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Sri Lanka accounting body urges govt to maintain & publish accounts
Sep 02, 2015 (LBO) – Sri Lanka’s Institute of Chartered Accountants, a professional accounting, body urged the government to maintain accounts and publish them, as the government is answerable to the public for how they use income.“Public sector is a very important area.We are making all endeavors for government to move in to accounting which […]
Global markets plunge on weak China factory data
Sept 02, 2015 (LBO) – Data from China suggesting a contraction in factory activity threw global markets into a selling frenzy Tuesday with the U.S. S&P 500 plunging 2.9 percent and the London FTSE falling 3.03 percent. This was after Shanghai closed 1.2 percent earlier in the day. Colombo stocks fell a smaller 0.11 percent […]
Ceylon Motor Traders set standards for vehicle deals in Sri Lanka
Sep 02, 2015 (LBO) – The Ceylon Motor Traders Association last week ceremonially launched their ethics code as a move to boost public credibility in the automobile industry. The ethics code includes 46 key proposals that are to be adhered to by 26 member firms of the association. The membership of the 95-year long association […]
Nestlé Lanka PLC Opens Trading at CSE
Nestlé Lanka PLC (NEST) opened trading on the Colombo Stock Exchange (CSE) today. This event was yet another in a series of Market Opening Ceremonies, featuring the companies from the S&P SL20 index. Managing Director Mrs. Shivani Hegde, Non-Executive Director Mr. Mahen Dayananda, Non-Executive Director Mr. Ranjan Seevaratnam, Executive Director and Vice President – Finance […]
Coca Cola Sri Lanka resumes operations, will pay compensation: CEA
Sept 01, 2015 (LBO) – The environmental protection license of Coca Cola’s Sri Lanka unit has been reinstated after the company addresed the oil seepage into the Kelani river, and agreed to pay compensation for the damage, the Central Environmental Authority said.“Coca cola has agreed to pay costs associated with the environmental damage, impact on […]
Sri Lanka’s new foreign policy to focus Asian centric middle path: President
Sep 01, 2015 (LBO) – Sri Lanka’s new unity government will focus on building an Asian centric middle path as the foreign policy of the country, President said. “Openness and friendliness will be the base of our foreign policy.This is the century of Asia; so from now my government will be more focused on Asian centric […]
Sri Lanka stocks close down 0.1-pct: Profit taking
Sep 01, 2015 (LBO) – Sri Lankan stocks closed down 0.11 percent on Tuesday with investor taking profit and losses in the banking sector stocks, brokers said. The Colombo benchmark All Share Price Index closed down 8.19 points at 7,298.75 down 0.11 percent. S&P SL20 closed 18.94 points lower at 4,024.09 down 0.47 percent. “Almost […]
Nestle Lanka continues Rs 10bn investment plan; to comply with listing rule
Sep 01, 2015 (LBO) – Nestlé Lanka, a unit of the Swiss-based food group, said they would continue to invest in infrastructure, brands and people as part of a 5-8 year plan to invest 10 billion rupees in the island.“We’ve so far invested about four billion rupees and this is ongoing and there is no […]
Commercial Bank supports ‘Construct 2015’ as Official Banker
Commercial Bank supported Sri Lanka’s construction sector as Official Banker to ‘Construct 2015’ one of the largest construction sector exhibitions in the South Asian region.Organised annually by the National Construction Association of Sri Lanka (NCASL), Construct 2015 took place for the 15th consecutive year on the 28th, 29th and 30th of August at the Sirimavo […]
ICRA Lanka assigns BBB- rating for Sanasa Development Bank
Sep 01, 2015 (LBO) – ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd, a group company of Moody’s Investors Service has assigned the Issuer rating of BBB- with a Positive outlook to Sanasa Development Bank. The full text of the rating release is reproduced below. ICRA Lanka assigns [SL]BBB- rating with Positive outlook […]
US Embassy to build 8 schools in East for USD3.3mn
On Friday, August 28, the U.S. Embassy signed a Memorandum of Understanding to build 8 schools for the different communities throughout the Eastern Province with Governor Austin Fernando and the support of the Eastern Provincial Council.These schools will be an investment of .3 million (nearly 450 million Sri Lankan Rupees) to build education facilities that […]
Sri Lanka Markets: liquidity at Rs25 Bn; USD/LKR 134.50
Sept 01, 2015 (LBO) – The liquidity surplus in Sri Lanka’s money market was 25 billion rupees compared with 46 billion rupees last week, while the rupee traded at 134.50 against the dollar inching lower from last week’s level.The central bank was offering 15 billion rupees through its OMO auction on Tuesday to meet bank […]