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‘s top carmaker Maruti posts rise in profits
NEW DELHI, October 28, 2013 (AFP) – India’s top carmaker Maruti Suzuki Monday posted a nearly threefold jump in its quarterly net profit compared to the same period last year when production was hit by a labour dispute.Net profit was 6.70 billion rupees (9 million) for the three months ending September 30, compared with 2.27 […]
Sri Lanka route to slash Asia-Africa travel time
Oct 28, 2013 (LBO) – Travel time to African destinations from South Asia and the Far East will be cut by around three hours through a new route from Sri Lanka via Seychelles, an official said.Asia is an aviation growth region especially in the ASEAN region with privately owned budget carriers coming on expanding fast […]
” by RAM
Oct 28, 2013 (LBO) – Sri Lanka’s Amana Takaful Plc (ATL), an Islamic financier has been rated ‘BBB’ by RAM Ratings Lanka with a stable outlook. “The ratings are supported by ATL’s above-average general insurance underwriting performance, conservative investment policy and above-average capitalisation levels,” RAM said. “On the other hand, the ratings are weighed down […]
‘s Vidullanka mini-hydro firm ratings confirmed: RAM
Oct 28, 2013 (LBO) – RAM Ratings has confirmed a ‘A-‘ rating of Vidullanka Plc, which owns mini-hydro plants and provides consultancy. However, we note that the revenue generated by each plant of the Group highly depends on rainfall in the plant’s catchment area. This is reflected in the positive correlation between revenue and plant […]
Workers Unite
MONTEVIDEO, October 26, 2013 (AFP) – Unions representing domestic workers met here Saturday to urge countries to ratify a year-old international convention that sets minimal labor standards for domestic workers.So far only 10 countries have ratified the International Convention on Domestic Workers, which went into effect a year ago in September. But Myrtle Witbooi, president […]
New Zealand pull McCullum, Taylor out of Sri Lanka cricket tour
WELLINGTON, October 25, 2013 (AFP) – Senior New Zealand cricketers Brendon McCullum and Ross Taylor will sit out next month’s tour of Sri Lanka so they can prepare for the upcoming home Test series against the West Indies, chief selector Bruce Edgar said Saturday.The pair will return home after the current tour of Bangladesh with […]
Sri Lanka has to cut budget deficit, boost rule of law, for growth: economists
Oct 26, 2013 (LBO) – Sri Lanka has to reduce its budget deficit to boost domestic savings and improve rule of law to create a better environment for investment, economists said.Reduction of budget deficits will increase domestic savings, reducing the dependency on foreign borrowings for investments, A V de S Indraratne, chairman of Sri Lanka […]
Port City
Oct 25, 2013 (LBO) – Sri Lanka’s state ports agency is expecting to sign a deal a 1.4 billion US dollar sea reclamation deal which will with a Chinese firm next month, an official said. Sri Lanka Port Authority has already chosen China Communications Construction Company to reclaim 230 hectares bordering Colombo port. “We are […]
Interest
Oct 25, 2013 (LBO) – Sri Lanka’s Union Bank said a foreign institution had expressed interest in the bank but no firm offer has been made.“A decision bu the said party to make an investment, if any, will be made only upon the completion of a detailed due diligence study on Union Bank and its […]
Done Deal
Oct 25, 2013 (LBO) – Sri Lanka’s DFCC Bank has raised 100 million US dollars from an international bond at yield around 9.6 percent, market sources said. The DFCC deal went to the market with a price guidance of 9.625 percent, and faced tough conditions, taking more than two days to close. According to earlier […]
‘s ex-warzone
October 25, 2013 (AFP) – Britain’s David Cameron is set to become the first foreign leader to visit Sri Lanka’s war-torn Tamil heartland during next month’s Commonwealth summit when he will press Colombo on human rights.British High Commissioner (ambassador) in Colombo, John Rankin, made it clear last week that London’s concern was not limited to […]
Lube Slip
Oct 25, 2013 (LBO) – Sri Lanka’s Chevron Lubricants reported higher profits with falling base oil prices but said the lubricant market was contracting. Revenues in the September 2013 quarter fell 7 percent to 2.7 billion rupees from a year earlier, with cost of sales falling at a faster 15 percent to 1.75 billion rupees, […]