Category:
Sri Lanka exports down 7.4-pct in 2012, trade gap shrinks
Feb 09, 2013 (LBO) – Sri Lanka’s exports fell 7.4 percent to 9.7 billion US dollars in 2012 from a year earlier and imports fell 5.8 percent to 19.0 billion dollars, shrinking the trade gap 4.1 percent to 9.3 billion dollars. A trade deficit is caused by additional spending power domestic economic agents receive over […]
Sri Lanka should end secrecy of parliamentary committees: legislator
Feb 11, 2013 (LBO) – Sri Lanka should consider ending secrecy surrounding the proceedings of parliamentary committees, a member of the legislature’s committee on public accounts (COPA) has said.Before liberty properly developed in Britain, whose parliamentary traditions Sri Lanka sometimes claim to follow, all proceedings in the legislature were secret. Newspaper editors were punished and […]
Uni Project
Feb 10, 2013 (LBO) – Sri Lanka is on track to build a 100 million US dollar branch campus of Britain’s University of Central Lancashire (UCLan), an 120-acre site leased from the state, a media report said.Many parents spend lifetime savings, sell houses or get into debt to educate their children abroad. Sri Lanka’s The […]
Sri Lanka set up state firms for construction
Feb 10, 2013 (LBO) – Sri Lanka will set up three state companies to bid for construction projects under the road development agency, targeting contracts of less than 100 million rupees.Analysts say the new firms may be able to get contracts that are now going to medium sector businesses. The cabinet of minister had approved […]
Tight Quarter
Feb 09, 2013 (LBO) – Sri Lanka’s DFCC Bank group’s fell 15 percent to 795 million rupees in the December 2012 quarter from a year earlier, dragged down by lower fee income, interim accounts showed. A dividend that came from Commercial Bank of Ceylon in which the group has a large stake in the December […]
‘s over-priced hotel boom ending: equities report
Feb 09, 2013 (LBO) – Sri Lanka is about 500 to 800 US dollars more expensive than alternatives for a 10-day holiday with standards lower than competition, which may hit occupancy in the future, an equities research report has warned.A 10-day holiday in Sri Lanka may cost between 2,000 to 2,600 US dollars with a […]
Sri Lanka Chevron lubricants unit profits flat
Feb 08, 2013 (LBO) – Sri Lanka’s Chevron Lubricants Plc said profits in the December quarter rose 1.7 percent to 571 million rupees from a year arlier, while volume sales dropped amid an economic slowdown.The firm reported earnings of 4.76 rupees per share. For the year to December the firm reported earnings of 19.06 rupees […]
Sri Lanka issues rule for money brokers
Feb 08, 2013 (LBO) – Sri Lanka’s central bank has issued new regulations covering the money broking industry requiring them to be certified, set up reporting requirements and internal policies and procedures.Money brokers provide bid and offers in money and forex markets while protecting the anonymity of their clients. “The regulations are expected to give […]
‘s Commercial Credit goes for second tranche
Feb 08, 2013 (LBO) – Sri Lanka’s Commercial Credit is seeking subscriptions for debentures up to 500 million rupees, after the first tranche of 250 million rupees was taken up, managers to the issue said.Up to February 07, 168 applications worth 354 million rupees had been received. The Merchant Bank of Sri Lanka which is […]
Sri Lankan bond issues to be given expected rating first: Fitch
Feb 08, 2013 (LBO) – Bond issues by Sri Lankan companies will go through a two-step process in the future, where an ‘EXP’ or ‘expected’ rating will be assigned which will then be finalized after documentation and closure, Fitch Ratings said.Fitch said a rating referred to as ‘expected’ is issued on the agencies expectations regarding […]
Rating Action
Feb 08, 2013 (LBO) – An ‘AAA(lka)’ rating of Sri Lanka’s Standard Chartered Bank has been confirmed by Fitch Ratings, with a stable outlook, based on it being part of a lender that has a higher international rating.Fitch says an appeal on a 27 billion rupee fine, which is higher than its equity, imposed by […]
Mob Attack
Feb 08, 2013 (LBO) – A 15-strong mob who stormed into a branch of state-run Bank of Ceylon has left two injured, Sri Lanka’s foreign ministry said, calling for extra security for other entities connected to the island.A mob armed with knives, clubs, and iron rods had stormed the Bank of Ceylon branch at Poonamallee […]