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Sri Lanka to see first garment factory listing
June 07, 2011 (LBO) – Orient Garments Limited, a unit of Sri Lanka’s Finco group of companies will be listed on Colombo Stock Exchange’s second board, making it the first apparel maker to go public. At one time, two privatized textile firms were listed but they were unable to compete after import duty protection was […]
Cook sets up victory shot against Sri Lanka
LONDON, June 6, 2011 (AFP) – England gave themselves a chance to win their Test series against Sri Lanka with a match to spare after losing skipper Andrew Strauss for a duck at Lord’s here on Monday. The hosts, at stumps on the fourth day of the second Test, were 149 for two in their […]
Sri Lanka opposition speaks out on rule of law
June 07, 2011 (LBO) – Sri Lanka’s main opposition which contributed to the systematic breakdown of rule of law and limiting the freedoms of the people, has spoken out against the growing lawlessness and attacks on unarmed sections of the population. But small civil society organizations such as Friday Forum, Citizens Movement for Good Governance, […]
Sri Lanka gets FDI US$236mn in first quarter
June 07, 2011 (LBO) – Sri Lanka has received 236 million US dollars in foreign direct investments in the first quarter of 2011, up 160 percent from a year earlier, led by tourism, the state investment promotion agency said. Hong Kong based Shangri-La group which bought land in Sri Lanka’s capital Colombo and Hambantota in […]
Sri Lanka raises US$2.1bn to rebuild north
June 07, 2011 (LBO) – Sri Lanka has raised 2. 1 billion US dollars to rebuild roads, rail, power, hostpital, water supply and help resettle refugees in the war torn Jaffna region in 2010, a finance ministry report said. These funding programmes have helped to resettle internally displaced people within a short period of time […]
Sri Lanka central bank on sell side of peg
June 06, 2011 (LBO) – Sri Lanka’s central bank has been on the sell side of its dollar peg for two months in a row, selling more than 250 million US dollars to maintain the exchange rate, official data show. In May the Central Bank sold 130. 15 million US dollars to forex markets on […]
Sri Lanka shares end down 0.7-pct
June 06, 2011 (LBO) – Sri Lankan shares ended lower Monday with trade dominated by the acquisition of a stake in Panasian Power, a mini hydro firm, by Emagewize, brokers said. The main All Share Price Index closed at 7,355.43, down 0.68 percent (50.59 points) while the more liquid Milanka index came down 0.26 percent […]
Sri Lanka resort planned by Banyan Tree, drops management deal
June 06, 2011 (LBO) – Singapore-based Banyan Tree Holdings said it was ending the management of a third party property in Sri Lanka but would develop its own resort on a larger scale. The group owns a 79 percent stake in Beruwala Walk Inn, which operated the destroyed Hotel Swanee. It was earlier owned by […]
Sri Lanka plantations industry in deal with unions on wages
June 06, 2011 (LBO) – Sri Lanka’s regional plantations companies and estate labour unions have agreed to renew a two-year wage deal with a worker’s basic wage being raised to 380 rupees from 285 previously. Muthu Sivalingam, president of the Ceylon Workers Congress, the biggest union, told Vimasuma.com, our sister news website, that under the […]
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June 06, 2011 (LBO) – Fitch Ratings Lanka has upgraded Sri Lanka Insurance Corporation’s (SLIC) National Long-Term rating and National Insurer Financial Strength (IFS) rating to ‘AA(lka)’ from ‘AA-(lka)’ with stable outlooks. “The ratings reflect SLIC’s improved risk-based capital position over the last two years, benefited by the improved operating and macro-economic environment as well […]
Sri Lanka Kuruwita Textile slips back into the red
June 06, 2011 (LBO) – Sri Lanka’s Kuruwita Textile Mills slipped back into the red in the financial year to March 2011 with sales also down and a new managing director being hired to turn the company around. The company, which is part of the Brandix apparel export group, said in a stock exchange filing […]
Sri Lanka Emagewize buys into hydro firm
June 6, 2011 (LBO) – Emagewize (Pvt) Ltd, has bought 77 million shares in Panasian Power, a mini hydro firm for 6. 00 rupees a share, director Dilith Jayaweera said, in a deal valued at 460 million rupees. Emagewize has recently bought into Colombo Land, the owners of a shopping complex. It also controls Citrus […]