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Sri Lanka to ration power for three hours
July 24, 2012 (LBO) – Sri Lanka will cut three hours of power, two hours and fifteen minutes during the daytime and 45 minutes during an evening peak demand period, the ministry of power said after a Chinese build coal plant broke down. Sri Lanka is having one of the driest years in more than […]
Sri Lanka rupee extends gains
July 23, 2012 (LBO) – Sri Lanka’s rupee rose to 130. 90/131.05 levels against the US dollar Monday extending earlier gains with inflows as monetary policy remained in favour of a stronger rupee, dealers said. Some inflows to bond markets were also not bought the monetary authority helping keep upward pressure on a rupee peg. […]
Sri Lanka stocks down 0.13 pct
July 23, 2012 (LBO) – Sri Lanka’s stocks fell 0.13 percent Monday, with large cap stocks losing ground, brokers said. The Colombo All Share Price Index fell 6.45 points to 4,881.77 and the S&P 20 Index of large cap stocks fell 0.24 percent (06.54 points) to 2761.90. The day’s turnover of 321 million rupees was […]
Sri Lanka bought leaf factory returns to profit
July 23, 2012 (LBO) – Tea Smallholder Factories Plc, a unit of Sri Lanka’s John Keells Holdings had posted 23. 9 million rupees in profits in the June 2012 quarter, turning around from a loss of 9. 1 million rupees a year earlier. The firm reported earnings of 80 cents a share for the quarter. […]
Sri Lanka state airline part repays fuel debts
July 23, 2012 (LBO) – Sri Lanka’s state-run SriLankan Airlines had repaid a 100 million US dollars to settle dues to Ceylon Petroleum Corporation and is negotiating to settle an undisclosed balance amount, a media report said. “We’re negotiating with the CPC on the repayment in terms of pricing and credit terms and will arrive […]
Sri Lanka to have two hour power cuts
July, 23 2012 (LBO) – Sri Lanka will have two hour power cuts daily, the first in over a decade, following the outage of a 300 MegaWatt coal plant that generated about 20 percent of the daily energy needs of the country. Industry analysts say it could be run a so-called ‘merchant plant’ if the […]
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 […]