Category:
Sri Lanka to merge expropriated sugar firms
June 2, 2012 (LBO) – Sri Lanka is planning to merge Sevenagala Sugar and Pelwatte Sugar Industries two sugar mills expropriated from citizens, into a single state-run entity, a finance ministry report said. The two sugar mills will be “fully owned/ administered by the Government, while ensuring employee continuity, and payment of compensation to third […]
Sri Lanka ice cream maker claims Maldives top spot
June 02, 2012 (LBO) – Sri Lanka’s Ceylon Cold Stores Plc, a unit of listed John Keells Holdings which claims market leadership position for ice cream in the island said it had secured a 50 percent market share in the Maldives. The firm sells ice cream and soft drinks under ‘Elephant House’ brand. “…Elephant House […]
Sri Lanka EPF explains arrears crediting process
June 02, 2012 (LBO) – Sri Lanka’s Employees’ Provident Fund, a retirement fund of private citizens managed by the state, has explained how overdue contributions from employers are credited to member accounts. The statement was in reference to reports that 3.4 billion rupees, recovered from employers by Sri Lanka’s Commissioner of Labour has not been […]
Finance Loss
June 01, 2012 (LBO) – Sri Lanka’s The Finance Company Plc, which is under regulatory restructure lost 212 million rupees in the March 2012 quarter, sharply lower than the 2.0 billion it lost a year earlier. The firm reported losses of 1.33 rupees per share for the quarter. In the full year to March 2012 […]
Sri Lanka says open trade could counter climate change
June 01, 2012 (LBO) – Sri Lanka’s environment minister has said liberalised trade could mitigate climate change, helping spread energy-saving technologies and enabling countries facing scarcities to import to cover their requirements. Climate change was no longer an environmental and regulatory concern and was a growing crisis with economic, health and safety, food production and […]
‘s Tiger Airways
June 01, 2012 (LBO) – Tiger Airways, has started flying to Sri Lanka three times a week with the first flight touching down Colombo at 2205 on May 31, the Singapore-based budget carrier said. Tiger Airways operates the service to Colombo three times a week on Tuesday, Thursday and Sunday. “Singapore is now a hop […]
Sri Lanka fuel consumption doubled in three years: official
June 01, 2012 (LBO) – Sri Lanka’s consumption of petroleum products has doubled in the three years since the end of a war an official said, as economic activity picked up requiring more energy to run the economy. Demand for petroleum products is going up despite higher prices, said R H S Samaratunga, secretary, Petroleum […]
Sri Lanka short term treasuries yields fall
May 29, 2012 (LBO) – Sri Lanka’s 3-month Treasury bill yield fell 57 basis points to 11. 01 percent, following the trend in secondary markets, while the 12-month yield edged up slightly at this week’s auction, official data showed. The 6-month yield fell 3 basis points to 12.29 percent and the 12-month yield rose 10 […]
Sri Lankan stocks down 0.67%
May 31, 2012 (LBO) – Sri Lankan share prices slipped back into the red on Thursday, despite a few foreign buyers bargain hunting on selected stocks, brokers said. The broader All Share Price Index fell 32. 97 points or 0.67 percent to 4,832.15 while the liquid Milanka Price Index slipped 12. 88 points or 0.29 […]
Auto Profits
May 30, 2012 (LBO) – Sri Lanka’s Diesel and Motor Engineering Company Plc, which has agencies for Mercedes Benz and Tata, said profits fell 36 percent to 427 million rupees in the March 2012 quarter. The firm reported earnings of 48. 14 rupees for the quarter. The closed at 590 rupees up 18. 70 Thursday. […]
Securities Fraud
May 31, 2012 (LBO) – Sri Lanka’s central bank should strip National Savings Bank’s directors off their posts, and prevent them from serving on boards in the future, after an attempt buy stock at an inflated price, a former securities regulator said. As pressure mounted from the regulators, the media and opposition legislators led by […]
Sri Lanka to pitch for international sporting event
May 31, 2012 (LBO) – Sri Lanka plans to bid for another international sporting event shortly, an official said, months after spending hundreds of millions of rupees on a failed bid to win the 2018 Commonwealth Games. Vipuala Wanigasekera, Sri Lanka Tourism’s acting director general declined to specify the games, but said the bidding documents […]