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Sri Lanka policy rates unchanged
May 11, 2012 (LBO) – Sri Lanka’s central bank its key policy rate unchanged at 9. 75 percent saying monetary conditions are tightening and credit growth will moderate. The full statement is reproduced below In April 2012, year-on-year inflation as measured by the CCPI (base=2006/2007) was 6.1 per cent while annual average inflation was 5. […]
Sailing Lure
May 09, 2012 (LBO) – Sri Lanka is to hold its third international boat show later this month, looking to increase exports and also create a boating culture in the island and attract affluent local buyers. “The two previous two boat shows held in 2008 and 2010 created new business ventures and led to increased […]
Stock Probe
May 10, 2012 (LBO) – A committee is probing a controversial stock purchase more than 60 percent above market price by a state bank, with payment on the deal stopped on Treasury instruction, a minister said. Deputy economic development minister Lakshman Abeywardene said Treasury Secretary P B Jayasundera ordered state-run National Savings Bank not pay […]
Liability Dollarization
May 10, 2012 (LBO) – Sri Lanka’s Dialog Axiata, the island’s largest mobile operator which also sells fixed access services said it lost 530 million rupees in the March 2012 quarter, hit a 2. 1 billion rupee forex loss on foreign loans. The firm said it lost 27 cents per share, down from a 14 […]
Emirates group post US$629mn profit, core airline net slips
May 10, 2012 (LBO) – Dubai-based Emirates airlines group said profits in the year to March 2012 rose 17.8 percent to 629 million US dollars, thought profits at the core airline fell amid with higher fuel prices. Group revenues rose 17.8 percent to 18.4 billion dollars. The group had gained control of Travel Republic Ltd, […]
Sri Lanka Cricket launches premier league to emulate Indian riches
May 10, 2012 (LBO) – Sri Lanka Cricket on Thursday announced plans to launch its own Twenty20 premier league in August, as it hopes to capitalise on the commercial success of the money-spinning Indian Premier League (IPL). Twenty20²s massive popularity and status as the most exciting and entertaining format of cricket will be further enhanced […]
Sri Lanka Treasuries edge up
May 09, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction with 11. 9 billion rupees of bills being sold to market bidders, the state debt office said. The 3-month yield rose 09 basis points to 12. 19 percent, the 6-month yield rose 10 basis points to 12. 30 percent and […]
Sri Lanka Nestlé unit says milk collection up 45-pct
May 09, 2012 (LBO) – Nestle Lanka, said its fresh milk collections were up 45 percent in the four months to April from a year earlier, amid claims by some dairy farmers that their milk was not bought by collectors. “Our milk processing facility in Kurunegala is now running at its fullest capacity¦and we are […]
Collective Voice
May 09, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce has asked authorities to probe a recent purchase of stock of a finance company by a state bank at more than 65 percent above market price. The state-run National Savings Bank has since stopped payment on the deal raising another hornet’s nest, with a […]
Sri Lanka to work out surveillance deal with IMF: CB Governor
May 08, 2012 (LBO) – Sri Lanka will work out a surveillance program with the International Monetary Fund to boost investor confidence after a current deal with the agency ends in July 2012, Central Bank Governor Nivard Cabraal said. “Thereafter the type of relationship we will have with them is something we will have will […]
Sri Lanka Taj hotel hit by liability dollarization
May 07, 2012 (LBO) – Profits of Taj Lanka Hotel Plc, a unit of India’s Taj Hotels and Resorts Ltd, plunged 87 percent to just 6.7 million rupees in the March 2012 quarter due to exchange losses from a dollar loan. Taj Lanka’s revenues rose 6 percent to 450 million rupees in the December quarter […]
Sri Lanka income taxes have to be paid by all: Treasury secretary
May 07, 2012 (LBO) – Amid pressure from a parliamentary committee for remaining workers of state-enterprises to pay income taxes, finance ministry secretary P B Jayasundera has said all persons must get used to paying taxes. Jayasundera said even a person earning 200,000 a month only paid about 10 percent in tax and the average […]