Category: Other
Sri Lanka Nestle March net down 25-pct
May 22, 2012 (LBO) – Sri Lanka’s Nestle Lanka Plc, a unit of a Swiss food firm said profits in the March 2012 quarter fell 25 percent to 461 million rupees as the firm was hit by higher energy prices and currency depreciation. Nestle Lanka reported earnings of 8.60 rupees per share for the quarter. […]
Indian rupee falls to new low, amid trading curbs
May 22, 2012 (LBO) – India’s rupee fell to a new low of 55.06 against the US dollar Tuesday after trading curbs were slapped on forward and swap markets. Earlier in May the central bank limited intra-day open positions of banks. Trimming open positions, especially overnight positions, which narrows the depth of forex markets can […]
Maldives tourism shows marginal growth in April
May 22, 2012 (LBO) – The Maldives has seen a slight increase in the number of holidaymakers to the atoll nation in April, after political unrest kept tourists away earlier this year, official data showed Tuesday. The atoll nation, welcomed 79,288 visitors in April, a tad lower than 79,947 who visited the country in the […]
Quit Notice
May 22, 2012 (LBO) – Pradeep Kariyawasam, the chairman of Sri Lanka’s state-run National Savings Bank had resigned ahead of more fresh planned protests by the lender’s trade unions, over a controversial stock deal, media reports said. The finance ministry halted the payment on the deal as the controversy erupted and the sellers later agreed […]
Tighter Rules
May 22, 2012 (LBO) – Sri Lanka’s securities watchdog has tightened short term trading by workers and directors of broking firms and also passed strictures on future trading by a state bank, following a controversial stock purchase on which payment was stopped. SEC said market intermediaries will not be allowed to engage in trade below […]
Electric Lessons
May 21, 2012 (LBO) – Hearing I was off to the Himalayan Kingdom of Bhutan, a friend wrote ‘come back and tell us what you learned.’ This question was on my mind when I heard that Sri Lanka’s Minister of Power and Energy was in Bhutan at the same time. What had we each learned […]
Sri Lanka starts exporting maize
May 21, 2012 (LBO) – Sri Lanka’s will export its first consignment of maize on May 22, filling a part of a 10,000 tonne order to Taiwan and Canada as domestic production picks up pace, officials said. Sadikeen said as a result buyers were prepared to pay more for his maize. He was exporting at […]
Sri Lanka plans rice exports to South Africa: minister
May 21, 2012 (LBO) – Sri Lanka is in talks with a South African commodity firm to export 20,000 tonnes of rice lying at Paddy Marketing Board, a state-run grain purchasing firm, officials said. Agriculture minister Mahinda Yapa Abeywardene said discussions have been initiated to sell ‘red-rice’ to South Africa at about 370 dollars a […]
Sri Lanka tea farmers oppose imports
May 17, 2012 (LBO) – Sri Lanka’s large tea growers have opposed a proposal by major exporters to import teas for re-export to make the island a global hub for blending and packing to retail markets. The Planters’ Association of Ceylon (PA), an industry body of large tea farms producing 30 percent of the tea […]
Sri Lanka ships less tea, benefits from weak rupee in first quarter 2012
May 17, 2012 (LBO) – Sri Lanka, one of the world™s biggest exporters of black tea, shipped less brew during the first quarter of this year, but a weak rupee helped maintain export revenues, a report said. From January to March, the tropical island sold 75.8 million kilos of tea to overseas buyers, which was […]
Sri Lanka tea exporters say they do not want low quality imports
May 15, 2012 (LBO) – Sri Lanka’s major tea exporters, who have made a proposal to liberalize tea imports to make the island a global centre for tea, say they do not want to import low quality teas for re-export. Sri Lanka’s Tea Exporters Association has made a proposal to liberalize tea imports for re-exports […]
Sri Lanka Finlay estate profits down 52-pct in March
May 14, 2012 (LBO) – Profits at Udapussellawa Plantations, a unit of Sri Lanka’s James Finlay group fell 52 percent in the March 2012 quarter with revenues hit by weak performance in rubber, interim accounts showed. The firm reported earnings of 55 cents for the quarter. Revenues fell 5 percent to 747 million rupees. Cost […]