Category:
Side Effects
Jan 28, 2012 (LBO) – Liquid assets in Sri Lankan banks are falling and loan to deposit ratios are deteriorating, with some banks reaching 100 percent, Fitch Ratings Lanka said as authorities continued to defend a dollar peg creating a liquidity crunch. Fitch said in an report on the outlook on Sri Lankan banks that […]
We are creating jobs in US, Europe: India industry to Obama
DAVOS, (Asia Pulse) – With HCL Technologies announcing 10,000 jobs for locals in the US and Europe, India Inc on Thursday chose the WEF meet to send a strong message that Indian IT firms are creating and not stealing jobs in troubled western economies. Also, a message emerged from British Prime Minister David Cameron’s advice […]
Sri Lanka shares end up 2.4-pct
Jan 27, 2012 (LBO) – Sri Lankan closed sharply higher Friday recovering more ground after recent heavy losses with turnover also high and investors buying into fundamentally strong companies, brokers said. Capital Alliance Finance was also among the top gainers, closing at 36.30 rupees, up seven. Newly listed Asia Asset Finance was the most actively […]
Terminal Tales
Jan 27, 2012 (LBO) – The Sri Lanka Ports Authority wants to raise its stake in a new container terminal being built in Colombo and can use funds expected from the joint venture concession holder, an official said. The listed Aitken Spence group has said it was selling its entire 30 percent stake in the […]
Bank Outlook
Jan 27, 2012 (LBO) – Sri Lanka commercial bank loans may grow 25 percent in 2012 with more lending to small enterprises and retail customers as banks searched for better margins, Fitch Ratings Lanka said. Fitch said in report on Sri Lankan banks better risk management was needed especially for bank who are lending to […]
Sri Lanka production for tea bags up in 2011
Jan 27, 2012 (LBO) – Sri Lanka’s production of CTC (crush, tear, curl) type teas, used mainly in tea bags, rose sharply in 2011, although overall output was slightly lower than the record crop in 2010, brokers said. The Sri Lanka Tea Board said annual production for 2011 was 328.3 million kilos, about one percent […]
Sri Lanka Watawala Plantations December net down 39-pct
Jan 27, 2012 (LBO) – Sri Lanka’s Watawala Plantations said December 2011 quarter net profit fell 39 percent to 158 million rupees from a year ago, with a profit expected in the last quarter as well after losses earlier in the year. The company said that strong palm oil prices had helped cushion a fall […]
India, Pakistan closer to oil deal import from Turkmenistan
NEW DELHI, Jan 27 (Asia Pulse) – India and Pakistan are closer to agreeing on a transit fee and a joint strategy to develop gas fields and import the hydrocarbon via a pipeline from the Central Asian Republic of Turkmenistan, oil ministers of two countries said. The statements came during joint press conference by Indian […]
Sri Lanka Vallibel Power begins hydro electricity supply
Jan 27, 2012 (LBO) – Vallibel Power Erathna, a Sri Lankan mini-hydro power firm, said it has begun commercial operations at a new power plant. A stock exchange filing said the 4. 65 mega watt ‘Kiriwaneliya’ mini hydro power project of its subsidiary Country Energy has begun commercial operations. Country Energy, which has approvals for […]
Sri Lanka contracts to China queried by legislator
Jan 27, 2012 (LBO) – A series of construction contracts given to Chinese firms mostly with borrowed money from China which will have to re-paid by Sri Lanka, should have been awarded by open tender, a legislator has said. Harsha de Silva, a legislator representing Sri Lanka’s main opposition United National Party, said the commercial […]
Sri Lanka stocks recover losses
Jan 26, 2012 (LBO) – Sri Lanka’s stock closed up 0.65 percent Thursday recovering losses for the second day, with turnover rising, and index heavy John Keells Holdings reported higher profits for the quarter. The benchmark Colombo All Share Index rose 36 points to close at 5,592. 4 points and the Milanka Index of more […]
Sailor Boys
Jan 26, 2012 (LBO) – Sri Lanka will sign an agreement with Italy authorities allowing Sri Lankan certified seafarers to work on Italian flagged vessels, information minister Keheliya Rambukwelle said. A memorandum of understanding to be signed with the Italy’s maritime administration will recognize certificates of competency issued by Sri Lanka. Sri Lanka’s cabinet of […]