Category:
Finance Rating
May 26, 2011 (LBO) – Sri Lanka’s Multi Finance Company Limited (MFCL) has been rated ‘B+(lka)’, four notches below investment grade, by Fitch with a ‘stable’ outlook. “MFCL’s rating reflects its small size, weak franchise, modest capitalisation and low profitability in its core business,” Fitch Ratings said in a statement. “The rating factors in the […]
Sri Lanka Keells Hotels net up 9-pct in March
May 26, 2011 (LBO) – Sri Lanka’s Keells Hotels’ profits rose 9 percent to 521 million rupees in the March 2011 quarter with most of the profits coming from its Maldivian operations, interim accounts showed. It had also slightly increased investment in John Keells Hotels Mauritius. Revenues rose 11 percent to 1.9 billion rupees in […]
CEO Forum
May 26, 2011 (LBO) – Due to the growth of social media and the internet Sri Lankan firms have to be increasingly vigilant to safeguard the reputation of their brands among today’s well informed consumers, a senior executive said. Brands build bonds with end users to ensure they continually consume their products. Brand specialist say […]
Policy Debate
May 26, 2011 (LBO) – I am on an American Airlines flight from Phoenix, Arizona to St Louis, Missouri having enjoyed the only break in the rigorous seven week Eisenhower Fellowship program at the Grand Canyon, America’s great natural wonder. From St Louis I go to San Francisco and a number of other cities to […]
Cold Comfort
May 26, 2011 (LBO) – Sri Lanka’s Ceylon Cold Stores said net profit for the financial year ending March 2011 fell 13 percent to 200 million rupees from a year ago with its ‘Keells Super’ supermarket chain still in the red. Annual group sales rose 16 percent to 16. 6 billion rupees, the company said […]
Sri Lanka gets World Bank aid for city flood protection
May 26, 2011 (LBO) – The World Bank is to provide 150 million US dollars to Sri Lanka to improve flood protection and infrastructure in and around the capital city of Colombo, a government statement said. The overall aim of the ‘Metro Colombo Urban Development Project’ under taken with World Bank funding is to improve […]
US cutting back troops in Pakistan amid tensions
WASHINGTON, May 26, 2011 (AFP) – The US military said Wednesday it has begun pulling some American troops out of Pakistan after Islamabad requested a smaller presence, amid tensions over a US raid against Osama bin Laden. The Pakistani government had asked for a scaling back of the US contingent of more than 200 troops […]
Maldives and IMF hammer out new 3-year deal
May 26, 2011 (LBO) – The International Monetary Fund and the Indian Ocean tourist paradise of Maldives had reached a new 3-year deal to fix government finance and stabilize the country and its currency. Maldives is struggling with a large budget deficit partly due to large civil service salary bill, which it was unable to […]
SriLankan Air Taxi launches daily flights to central hills
May 26, 2011 (LBO) – SriLankan Airlines has begun daily flights to Kandy in the central hills, using float planes to cut a three-hour road journey to 30 minutes for 4,900 rupees one-way and 9,800 rupees return. Flights from Colombo which now operate from the Kelani River to the city’s north are to be shifted […]
Sri Lanka bill yield steady
May 25, 2011 (LBO) – Sri Lanka’s 12-month Treasuries yield was flat at 7. 35 percent on Wednesday with, though the 3-month yields edged up marginally, at Wednesday’s auction, the government’s debt office said. The 3-month yield rose 02 basis points to 7.19 percent and the 3-month yield also rose 02 basis points to 7.09 […]
Sri Lanka shares up 0.2-pct
May 25, 2011 (LBO) – Sri Lankan shares closed firmer Wednesday with heavy trading once again in a property firm in which a big stake changed hands last week, brokers said. John Keells Holdings was also actively traded, closing at 300.10 rupees, up 40 cents with over 1.75 million shares changing hands. There were three […]
Sri Lanka Taj profits recover
May 25, 2011 (LBO) – Sri Lanka’s Taj Lanka Hotels, which owns a five star rated property in Colombo’s Galle Face area said profits rose to 52 million rupees in the March 2011 quarter from 3.2 million rupees a year earlier. Sri Lanka is recovering from a three decade war which ended in May 2009 […]