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Sri Lanka slain fisherman laid to rest without security forces: report
Feb 19, 2012 (LBO) – A Sri Lankan fisherman slain by police in a protest against a sudden fuel price increase was laid to rest without the presence of the police and military but accompanied by thousands of fellow fishers, a media report said. The fisherman, Anthony Fernando, was killed by police fire in a […]
Chat Margins
Feb 18, 2012 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia’s Axiata and the islands largest mobile firm said group profits for the December 2011 quarter rose 11 percent to 1. 4 billion rupees, from a year earlier. Fixed broadband operations earned 2.3 billion rupees and lost 942 million rupees at gross level […]
India asks state banks not to overstate profit
NEW DELHI (Asia Pulse) – The Indian Finance Ministry has written to all public sector banks asking them to ensure profits are not overstated and to make appropriate provisions for bad loans. In a letter to heads of public sector banks, the Finance Ministry said “instances of over-reporting of profit have been continuing year after […]
Sri Lanka rupee stronger after opening
Feb 17, 2012 (LBO) – Sri Lanka’s rupee was quoted around 118.30/50 against the US dollar in mid morning trade, up from opening and stocks rose nearly 2.0 percent before easing back, dealers and brokers said. . The rupee opened around 118.80/119.20 and strengthened against the US dollar as the currency moved to consolidate towards […]
Sri Lanka shares end marginally higher
Feb 17, 2012 (LBO) – Sri Lankan shares ended slightly higher Friday after a roller-coaster ride with heavy trading again in stocks favoured by speculators while there was also some buying into banks, brokers said. The main All Share Price Index closed up 0.12 percent (6.08 points) at 5,285.17, for the third day, after a […]
Taking Logistics
Feb 17, 2012 (LBO) – Sri Lanka’s plans to become a logistics hub stand to gain from the shift in Asian manufacturing from China to countries like Vietnam that could yield more cargo for ports like Colombo, a logistics expert said. “Logistics is like an orchestra in which the container terminal operator plays a key […]
Red Ink
Feb 17, 2012 (LBO) – Sri Lanka’s The Finance Company slipped back into the red in the December quarter having broken even the previous quarter although losses were much less than a year ago. The troubled finance firm, which was re-structured under regulatory guidance, made a December 2011 quarter loss of 17.5 million rupees compared […]
Sri Lanka seen needing big investments to lift estate living standards
Feb 17, 2012 (LBO) – Sri Lanka’s plantations still need huge investments to upgrade the living standards of workers, some of which would have to come from buyers through higher prices, an official said. In recent years investments had been made in housing, roads, water and sanitation, child development and nutrition by plantations companies with […]
Sri Lanka tea prices rise after rupee depreciation
Feb 17, 2012 (LBO) – Prices of Sri Lankan teas rose at the Colombo auctions this week with brokers attributing the increase to the fall in the value of the rupee against the dollar after the central bank stopped defending the currency. “There was improved demand,” Forbes & Walker Tea Brokers said in a report. […]
Retail Parley
Feb 17, 2012 (LBO) – Retail professionals from some of the world™s top department stores are due in Sri Lanka this month for a three-day conference that is expected to generate valuable exposure for the island’s retail sector. Among the association™s members are some of the top department stores in the world including Selfridges, Saks […]
Sri Lanka rupee closes stronger
Feb 16, 2012 (LBO) – Sri Lanka’s rupee closed at 119. 0/15 against the greenback Thursday up from yesterday’s close of 119. 40/55 in day of active trade, after opening at 119. 40/65 dealers said. The currency fell as low as 120.00 to the greenback in intra-day trading triggering a sell-off. Some banks also appeared […]
Sri Lanka rupee steady after opening
Feb 16, 2012 (LBO) – The Sri Lanka rupee opened around 119. 40/65 against the US dollar and later strengthened as much as 118. 70/119.00 after briefly dipping in early trade, dealers said. Though there is a six monthly power tarrif adjustment process through a regulator, the process had been undermined twice over the last […]