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Sri Lanka market interest rates drop after rate cut
May 14, 2013 (LBO) – Sri Lanka’s market interest rates has eased down with the effective policy rate settling at around 7.8 percent though cash auctions down from around 8.3 percent before a 50 basis point rate cut last week, dealers said. On Tuesday gilt backed overnight repurchase transactions were quoted 8.30/40 percent levels in […]
Forex Hit
May 14, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said profits fell 19.7 percent to 2.25 billion rupees in the March 2013 quarter from a year earlier, on narrowing interest spreads and lower forex gains.Analysts are therefore forced to call banks up for basic information readily available under earlier rules, unless they voluntarily […]
Brand Summit
May 14, 2013 (LBO) – Some of Sri Lanka™s renowned marketing thinkers, regional advertising experts and key Google officials will share their insights on how firms could build resilient brands during a one day conference in Colombo this month.In a fast paced, upheaval-prone modern world, today™s strong brand equity does not guarantee tomorrow™s success. Brands […]
‘s Union Assurance net up 31-pct
May 14, 2013 (LBO) – Profits at Union Assurance Plc, a unit of Sri Lanka’s John Keells Holdings rose 31 percent to 111.3 million rupees in the March 2013 quarter from a year earlier, helped by investment income and fair value gains. The firm reported earnings of 1.30 rupees per share. The stock closed at […]
Sri Lanka hydro reservoirs get highest inflows in single day
May 14, 2013 (LBO) – An Indian Ocean cyclone named after an ancient Sri Lankan king who is famed for building irrigation tanks had brought the highest water inflows in a single day to the island’s hydro power storage system. More water from yesterday’s rain held in catchment areas are expected to flow into the […]
Sri Lanka to set tax of around 10-pct for foreigners leasing land
May 14, 2013 (LBO) – Sri Lanka’s new restrictions on foreign ownership of property will have provisions that will allow non-nationals investing in the country to lease land with a tax of 5 to 15 percent, senior government officials said.Large investment projects may be given permission to purchase land by special approval. Ferdinando said listed […]
Sri Lanka gets US$218mn FDI in first quarter 2013
May 14, 2013 (LBO) – Sri Lanka has received 218 million US dollars of foreign direct investments in the first quarter of 2013 and is targeting two billion dollars for the full year, investment promotion minister Lakshman Abeywardena said.In 2012 Sri Lanka received 1,338 million US dollars in FDI up from 1,066 million US dollars […]
Sri Lanka stocks close down 0.2-pct, banks retreat
May 13, 2013 (LBO) – Sri Lanka’s stocks closed down 0.18 percent Monday with bank stocks sliding as domestic investors took profits, brokers said. The Lion Brewery Ceylon closed at 372.00 rupees up 1.90 rupees. Ceylon Tobacco Company was down 0.50 rupees to close at 829.00 rupees. Nestle Lanka closed at 1860.00 rupees up 9.40 […]
Slow Quarter
May 13, 2013 (LBO) – Sri Lanka’s Hatton National Bank group profits were flat at 1.22 billion rupees in the March 2012 quarter, as losses ticked up amid slow loan growth, interim accounts showed.A group level number was not available. Sri Lanka is recovering from a balance of payments crisis and a sharp spike in […]
Licensed
May 13, 2013 (LBO) – Indra Finance Ltd, a unit of Kandy based Indra Traders, a motor trading group has been registered as a finance company, Sri Lanka’s Central Bank said.A registered finance company can take deposits from the public with a credit rating. The Central Bank’s department that supervises non-bank financial institutions said the […]
SpectrumAccess
May 13, 2013 (LBO) – Sri Lanka’s Dialog Axiata said it is buying a pay TV operator for 800 million rupees to gain control of 2.3GigaHertz brand spectrum which will be used for fixed broadband services. Dialog, a unit of Malaysia’s Axiata, said its fixed access division, Dialog Broadband Networks (Pvt) Ltd has entered into […]
Sri Lanka invited to invest in textiles in Uganda, funds training centre
May 13, 2013 (LBO) – Sri Lanka has been invited to invest in textile plants in Uganda an exporter of cotton, where the companies from the island are already building mini hydro plants, during a state visit by President Mahinda Rajapaksa.Talks with Uganda’s President Yoweri Museveni had focused on agriculture, energy and trade, Sri Lanka’s […]