Category: Industry
Tinkering Job
August 24, 2006 (LBO) – Sri Lanka’s financial intelligence unit is looking to raise the threshold on money transactions that have to be reported to authorities, following complaints from market players, a top official said Thursday. Anti-money laundering activities, comes under the supervision of the country’s finance ministry. South Asian securities regulators from Bangladesh, Bhutan, […]
Giving Hope
August 23, 2006 (LBO) – Vanik Inc., Wednesday offered creditors a chance of swapping their debt in return for equity, and also disclosed plans to reduce the par value of its stock. Meegoda later informed the stock exchange that the shareholder who sought an EGM had sold out. The ailing firm has sought a meeting […]
Standing Tall
August 23, 2006 (LBO) – Overseas Realty Ceylon said Wednesday they would raise 1.25 billion rupees through a rights issue to buy up of a 60 percent stake in property developer Mireka Capital Land Private Ltd. The group owners and managers of Sri Lanka’s twin tower world trade center, will issue 69,057,200 ordinary shares valued […]
High Note
August 23, 2006 (LBO) – Sri Lankan apparel exports to Europe grew by as much as 30 percent in June, as manufacturers made better use of tax breaks to the EU. The industry earned 1.32 billion dollars in the first half of this year, a four percent growth, though exports to top market the United […]
Still Stuck
August 22, 2006 (LBO) – Sri Lankan manufacturers of vegetable oil vanaspati say unsold shipments are stuck in Indian ports and in local factories after New Delhi unilaterally capped duty free imports. Exports earnings, the association says, are in the region of 700,000 dollars a day. Some 200 containers are stuck in Indian ports since […]
Four conferences in Sri Lanka cancelled on security fears
August 22, 2006 (LBO) – Four global conferences to be hosted by Sri Lanka later this year have been cancelled on security fears, though the island is confident it can woo at least half a million tourists by December. The events, including a textile conference, were to host at least a thousand people, Prathap Ramanujam, […]
Big Step
August 22, 2006 (LBO) – Commercial Bank of Ceylon Tuesday posted a 69 percent rise in group profits for the six months to June boosted by growth in net interest income and foreign exchange gains. Sri Lanka’s most profitable commercial bank said group post tax profits advanced 68.8 percent to 1,475.1 million rupees over the […]
Breaking Barriers
August 22, 2006 (LBO) – Sri Lanka’s long-suffering fund management industry is working with market regulators to promote closed-end funds and give an exit route to investors by listing units on the Colombo Stock Exchange, a senior official said Tuesday. In 2004, the Securities & Exchange Commission unveiled a new code for mutual funds which […]
Trade Barriers
August 21, 2006 (LBO) – Sri Lanka has set an end September deadline to implement commitments under its trade deals with India, Pakistan and other South Asian countries. Sri Lanka was expected to phase out tariffs under its free trade deals with India and Pakistan this year, as well as under the South Asian Free […]
Ticking Away
August 21, 2006 (LBO) — Depositors who have money and other assets in Sri Lanka’s bank have till the end of the month to reactivate their accounts, and prevent accounts being reported to the central bank has abandoned property, officials said.Parliamentarians representing the community in particular have raised objections to the takeover process. Bankers say […]
India Shines
August 21, 2006 (LBO) – Sri Lanka’s Dutch Lanka Trailers has stepped up investments plans in India following a 2 million dollar equity injection through private investors last week. The privately held firm does not disclose its financials, but said sales and profits over the past 3-years have shown a compound average growth of 45 […]
Mini Race
August 15 (LBO) – Sri Lanka’s fuel efficient small car market is racing ahead, helped by high oil prices and prohibitive taxes on larger cars.So, customers are willing to wait.†Despite the lack of economies of scale available to China and India, the company is making inroads in to the small car market. Leading the […]