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Sri Lanka shares end up 0.99-pct
Feb 02, 2011(LBO) – Sri Lankan stocks closed up Wednesday with active trading seen in the food and beverage sector as well as in index heavy stocks like John Keells Holding, brokers said. The All Share Price Index closed at 7,262. 26, up 0.99 percent (71.49 points) while the Milanka Price Index of more liquid […]
Islamic Banking
Feb 02, 2011 (LBO) – The Monetary Board of the Central Bank of Sri Lanka has given a commercial banking license to Amana Bank, a statement said. Islamic banking is an emerging alternative to the interest-based banking practice and is gaining popularity across the world’s communities. “Amana Bank will be Sri Lanka’s first licensed commercial […]
Bank Issue
Feb 02, 2011 (LBO) – The Colombo Stock Exchange has approved a public share offer by Sri Lanka’s Union Bank to raise 375 million rupees by issuing 15 million ordinary shares at 25 rupees each, a statement said. CSE has approved in principal the application for listing on the main board of the bourse. The […]
Arson Protest
February 1, 2011 (AFP) – Dozens of Sri Lankan journalists took to the capital’s streets Tuesday to condemn an arson attack on an independent website that was blamed by its editor on the government. Reporters, photographers and employees of privately-run media joined a demonstration in central Colombo a day after the arson attack on the […]
Sri Lanka whale watching boats warned to be careful
Feb 02, 2011 (LBO) – Sri Lanka’s growing whale watching boats will have to develop and follow good practices so that whales will not be disturbed and scared away and the safety of passengers is also assured, a biologist has said. Sometimes boats converged on whales and there was danger of whales being chased. Sri […]
‘s Bharti reports dive in profit, hit by Africa costs
NEW DELHI, February 2, 2011 (AFP) – India’s top mobile phone firm Bharti said on Wednesday quarterly net profit slid 41 percent, hit by costs from its new Africa business and foreign exchange losses, but was upbeat on its future. But Bharti began last month rolling out its ultra-fast third-generation (3G) telecom services which analysts […]
Sri Lanka offers amnesty to 50,000 army deserters
February 2, 2011 (AFP) – Sri Lanka’s military on Wednesday offered to discharge all its 50,000 deserters without disciplinary action to mark the country’s independence anniversary. Officers and enlisted men who have been absent without leave can report to their regiments and then be released from their duties, military spokesman Major General Ubaya Medawala said. […]
Sri Lanka fabric maker rating downgraded
Feb 02, 2011 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills (HMGT) to ‘BBB(lka)’ from ‘BBB+(lka)’ with a negative outlook, a statement said. HMGT’s liquidity was adequate based on unutilised facilities of 8.3 million dollars as at end-September 2010. “The downgrade primarily reflects HMGT’s lower operating margins,” it said. “The company’s inability […]
Sri Lanka fabric maker in Rs626mn December quarter loss
Feb 02, 2011 (LBO) – Sri Lankan fabric maker Hayleys MGT Knitting Mills made a loss of 626 million rupees (5.6 million US dollars) in the December 2010 quarter following provisioning after an audit inquiry into a fraud, a statement said. The company said the discrepancies forced it to make an additional provision of almost […]
Sri Lanka needs to regain export share, focus on Asia: IMF economist
Feb 02, 2011 (LBO) – Sri Lanka needs to boost its export sector at least to regain where it was in the share of exports to Gross Domestic Product about 10 years ago, a visiting economist said. “Probably Sri Lanka has the need to boost the export sector at least to regain where it was […]
Sri Lanka media attack threatens freedom: US
Feb 02, 2011 (LBO) – The United States said it was “deeply concerned” about the most recent attack on the media in Sri Lanka and said such violence silences voices, undermines freedom of expression and further undermines democracy. A total of 17 journalists and media employees have been killed in Sri Lanka in the past […]
Sri Lanka shares end up 0.2-pct
Feb 01, 2011(LBO) – Sri Lankan stocks closed up Tuesday with active retail trading in the small and mid-cap stocks, brokers said. The All Share Price Index closed at 7,190. 77, up 0.22 percent (15.90 points) while the Milanka Price Index of more liquid stocks closed at 7,121. 28, down 0.18 percent (12.99 points) according […]