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Sri Lanka stocks close up 01-pct
Jan 16, 2013 (LBO) – Sri Lanka’s stocks closed one percent Monday helped by gains in some large cap stocks amid falling gilt yields ahead of a Central Bank rate decision, brokers said. The Colombo All Share Price Index rose 62.3 points to 5,812.47. The S&P SL 20 Index rose 28.86 points to 3,163.18 points […]
New Chief
Jan 16, 2013 (LBO) – Razik Zarook a lawyer and a former chairman the Co-operative Wholesale Establishment, has assumed duties as chairman of state-run Bank of Ceylon, Sri Lanka’s largest commercial lender by assets.Zarook had enrolled in the Bar in 1969 and had run the CWE under then trade and shipping minister Lalith Athulathmudali, Bank […]
‘s Edge Hotels and Resorts to start small luxury chain
Jan 16, 2013 (LBO) – Edge Hotels and Resorts, a new small luxury hotel chain has signed agreements to start two hotels, with four more planned, Sri Lanka’s state investment promotion agency said.Sri Lanka’s Board of Investment, which gives tax breaks to investors did not disclose any investment values for the hotels. The first property […]
Japan to grant dredger to keep Sri Lanka fishery harbhours open
Jan 16, 2013 (LBO) – Japan will grant a dredger to Sri Lanka’s state-run fishery harbhour agency to keep navigational channels clear for fishermen, the Japanese aid agency said.The Japan International Co-operation Agency (JICA) said a study team sent at Sri Lanka’s request and officials of Ceylon Fishery Harbhour Corporation had found that existing dredging […]
Missive
Jan 16, 2013 (LBO) – Sri Lanka’s impeached Chief Justice Shirani Bandaranayake said she was leaving her residence and chambers fearing violence, after being unjustly persecuted, vilified and condemned.“Since it now appears that there might be violence if I remain in my official residence or my chambers I am compelled to move out of my […]
Sri Lanka DSI group expands hydro investments
Jan 16, 2013 (LBO) – Sri Lanka’s DSI Holdings group, which has interests in footwear and rubber products, is investing 350 million rupees in a two Mega Watt mini-hydro plant, Fitch Ratings said.Earlier reports said that the total cost of the plant built by Werapitiya Hydro Power (Pvt) Ltd would be around 450 million rupees […]
Sri Lanka growth to pick up to 6.8-pct in 2013: World Bank
Jan 16, 2013 (LBO) – Sri Lanka’s economic growth will pick up to 6.8 percent in 2013 helped renewed external demand, better agriculture output, the World Bank said in a report on global economic prospects. Energy subsidies were also high in India. India’s rupee weakened over the past year amid central bank intervention. Large volumes […]
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Jan 15, 2013 (LBO) – Sri Lanka’s DSI Holdings, which has market leadership in footwear helped by import protection has been downgraded one level to ‘BBB+(lka)’ with a negative outlook by Fitch. The rating agency said the company’s leverage had remained at levels more in line with ‘BBB+(lka)’ rated firms. The negative outlook indicated that […]
Sri Lanka stocks flat, rupee weaker
Jan 15, 2013 (LBO) – Sri Lanka stocks closed flat Tuesday and the rupee weakened on importer demand in late trading, brokers and dealers said. The Colombo All Share Index closed at 5,750.24 points 0.07 percent higher and the S&P SL20 Index closed at 3,134.32 up barely 0.01 percent. Turnover was 727 million rupees. Ceylon […]
Eastern Expansion
Jan 15, 2013 (LBO) – Sri Lanka’s Amana Bank, which operates on Islamic financial principles said it has expanded its branches in the Eastern province, a former war zone to six.The new branch was opened in Nintavur, adding to Kattankudy, Kalmunai, Oddamavadi, Sammanthurai and Akkaraipattu. “We want to have a strong presence in the Eastern […]
Credit Trend
Jan 15, 2013 (LBO) – Sri Lanka’s commercial banks loaned 24.1 billion rupees to business in November 2012, with the state also borrowing another 18.8 billion rupees, official data showed. A balance of payments crisis is triggered in the monetary system by injecting large volumes of central bank credit (printed money) in the banking system […]
Sworn In
Jan 15, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa had sworn in Mohan Peiris, a former Attorney General as Chief Justice amid heavy security around the capital’s main courts complex.Dissenting lawyers have said they will petition court challenging the appointment of a new chief justice. The state information office said Peiris was sworn in […]