Category: Industry
Sri Lanka fabric firm hit by lower prices, smaller orders
Feb 01, 2010 (LBO) – Sri Lankan fabric manufacturer Hayleys MGT Knitting Mills said December quarter profit fell sharply owing to lower prices and loss of orders to cheaper competitors. Net profit in the December quarter fell 73 percent to 20.7 million rupees from a year ago while sales fell 17 percent to 1.3 billion […]
Share Split
Feb 01, 2010 (LBO)- Sri Lanka’s Sampath Bank plans to give shareholders an extra share for every 10 held by them in a share split that would increase total listed shares to 75.7 million, it said in a stock exchange filing. The share split is awaiting shareholder approval. The share split would effetely increase Sampath […]
Sri Lanka Galle literary festival opens
Jan 28, 2010 (LBO) – Inside a 17th century Dutch Fort in Sri Lanka’s southern port city of Galle, celebrated writers will talk about their work, debate their ideas and share a drink with all who pass through. Attending the festival will be Ian Rankin and his popular fictional detective John Rebus, who, together, are […]
Even Keel
January 27, 2010 (LBO) – Sri Lankan finance company Vallibel Finance had its long term rating of ‘B+(lka) and stable outlook confirmed by Fitch Ratings Lanka. The rating considers Vallibel’s relatively small asset base, weak asset quality and modest financial profile, Fitch said in a statement. Although the company has successfully expanded its operations while […]
Obituary
January 26, 2010 (LBO) – Sri Lanka’s former governor of the central bank Dr. H Karunatilake died on January 24, the bank said in a statement. He also served on the boards of research institutions, universities, financial institutions, cabinet sub-committees, government sub-commissions and state organizations. Karunatilake served as governor from 1988 to 1992, but has […]
Sri Lanka Navy ship as floating venue
Jan 25, 2010 (LBO) – A refurbished troop transport is being hired out as a conference and wedding venue by the Sri Lanka Navy in a joint move with the island’s tourist promotion agency, officials said. The ship is being marketed as a venue for weddings, conference and corporate events. The ship can be booked […]
Peace Banking
Jan 25, 2010 (LBO) – Sri Lankan banks have opened 25 branches in former war torn areas in the north and the east of the island since the end of an internal conflict, while the Central Bank has given the nod for another 53 branches, an official said. A 30-year war with Tamil Tiger separatists […]
Liquidation Status
Jan 23, 2010 (LBO) – Sri Lanka’s central banks says depositors of several failed financial firms are being settled according to court directions and others could be settled with Treasury bills when assets are identified. (ii) Finance and Guarantee Property Development Company (Pvt.) Ltd. and F&G Real Estate Company Ltd: The Court has directed the […]
Bank Block
WASHINGTON, January 22, 2010 (AFP) – President Barack Obama unveiled plans Thursday to limit the size and scope of US banks and financial firms in a new offensive against Wall Street excesses laid bare by the financial crisis. “Never again will the American taxpayer be held hostage by a bank that is too big to […]
Rate Cut
Jan 22, 2010 (LBO) – Sri Lanka’s central bank said loans given to war torn northern and eastern areas for economic revival under a special scheme would be cut to 9.0 percent from the current 12.0 percent. The central bank said the loans were available from Bank of Ceylon, People’s Bank, Hatton National Bank, Commercial […]
Coup Claim
January 21, 2010 (AFP) – Sri Lanka’s main opposition said Thursday it feared President Mahinda Rajapakse would use the military to remain in power if he was defeated in next week’s elections. Opposition candidate Sarath Fonseka accused the government of pushing senior army commanders to appear on state-run television to express their public support for […]
Sri Lanka to study nuclear power feasibility
Jan 21, 2010 (LBO) – Sri Lanka is seeking Korean help to study the feasibility of starting a nuclear power plant in the island, power and energy ministry secretary M M C Ferdinando said. “We are discussion with the government of Korea (South) to implement nuclear power in Sri Lanka,” secretary Ferdinando told reporters Wednesday. […]