Category: Industry
Sri Lanka Janashakthi public offer opens June 16
June 03, 2008 (LBO) – An initial public offering of Janashakthi Insurance would open on June 16, the Colombo Stock Exchange said, making it the first initial public offering in two years. However, 30 percent revenue growth, beating the industry average in the early part of the decade, has slowed to 18 percent in 2006 […]
Drug Link
June 03, 2008 (LBO) – PC Pharma, a unit of Sri Lanka’s PCH Holdings announced the launch of Bangladeshi Square Pharmaceutical products in Sri Lanka, which the firm says is competitively priced. Square Pharmaceuticals is a unit of Bangladeshi conglomerate, Square Group which has also diversified into healthcare, consumer goods and textiles, officials said. The […]
Well Well
SINGAPORE, June 3, 2008 (AFP) – Oil prices eased in Asian trade Tuesday on continuing concerns over global energy demand, dealers said.“On the supply side, we are urging all oil producing countries to open oil markets to foreign investment, which would support faster and more efficient growth,” he said in a speech in the oil-rich […]
Japan may export rice to Sri Lanka: official
TOKYO, June 2, 2008 (AFP) – Japan is mulling a request from Sri Lanka to export up to 200,000 tonnes of its imported rice supplies to help Colombo ease acute food shortages, a Japanese foreign ministry official said Monday.But Japan, Asia’s biggest economy, is sitting on a rice mountain as it needs to import 770,000 […]
Lease Rate
June 02, 2008 (LBO) – Fitch Sri Lanka has lifted the credit watch on Commercial Leasing Company (CLC), following a take-over, and confirmed its ‘A-(lka)’ rating with a ‘stable’ outlook. CLC was taken over by Lanka Orix Leasing Company (LOLC) last month and was put on credit watch on May 16. The resolution of the […]
Regional Push
May 02, 2008 (LBO) – Sri Lanka’s central bank said financial institutions would have to open two branches outside the fast growing Western province to be allowed to open one in the area, which also contains the capital, Colombo. “Further, increased availability of bank branches and other outlets would enable people in the regions to […]
Foreign Deposits
June 2, 2008 (LBO) – Sri Lanka has allowed commercial banks to raise deposits from foreigners for their domestic banking units, from June 02, the Central Bank said. Analysts say the ability to raise more deposits (borrow abroad) may fill the dearth of dollars in the banking system which has helped create an interest rate […]
State Fat
June 01, 2008 (LBO) – Sri Lanka needs to market price energy and consumers are now not only paying for the rise in international prices, but also for the high expenditure involved in operating the public sector, a think tank has said. Referring to official statements that the fuel import bill this year may be […]
Bolt electrifies with 100m world record of 9.72sec
NEW YORK, June 1, 2008 (AFP) – Jamaica’s Usain Bolt clocked a 100m world record of 9.72sec Saturday to electrify the Reebok Grand Prix athletics meeting.The 21-year-old broke the previous record of 9.74 set by compatriot Asafa Powell in Rieti, Italy, on September 9, 2007. With a favorable wind of 1.7m/sec, Bolt finished ahead of […]
Sri Lanka hydro power capacity boosted by heavy rains
June 01, 2008 (LBO) – Heavy monsoon type rain from Saturday is bringing much needed water to Sri Lanka’s hydro power generation system though parts of the island are threatened by floods. Hydro complexes in the upper reaches of the Kelani River in particular had received more than 100 millimeters of rain yesterday, with some […]
Banking Numbers
June 01, 2008 (LBO) – Sri Lanka’s National Development Bank said group net profit for the March quarter rose 16 percent to 349 million rupees from a year ago with loan growth slow but with a tight control on bad loans. Total group income went up 45 percent to three billion rupees in the quarter […]
Chartered Profits
June 01, 2008 (LBO) – Standard Chartered Bank of Sri Lanka posted 44 percent growth in profits for the 2008 March quarter following a 22 percent growth in interest income, the published interim results showed. Standard Chartered’s deposit base grew at a slower pace of six percent to 55.59 billion rupees. Total assets stood at […]