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Sri Lanka stocks edge higher
Dec 24, 2009 (LBO) – Sri Lankan shares closed slightly firmer Thursday ahead of the Christmas break, brokers said. Dankotuwa Porcelain, a tableware exporter that has been making losses after exports were hit by recession, was the most actively traded stock, and closed at 11.75, up 50 cents. The Colombo all share price index ended […]
Steady Outlook
Dec 24, 2009 (LBO) – Pan Asia Bank had its long term national rating of BBB-(lka), which carries a stable outlook, confirmed by Fitch Ratings Lanka. PABC, is a small licensed commercial bank established in 1995, and is 35.3 percent owned by Mr. K.D.D. Perera and related parties. It operates through a branch network of […]
Sri Lanka tea earnings seen holding up despite lower crop
Dec 24, 2009 (LBO) – Sri Lanka’s tea production this year will be lower than in 2008 because of drought and a strike but earnings should match last year’s as prices have been good, a senior official said. “Prices have been good – at least 10-12 percent more than last year.” Sri Lankan tea prices […]
Sri Lankan Airlines launches second service to Italy
Dec 24, 2009 (LBO) – SriLankan Airlines has twice weekly to the second Italian city from Colombo, which is expected to boost tourist traffic between the countries, the carrier said. An estimated 12,000 visitors from Italy travel to Sri Lanka each year now. SriLankan Airlines already operates twice weekly flights to Italian capital Rome. The […]
Sri Lanka Distilleries group insurance unit approved by regulator
Dec 24, 2009 (LBO) – Distilleries group said in a stock exchange filing the Insurance Board of Sri Lanka had approved its application to set up an insurance subsidiary called Continental Insurance Lanka.The Insurance Board said in a separate statement it had given registration to Continental Insurance Lanka to do General Insurance Business with effect […]
Sri Lanka opposition state salary hike promise a big burden on people: minister
Dec 24, 2009 (LBO) – A steep state worker salary hike promised by opposition presidential candidate Sarath Fonseka would require 132 billion rupees to be extracted from the people through taxes each year, a government minister has warned.State revenue minister Ranjith Siyambalapitiya told reporters that the monthly salary bill of state workers was now 28 […]
Sri Lanka foreign reserves steady at US$5.2bn by Dec 18
Dec 23, 2009 (LBO) – Sri Lanka’s foreign reserves were steady at 5.2 billion US dollars by December 18, boosted by foreign inflows into debt markets and International Monetary Fund loans, the Central Bank said. But lately the Central Bank’s bill stock has started climbing and foreign reserve increases are also now tapering off. In […]
Sri Lankan shares fall on profit taking
Dec 23, 2009 (LBO) – Sri Lankan stocks closed down Wednesday as investors took profits ahead of the festive season, while high interest on conglomerate John Keells Holdings (JKH) and Asian Hotels pushed turnover over a billion rupees, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.45 percent (14.82 points) to […]
Fleet Growth
Dec 23, 2009 (LBO) – Sri Lanka’s Mercantile Shipping Company said it has taken delivery of the second of a pair of new cargo ships it ordered built by a Dutch yard. According to the company’s September quarter results just released to the stock exchange, it made a loss of 18.8 million rupees in the […]
Sri Lanka could see tea prices easing next year
Dec 23, 2009 (LBO) – Tea export countries like Sri Lanka could see prices easing next year as better weather improves crops and reduces the global shortfall that drove prices higher in 2009, the Food and Agriculture Organisation has forecast.Tea prices reached a record high in 2009, but should ease next year as weather improves […]
Sri Lanka farmers get mobile phone trade service
Dec 23, 2009 (LBO) – Sri Lanka’s top celco Dialog Telekom is offering a trading platform based on short message services (SMS) that can help farmers to sell their produce and create a forward market for agriculture produce, officials said. Phones that don’t have the unicode function will deliver SMS’s in ‘Singlish’, he said. Singlish […]
Money Wave
RATHGAMA, December 23, 2009 (AFP) – Billions of dollars were pledged after the 2004 Asian tsunami to help people like Pradeepa Niroshani who waited in vain for money to rebuild her destroyed home. Five years after the disaster, the government in Sri Lanka is under pressure from a leading anti-corruption group to account for nearly […]