although turnover remained thin, brokers said. The main All Share Price Index fell 0.16 percent (9.67 points) to 5,941.32, while the more liquid Milanka index fell 0.72 percent (37.48 points) to close at […]
Sri Lanka to examine shortcomings in crate law
Dec 15, 2011 (LBO) – Sri Lanka will go ahead with a new law requiring transport of fruits and vegetables in plastic crates but would look into any shortcomings after protests by farmers and traders led to shortages in the capital. “We’re not changing the policy,” declared Keheliya Rambukwella, media minister and spokesman for the […]
Sri Lanka insurers stable but claims up, lower investment income: Fitch
Dec 15, 2011 (LBO) – Sri Lanka’s insurers are well capitalized and profitable but investment income is falling and areas such as motor are seeing rising claims amid price competition, Fitch, a rating agency has said. “As such, underwriting profitability remains under pressure with many companies posting combined ratios above 100 percent, and having to […]
Sri Lanka exporters should reclaim duty before April 18: US
Dec 15, 2011 (LBO) – Sri Lanka’s exporters should claim refunds under a resumed generalized system of preferences (GSP) tariff relief scheme before April 18, 2011, the US embassy said. The US GSP scheme expired on Jan 01, 2011 but was retroactively renewed from November 04, 2011. Duties paid during the period could be claimed […]