Category:
Lube Warning
July 22, 2012 (LBO) – Sri Lanka’s Chevron Lubricants has reported net profits of 533 million rupees in the June 2012 quarter, up 26 percent from an year earlier, but has warned of tougher times ahead. The firm said earnings for the quarter were 4. 40 rupees per share. In the half year to June […]
‘s new IMF program to back longer term goals
July 23, 2012 (LBO) – A new two year program to be discussed with the International Monetary Fund will support longer term goals of the administration which may involve improving revenues, state enterprises, or keeping deficits and inflation down, officials said. Details discussions on the program will be held with the arrival of the next […]
Sri Lanka in talks with IMF for longer term program
July 22, 2012 (LBO) – Sri Lanka is to begin talks with the International Monetary Fund for an ‘Extended Fund Facility’ which could result in citizens getting long term economic liberties and the implementation of prudent measures to prevent economic shocks that hurt people. A reduction of state interventions in the economy in the form […]
Performance Linked
July 21, 2012 (LBO) – Sri Lanka’s ‘pay for performance’ schemes should be carefully designed to be fair and transparent and linked to a firm’s short and long term goals while incorporating the organization’s core values, top corporate executive said. Performance based pay schemes can also drive employees to focus excessively on hitting targets to […]
Sri Lanka gets final IMF tranche, asked to watch inflation, state firms
July 21, 2012 (LBO) – Sri Lanka should watch inflation, the budget gap and fix energy enterprise to the economy stable in the future the International Monetary Fund has said ending a three-year bailout program. The IMF released a final 415 million US dollar tranche under a 2.5 billion US dollar bailout package, a somewhat […]
Sri Lanka rupee responding to policy measures: CB Governor
July 20, 2012 (LBO) – Sri Lanka’s exchange rate is responding to policy measures taken earlier in the year, Central Bank governor Nivard Cabraal said, as the rupee rose sharply against the US dollar Friday. The central bank injected 3.1 billion rupees to partially sterilize the forex sale at 9. 56 percent, below the reverse […]
Sri Lanka rupee makes steep gains
July 20, 2012 (LBO) – Sri Lanka’s rupee made steep gains against the US dollar rising as much as 131. 50/80 in late morning trade, after opening around 132. 70/133.00 levels ahead of approval of proceeds from a bond sale. The International Monetary Fund’s executive board is expected to complete the last review of a […]
Sri Lanka stocks flat, rupee stronger
July 17, 2012 (LBO) – Sri Lanka’s stocks closed flat Friday, losing some of the gains made a day earlier while the rupee gained sharply against the US dollar, brokers and dealers said. Representatives of Sri Lanka’s stock market met President Mahinda Rajapaksa Friday. The presidential secretariat said market representatives made proposals for an upcoming […]
Road Building
July 20, 2012 (LBO) – A 24 kilometre road in Sri Lanka’s from Maha Oya to Aralaganwila will be built under a scheme where a 500 million dollar bank credit will be used by the state road agency fund domestic contractors. Sierra Construction (Pvt) Ltd has got the contract to build the road for 2,363 […]
Clear Path
July 20, 2012 (LBO) – LankaClear Private Limited, Sri Lanka’s main cheque and electronic clearing house, is spending 300 million rupees to deploy a nationwide common card and payment switch that allows customers to use any bank teller machine, officials said. The company, which is jointly owned by the Central Bank and local commercial banks, […]
Sri Lanka starts construction of stalled high rise for Hyatt hotel
July 20, 2012 (LBO) – Sri Lanka has re-started the construction of a stalled 43-story high rise in the capital Colombo with a new company taking over assets, which will house a Hyatt branded hotel, a statement said. It could house 600 people seated, or 1,000 standing. The hotel will have 54 suites, 265 ‘King’ […]
” rating confirmed: RAM
July 19, 2012 (LBO) – RAM Ratings has confirmed an ‘Aa+’ rating of Sri Lanka’s Commercial Bank of Ceylon with a stable outlook. “The ratings are premised on the Group’s strong market position as Sri Lanka’s largest privately owned licensed commercial bank and third-largest overall..,” the rating agency said in a statement. “The ratings also […]