Category: Economy and Markets
Sri Lanka Hemas profits hit by start-up losses, interest costs
June 05, 2009 (LBO) – Sri Lanka’s Hemas Holdings said group net profit fell 31.7 percent to 775 million rupees in the 2008-09 financial year from a year ago largely owing to start-up losses and finance costs of new investments.Group revenue rose 8.3 percent to 15.3 billion rupees in the financial year ended March 31, […]
Sri Lankan stocks recoup losses
June 05, 2009 (LBO) – Sri Lankan stocks Friday recovered from Thursday’s losses but still managed lose 1.71 percent during the week due to profit taking, mainly by foreign investors, brokers said. The spot dollar remained unchanged at 114.90/95 levels in late afternoon trade, dealers said. Dealers said the money market was dull this week […]
Sri Lanka gets Chinese loan for low cost housing
June 05, 2009 (LBO) –Sri Lanka’s government is to take a 500 million dollar 20-year loan from China to build 100,000 low cost houses for state sector employees, shanty dwellers and people affected by disasters, the Cabinet office said. A Cabinet memorandum on the project said the loan is to be arranged by state-owned China […]
Sri Lankan stocks hit by Distilleries verdict
June 04, 2009 (LBO) – Sri Lankan shares dived on Thursday after courts reversed the privatization of an insurer controlled by a listed firm, saying it was illegal, while the rupee held steady against the greenback. The spot dollar was trading at 114.90/95 levels in late afternoon trade, dealers said. Distilleries Company of Sri Lanka […]
Sri Lanka Hayleys profits down on lower margins, exports
June 04, 2009 (LBO) – Sri Lanka’s Hayleys said net profit for the 2008-09 financial year fell 31 percent to 311 million rupees from a year ago as the export-oriented group was hit by the global economic slump.Gross turnover rose five percent to 32 billion rupees in the year ended March 31, 2009, according to […]
Sri Lanka Insurance Corp sale reversed by court- Update
June 4, 2009 (LBO) – Sri Lanka’s Supreme Court said a 2003 privatization of Sri Lanka Insurance Corporation (SLIC) to listed Distilleries group was illegal and ordered the firm to be returned to the government and the purchase price refunded.Court ordered the government to repay more than six billion rupees originally paid by the private […]
Sri Lankan minister seeks Japanese aid, rejects rights probe
TOKYO, June 3, 2009 (AFP) – Sri Lanka’s trade minister on Wednesday sought Japan’s help for its recovery from ethnic conflict, while reiterating his government’s rejection of any probe into alleged human rights violations.Colombo has faced allegations that thousands of civilians perished in the final battle last month against Tamil Tiger separatists, as the island […]
Sri Lankan shares close flat, rupee rock steady
June 03, 2009 (LBO) – Sri Lankan stocks close flat on Wednesday as the market stabilized at current price levels, while the rupee continued to be steady against the greenback, brokers and dealers said. The spot dollar was trading at 114.85/114.95 levels in late afternoon trade, dealers said. The Colombo All Share Price Index was […]
High inflation increases hunger in South Asia: UNICEF
NEW DELHI, June 2, 2009 (AFP) – The global financial crisis and a spike in fuel and food prices have left 100 million more people without adequate food in South Asia compared to two years ago, according to a UNICEF report Tuesday. More than 400 million people face hunger in a region where over 75 […]
Sri Lanka should drop popular politics to boost economy: President
June 3, 2009 (LBO) – Sri Lanka should cut the budget deficit, drop popular politics and ideologies in meeting the challenge of developing the country, President Mahinda Rajapaksa said.“Reducing the budget deficit, investment promotion and economic development is possible after defeating terrorism,” President Rajapaksa said in a nationally televised speech at a ceremony in Colombo. […]
Sri Lanka offered investment by Canadian business council
June 03, 2009 (LBO) – Two bilateral business councils promoting trade and investment between Sri Lanka and Canada have offered their support to revive the island’s economy with the end of the ethnic war.The Ceylon Chamber of Commerce, which represents the Sri Lanka-Canada business councils, said they had written to President Mahinda Rajapaksa offering support […]
Sri Lankan stocks down as investors pause
June 02, 2009 (LBO) – Sri Lankan stocks fell 1.1 percent Tuesday as investors took a breathe, halting a two-week bull run, while the rupee remained firmly fixed to the greenback, brokers and dealers said. The spot dollar was trading at 114.80/90 in late afternoon trade, after expansionary central bank interventions ended, dealers said. The […]