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Sri Lanka minister in bid to fast track building starts
Nov 02, 2011 (LBO ) – Sri Lanka’s economic development minister Basil Rajapaksa urged state agencies to drop archaic rules and procedures that were delaying construction starts, and the ease of doing business in the country. Analysts point out that in many laws enacted in Sri Lanka after independence, a clause relating to ‘minister’s concurrence’ […]
Sri Lanka stocks end down 0.6-pct
Nov 01, 2011 (LBO) – Sri Lankan shares closed lower Tuesday with a large transaction in Hayleys boosting turnover, brokers said. The main All Share Price Index fell 0.59 percent (37.40 points) to 6,281.85, while the more liquid Milanka index dropped 0.48 percent (27.13 points) to close at 5,604.15, according to stock exchange figures. Turnover […]
Teaming Up
Nov 01, 2011 (LBO) – Sri Lankan transport firms have formed a partnership with the local branch of a global professional body that will lobby the government on policy changes needed to improve the island’s logistics business. The Chartered Institute of Logistics and Transport (CILT) Sri Lanka has teamed up with 15 corporate entities from […]
Branching Out
Nov 01, 2011 (LBO) – Union Bank of Colombo (UBC) and foreign investment fund ShoreCap II have completed the acquisition of Sri Lanka’s The Finance and Guarantee Company (TF&G). TF&G’s deposit base is over three billion rupees with over half of the company’s deposits being converted to non-voting shares with the consent of depositors as […]
Sound Profile
Nov 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Hatton National Bank’s (HNB) National Long-Term rating at ‘AA-(lka)’ with a stable outlook. The agency has also confirmed HNB’s subordinated debentures at ‘A+(lka)’, a statement said. “The ratings reflect HNB’s sound financial profile, supported by robust capitalization, asset quality and profitability among local commercial banks,” […]
Finance Deal
Nov 01, 2011 (LBO) – Merchant Bank of Sri Lanka, a unit of state-run Bank of Ceylon said a consortium led by Navara Capital Ltd, an investment house, will buy 68 percent of a savings banking unit. MBSL took over the savings bank amid a banking crisis two years ago after there was a run […]
Sri Lanka Hilton reveals management fees
Nov 01, 2011 (LBO) – Hotel Developers (Lanka), owners of Hilton Colombo Hotel in the Sri Lankan capital, has paid about 33 percent of gross operating profit as management fees and other charges to the international hotel chain which runs the property. The total amount paid to Hilton Worldwide, formerly Hilton International USA, was 1,371 […]
Sri Lanka aims high in doing business ranking
Nov 01, 2011 (LBO) – Sri Lanka is aiming to reach 70 in an ease of doing business ranking compiled by the World Bank next year from 89 in 2012, and 30 in 2014 by cutting red tape and transforming the way the state interact with businesses, officials said. “If we do not change, others […]
Sri Lanka planned expropriation law under fire
Nov 01, 2011 (LBO) – A secretly written expropriation law which has not yet been presented to parliament has come under fire from a lawmaker and an ex-chamber chief for undermining freedom of citizens and future investment prospects. The proposed bill, which was reportedly written by a private law firm, seeks to vest in the […]
Sri Lanka stocks end down 0.5-pct
Oct 31, 2011 (LBO) – Sri Lankan shares closed lower despite early gains with turnover boosted by the acquisition of a stake in Galadari Hotel by an investment fund linked to the Dubai government and other private deals, brokers said. The main All Share Price Index fell 0.46 percent (29.19 points) to 6,319.25, while the […]
Wheels Wealth
Oct 31, 2011 (LBO) – A post-war economic boom and lower import taxes helped sharply increase September 2011 quarter profits at two Sri Lankan vehicle importers which are agents for top German, Japanese and Indian brands. Diesel & Motor Engineering Company (DIMO), agents for Mercedes Benz and Tata, said September quarter net profit rose 175 […]
Finance License
Oct 31, 2011 (LBO) – Commercial Leasing Company, a unit of Sri Lanka’s LOLC group, said it had received a finance company license from the banking regulator and will seek a public listing. The firm will also increase its small and medium industry and micro finance portfolio. “The company is well positioned to take advantage […]