Category:
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 […]
Cement Rating
Feb 01, 2011 (LBO) – Sri Lanka’s Tokyo Cement Company (Lanka) Ltd has been rated ‘A’ by Ram Ratings on its strong market position and balance sheet against its dependency on the cyclicality of construction and government price controls. The long term rating has a ‘stable’ outlook. The firm’s short term credit has been rate […]
Upgraded
Feb 01, 2011 (LBO) – Sri Lanka’s People’s Leasing Finance (PLF), a unit of Peoples Leasing Company by one notch to ‘BBB(lka)’ with a stable outlook, on expected support from its ‘A(lka)’ parent which owns 93 percent of the firm. Fitch said support from the parent was now “more likely” than in the past as […]
Leasing Strength
Feb 02, 2011 (LBO) – Sri Lanka’s Fitch Ratings has today confirmed Sri Lanka’s People’s Leasing Company’s long term rating of ‘A(lka)’ with a stable outlook on its potential support from its parent, state-run People’s Bank which is rated ‘AA-(lka)’. Fitch said PLC carries out the incremental leasing business of People’s Bank’s leasing business which […]
Sri Lanka insurer to invest in leisure sector
Feb 01, 2011 (LBO) – Sri Lanka’s state-owned Sri Lanka Insurance Corporation will invest in the fast-growing tourism sector by building a hotel in the island’s southern coast, a senior official said. “We are in the process of finalizing details for land in Hambantota to build a hotel,” Mohan De Alwis, managing director and chief […]
Branching Out
Feb 01, 2011 (LBO) – The London School of Commerce (LSC) Group of Colleges has opened a branch in Sri Lanka offering graduate and post-graduate courses, a statement said. The branch, called the British School of Commerce (BSC), will offer courses for both Sri Lankan and overseas students. The courses include business administration, information technology, […]
Fashion Fortunes
Feb 01, 2011 (LBO) – Sri Lankan fashion retailer Odel’s December 2010 quarter net profit rose 35 percent to 76 million rupees from a year ago with inventory levels and borrowings also up sharply, a statement said. Sales in the quarter, usually the best because of Christmas shopping and the peak tourism season, rose 26 […]