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Sri Lanka has lower social unrest risk from inflation: S&P
Mar 08, 2011 (LBO) – Sri Lanka is among Asian countries that had lower risks of social unrest from high inflation due to popular administrations, higher growth and lower unemployment, Standard and Poor’s Corporation, a rating agency said. S & P said in a sovereign rating review of the Asia Pacific region that inflation has […]
Sri Lanka holds policy rates amid high inflation
Mar 08, 2011 (LBO) – Sri Lanka’s central bank said it is holding policy rates steady in despite inflation rising to 7. 8 percent in the 12-months to February, one of the highest in Asia, as it expected food prices to fall in the next two months. Sri Lanka’s central bank also has one of […]
Sri Lanka Seylan Bank reveals restructuring measures
Mar 08, 2011 (LBO) – Sri Lanka’s Seylan Bank, being restructured under regulatory supervision has revealed to shareholders some of action it is taking to change processes, trim staff costs and revamp credit policies. Its interest rate spread had increased to 6. 0 percent from 5.18 percent. The bank said its cost-to-income ratio worsened to […]
Sri Lanka stocks tumble on selling to raise cash for IPOs
Mar 07, 2011(LBO) – Sri Lankan stocks fell sharply Monday with investors selling to make way for the forthcoming Initial Public Offerings, brokers said. The All Share Price Index closed at 7,582.55, down 1.07 percent (82.17 points) while the Milanka Price Index of more liquid stocks closed at 7,582.55, down 0.19 percent (13.55 points), according […]
Land Strip
Mar 07, 2011 (LBO) – The Sri Lankan state will acquire a one metre strip of land on either side of roads for utilities to avoid the need for digging up roadways, a senior official said. Pemasiri said the high cost of acquiring land has deterred the state electricity utility from going underground with most […]
Currency Effect
Mar 07, 2011 (LBO) – Colombo Dockyard has warned that a stronger rupee could hit profitability at the yard which last year saw profits dip owing to stiff competition and a downturn in its main tanker repair business. Ship repair, its main business. contributed only 30 percent of the total revenue volume of Sri Lanka’s […]
Handling Risk
Mar 07, 2011 (LBO) – South Asian financial sector professionals should share experiences and build networks to provide support in future in handling financial risks, a central bank official told a meeting in Sri Lanka. “Highly competitive global financial markets have created unprecedented levels of volatility which in turn has highlighted importance of proper risk […]
Sri Lanka Galadari unit in profit for second successive quarter
Mar 07, 2011 (LBO) – Sri Lanka’s Galadari Hotels said profits rose 49 percent in the December 2010 quarter to 320 million rupees from a year ago, helped by forex gains, its second successive quarterly profit after a string of losses. The Employees Provident Fund (EPF), a pension fund of private citizens managed by the […]
Telco Investment
Mar 07, 2011 (LBO) – Sri Lanka Telecom, the country’s largest fixed access provider said it is increasing capital expenditure which had flagged during a recent downturn to modernize its network, build broadband capacity and expand into former war torn areas. The firm is also selling wholesale capacity to other operators. The firm had a […]
Indian property boss resigns over telecom scandal
MUMBAI, March 7, 2011 (AFP) – The head of one of India’s top real-estate companies resigned on Monday after being arrested as part of a probe into a telecom graft scandal that is sending tremors through the corporate world. Shahid Balwa is in jail after being arrested by the Central Bureau of Investigation (CBI) last […]
Sri Lanka flight caterer expects more business
Mar 07, 2011 (LBO) – Sri Lanka’s sole inflight caterer says it is experiencing a surge in demand as the end of a war is drawing more tourists to the country and is also actively chasing and winning new business from airlines which did not buy from Colombo. Though SriLankan Catering, a unit of the […]
Sri Lanka had net inflows into capital markets in 2010: CentralBank
Mar 07, 2011 (LBO) – Sri Lanka’s has seen a net capital inflow of 51.8 billion rupees (459 million US dollars) into the country through approved securities investments accounts the Central Bank said. The central bank’s exchange control department in 2010 there had been an inflow of 215.9 billion rupees (1,910 million US dollars in […]