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Sri Lanka stocks close down 0.76-pct
June 30, 2011 (LBO) – Sri Lanka stocks closed weaker Thursday with heavy trading in Aitken Spence Hotel Holdings and Distilleries Company bolstering turnover, brokers said. The main All Share Price Index closed at 6,825.94, down 0.76 percent (52.21 points) while the more liquid Milanka index fell 1.32 percent (84.29 points) to close at 6,301.02, […]
Speed Breaker
June 30, 2011 (LBO) – Sri Lanka’s motor sector companies’ profitability has fallen after the reversal of some import tax cuts that caused a profit surge, although vehicle demand remains strong with rising incomes and economic growth, a report said. Motor sector companies reported the highest growth in net profit for the last couple of […]
Sri Lanka to permit hotels in wildlife buffer zones
June 30, 2011 (LBO) – Sri Lanka will permit eco-friendly hotels in buffer zones adjacent to nature reserves to cater to increased local and international interest in the island’s wildlife assets, a government minister said. Abeywardene said investors were also keen to protect nature now. “Investors now do not want to damage the environment,” he […]
Sri Lanka seeks developers for prime property
June 30, 2011 (LBO) – Sri Lanka is searching for a buyer for a block of prime beach front land adjacent to two that are slated to be among the largest real-estate cum hotel developments to start in the country after the end of a 30-year war, officials said. “The land is still available,” deputy […]
Sri Lanka Finco cuts stake in newly listed apparel firm
June 30, 2011 (LBO) – Sri Lanka’s Finco group has reduced its stake in Orient Garments, a newly-listed apparel subsidiary, when it began trading Wednesday, a stock exchange filing said. Finco Holdings, which held 80.98 percent of Orient Garments, sold 10,983,400 shares of its holding constituting 20 percent of the apparel exporter’s issued capital at […]
Fuel Fiasco
June 30, 2011 (LBO) – Sri Lanka’s petroleum industries minister has rejected allegations the government imported low quality petrol, saying motorists whose vehicles were damaged had been supplied fuel contaminated by rain and dregs. Susil Premajayantha said motorists who could prove they had been supplied contaminated fuel would be given compensation. He rejected allegations the […]
Sri Lanka inflation eases to 7.1-pct in June
June 30, 2011 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 7.1 percent by June 2011, down from 8. 2 percent in May, with prices falling 0. 2 percent during the month, the government’s statistics office said. The food category fell 1.0 percent during the month, but all other categories rose or were […]
Sri Lanka to take-over land to build new city in Hambantota
June 30, 2011 (LBO) – Sri Lanka will take-over land in Hambantota in Southern Sri Lanka to build a new business and industrial city which will have housing, hotels, a theatre, schools, beach parks and, the government’s information office said. Sri Lanka’s cabinet of ministers had given the nod to give Urban Development Authority (UDA) […]
Sri Lanka to allow cross-border deals in Renminbi
June 29, 2011 (LBO) – Sri Lanka will allow international transactions to be conducted through banks in Renminbi, China’s currency, as trade and investment with the country grows, the island’s central bank said. China’s currency is pegged to the dollar, and has large US reserves, indicating that the currency is ultimately mostly backed by US […]
Sri Lanka Treasuries yields flat
June 29, 2011 (LBO) – Sri Lanka’s Treasury bill yields were stead at this week’s auction with the 3-month yield flat at 7. 12 percent, data from the government’s debt office showed. The 6-month yield edged up 01 basis point to 7. 23 percent and the 12-month yield was flat at 7.35 percent. The debt […]
Sri Lanka stocks close 0.22-pct up
June 29, 2011 (LBO) – Sri Lanka stocks ended higher Wednesday with Orient Garments, the first apparel exporter to list, which opened trading, the most actively traded share and the day’s fourth highest gainer, brokers said. The main All Share Price Index closed at 6,878.15, up 0.22 percent (15.32 points) while the more liquid Milanka […]
Parental Support
June 29, 2011 (LBO) – Fitch Ratings Lanka has assigned DFCC Vardhana Bank’s (DVB) proposed subordinated debentures of up to a billion rupees a national rating of ‘A+(lka)’. The agency has simultaneously confirmed DVB’s National Long-Term rating at ‘AA-(lka)’ with a stable outlook, a statement said. The proposed debt issue has tenures ranging from five […]