Category: Economy and Markets
Sri Lanka forced selling drives down stocks
Mar 11, 2011(LBO) – Sri Lankan stocks closed 0. 96 percent lower with active retail trading and forced selling due to credit issues, brokers said. “Forced selling was seen in trading with margin calls coming on several stocks. The credit issue was one of the main reasons,” an analyst said. In November 2010, the Securities […]
Sri Lanka receive Japanese grant for community development
Mar 11, 2011 (LBO) – The Japanese government handed over an 18 million rupee grant to two community development organizations for development projects in Sri Lanka’s Ratnapura and Trincomalee districts. The Association of Social Activities Development Sri Lanka (ASAD) was the recipient of a 10 million rupee grant for a conflict affected community development project […]
Sri Lanka Hilton Hotel state grip tightened
Mar 10, 2011 (LBO) – Sri Lanka’s economic development minister Basil Rajapaksa had told parliament that the state had ‘fully taken over’ a city hotel that is now managed by Hilton, an international chain. The Colombo Hilton is operated on a building owned by Hotel Developers Lanka, a state-controlled firm in which a majority stake, […]
Sri Lanka Hilton to hold talks on management deal
Mar 10, 2011 (LBO) – Hilton Hotels and Resorts says it will continue to manage Sri Lanka’s Colombo Hilton until discussions start with owners following a government move to take over the land on which the hotel is located. Hotel Developers is a majority state controlled firm, which has not filed accounts with the stock […]
Sri Lanka Hilton building firm disclose leased land with state
Mar 10, 2011 (LBO) – Sri Lanka’s Hotel Developers, a listed firm which owns the building on which Colombo Hilton is operated said a land sub-leased from a private party had been taken over by the state. The state land on which the building was put up has been sub-leased from Cornel and Company, a […]
Sri Lanka stocks close 0.5-pct higher
Mar 10, 2011(LBO) – Sri Lankan stocks rose 0. 55 percent Thursday with more retail activity and some selective buying also seen by institutions, brokers said. The All Share Price Index closed at 7,383. 92, up 0.55 percent (40.47 points) while the Milanka Price Index of more liquid stocks closed at 6,879. 24, up 0.47 […]
Sri Lanka shares fall for third straight day
Mar 09, 2011 (LBO) – Sri Lankan shares fell for the third straight day Wednesday as investors raised cash for new issues and settled broker credit with a correction expected after the market hit record highs, brokers said. The All Share Price Index closed at 7,343.45, down 1.38 percent (102.45 points) while the more liquid […]
Sri Lanka UK post-war trade gets trade credit cover boost
Mar 09, 2011 (LBO) – Britain is seeing more inquiries from firms who want to do business with Sri Lanka and is standing by to back deals with export credit cover which has been enhanced after the end of a 30-year war, an official said. ECGD gives political risk insurance to cut the risk of […]
Sri Lanka moves to cut taxes
Mar 09, 2011 (LBO) – Sri Lanka’s cabinet of ministers has approved changes to several laws reducing taxes paid by companies and individuals to give effect to proposals in the government’s 2011 budget, a statement said. “With the introduction of these changes, the number of taxes payable by a person will get reduced, resulting in […]
Sri Lanka Treasuries yields steady
Mar 09, 2011 (LBO) – Sri Lanka’s Treasuries yields stayed flat at the weekly auction with the government rolling over 11 billion rupees in maturing bills, a statement said. The government’s debt office, which is a unit of the Central Bank, said the three-month yields remained at 6.97 percent, six-month yields at 7. 05 percent […]
Sri Lanka Seylan Bank reveals restructuring measures
Mar 08, 2011 (LBO) – Sri Lanka’s Seylan Bank, being restructured under regulatory supervision has revealed to shareholders some of action it is taking to change processes, trim staff costs and revamp credit policies. Its interest rate spread had increased to 6. 0 percent from 5.18 percent. The bank said its cost-to-income ratio worsened to […]
Sri Lanka stocks extend losses
Mar 08, 2011(LBO) – Sri Lankan stocks extended losses Tuesday falling 1. 8 percent amid a broad sell-off and some retailers collecting cash for upcoming initial public offerings, brokers said. Turnover was 1.9 billion rupees. Brokers said there were some forced selling of credit backed portfolios. In November 2010, the Securities Exchange Commission said it […]