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Sri Lanka insurance sector needs consolidation push: Presidential advisor
Mar 05, 2013 (LBO) – Sri Lanka’s insurance sector may need a regulatory push for mergers as another regulatory driven move splits general and insurance business, an influential head of an insurance firm has said.“While appreciating this effort, I am hopeful that the remaining issues on tax credits and stamp duty on property transfers will […]
” local rating may be hurt by acquisition: Fitch
Mar 04, 2014 (LBO) – Fitch Ratings said it was confirming ‘AAA(lka)’ domestic and ‘BB’ international ratings of Sri Lanka Telecom, but the local rating could be downgraded if a debt funded acquisition goes through. Sri Lanka Telecom is in talks to acquire Hutchison Telecommunications Lanka (Pvt) Ltd, which has 800,000 subscribers. Fitch said leverage […]
Sri Lanka stocks close up 0.4-pct
Mar 04, 2014 (LBO) – Sri Lanka’s stocks close 0.38 percent higher Tuesday with index heavy John Keells Holdings and Ceylon Tobacco Company extending gains, brokers said. The Colombo benchmark All Share Price Index closed 22.61 points higher at 5,936.62, up 0.38 percent. The S&P SL20 closed 7.53 points higher at 3,221.42, up 0.23 percent. […]
‘s Brandix seeks disruptive innovations
Mar 04, 2014 (LBO) – Sri Lanka Brandix, an apparel sector group said it is committing up to a million US dollars to start-ups that will find ‘game changing’ solutions for apparel, textiles and accessories industries. “The new venture ˜Disrupt Unlimited’ will run a seed accelerator that will inspire, mentor and fund start-ups with breakthrough […]
Sri Lanka thump Afghanistan to reach Asia Cup final
DHAKA, March 3, 2014 (AFP) – Four-time champions Sri Lanka thumped newcomers Afghanistan by 129 runs to reach the final of the Asia Cup in Dhaka on Monday.The Islanders scored a challenging 253-6 with in-form Kumar Sangakkara hitting a solid 76 before they bowled their rivals out for a paltry 124 in 38.4 overs. Sri […]
US resolution on Sri Lanka filed at UN – Update
COLOMBO, March 4, 2014 (AFP) – A US-led resolution calling for an international probe into allegations that 40,000 civilians were killed at the end of Sri Lanka’s separatist war has been filed with the UN’s top rights body. The resolution is “totally based on information of questionable veracity”, the monks said in a petition to […]
Free trade deal will open new avenues for BIMSTEC region: Sri Lanka President
Mar 04, 2014 (LBO) – A free trade deal that is being negotiated in countries bordering the Bay of Bengal, will open new avenues for co-operation, Sri Lanka’s President Mahinda Rajapaska said meeting of the regional grouping.ASEAN is usually looked upon as an example of a successful regional organization. ASEAN (the Association of South East […]
Sri Lanka central bank plugs IFRS disclosure hole
Mar 04, 2014 (LBO) – A directive by Sri Lanka’s central bank has plugged a hole in newly introduced International Financial Reporting Standards (IFRS) which made accounts of banks opaque and confused the general public and even analysts. Under IFRS, banks which were earlier disclosing total non-performing loans and deposit with break downs to the […]
Sri Lanka consumer durables group profits plunge in December
Mar 04, 2014 (LBO) – Profits at Singer Sri Lanka Plc, a consumer durables retailer, fell 71 percent to 93 million rupees in the December 2013 quarter from a year earlier, but sales are no longer shrinking, the firm said. The group reported earnings of 74 cents per share. For the full year to December […]
Sri Lanka stocks down 0.4-pct, rupee steady
Mar 03, 2014 (LBO) – Sri Lanka stocks slipped 0.4 percent Monday dragged down by index heavy John Keells Holdings and Dialog, while the rupee ended stronger against the greenback, dealers and brokers said. The benchmark Colombo All Share Index fell 26.3 points to 5,914.01 points and the S&P SL20 Index fell 9.77 points to […]
Merger Plan
Mar 03, 2014 (LBO) – Merchant Bank of Sri Lanka (MBSL), a unit of state-run Bank of Ceylon said it was merging with two subsidiaries and become a finance company, under a regulatory directive. Instead, all three units will merge and operate as a licensed finance company. MBSL will merge with MBSL Savings Bank Limited […]
Credit Trend
Mar 03, 2014 (LBO) – Sri Lanka’s credit from commercial banks to state enterprises surged to 57 billion rupee in December 2013 ending four months of net pay downs of debt official data showed as a drought worsened in the country hitting hydro power. The subsidy deception hurts the poor most – who consume the […]