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Rating Cut
Dec 24, 2013 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Multi Finance Plc, a registered finance company by two levels to ‘B-(lka)’ on rising non performing loans. The firm was also place on negative watch at the new rating level. Fitch said the firm’s unprovided loan losses exceeded equity. Sri Lanka’s economy has been […]
Capital Raising
Dec 24, 2013 (LBO) – Sri Lanka’s Amana Bank has received 1. 5 billion rupees of subscription for its initial public offer and would close on December 24, registrars to the issue said. The bank offered 214.3 million shares at 7.0 rupees and a further 71.5 million shares if the first tranche was fully taken […]
Sri Lanka lets Australian hotelier back in after flag spat
COLOMBO, December 24, 2013 (AFP) – The Australian owner of one of the world’s most exclusive hotels was given temporary permission to return to his adopted Sri Lankan homeland Tuesday after being barred in a spat over the national flag. His portfolio includes the private Taprobane Island, whose guests have included pop stars Sting and […]
Sri Lanka tourist growth slows in November
Dec 24, 2013 (LBO) – Sri Lanka’s tourist arrivals grew 2.8 percent from a year earlier 112,213 million in November 2013, the slowest growth registered in any month in over three years. The State ordered hotels to restrict bookings from regular tourists during the Commonwealth meet and room rates were also boosted up. Given sufficient […]
Improving the quality of the Sri Lankan passport
Dec 23, 2013 (LBO) – I travel on a Sri Lanka passport. The hassle is so great that I regret not getting another passport. My life was made simpler, for a short time, by the wonderful one-year SAARC visa that allowed me visa-free access to our neighboring countries. I still have it, but now it […]
Bolivia leader — an ex-child worker — opposes child labor age
LA PAZ, December 23, 2013 (AFP) – President Evo Morales said Monday he opposed any outright ban on child labor or setting a minimum age for workers in Bolivia — as a former child worker, himself.Despite recent declines in the worldwide incidence of child labor, much more must be done to tackle the issue, the […]
Sri Lanka stocks end weaker
Dec 23, 2013 (LBO) – Sri Lanka stocks close in the red Monday with tobacco and diversified stocks falling, brokers said. Lanka Orix Leasing Company closed flat at 72.80 rupees and Aitken Spence closed 4.90 rupees higher at 100.00 rupees. Aitken Spence Hotel Holdings closed flat at 65.20 rupees and Asian Hotels and Properties closed […]
Grave Discovery
COLOMBO, December 22, 2013 (AFP) – An unmarked mass grave has been found in Sri Lanka’s former war zone, the first discovery of an unmarked gravesite since troops defeated Tamil rebels more than four years ago, police said Sunday. The insurgency by the mainly Sinhalese JVP was unrelated to the separatist campaign in the north […]
Hafeez all-round acts help Pakistan beat Sri Lanka
SHARJAH, December 22, 2013 (AFP) – Mohammad Hafeez demonstrated his all-round skills to guide Pakistan to a convincing 113-run win over Sri Lanka in the third day-night international on Sunday.The 33-year-old right-hander smashed a career best unbeaten 140 to steer Pakistan to an imperious 326-5 before Hafeez the bowler took 2-35 to dismiss Sri Lanka […]
Sri Lanka US$74mn water supply system deal to US firm
Dec 23, 2013 (LBO) – Tetra Tech Inc, a US based firm said it had won a 74 million US dollar contract from Sri Lanka to build a water supply and treatment plant. The US Export-Import Bank has received renewed impetus under Obama administration’s export drive. The US Export-Import Bank is financing the deal. Tetra […]
Sri Lanka IMF rep gets warm send-off
Dec 23, 2013 (LBO) – Sri Lanka’s resident representative from the International Monetary Fund, Koshy Mathai got a warm send off from authorities in the island at the end of four years and the first completed program in the island’s history.“We had a good program, we had a very interesting outcome and after that we […]
Sri Lanka stocks close weaker
Dec 20, 2013 (LBO) – Sri Lanka stocks close down Friday with diversified and insurance sector stocks falling, brokers said. Aitken Spence Hotel Holdings closed 1.70 rupees lower at 65.20 rupees and Asian Hotels and Properties closed 60 cents higher at 64.00 rupees. DFCC closed 2.00 rupees higher at 128.00 rupees and NDB closed flat […]