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Sri Lanka hotels, industry to face higher power tariffs
Dec 16, 2010 (LBO) – Sri Lanka’s industries and hotels will face sharply higher power costs of around 25 to 100 percent under new tariffs proposed for 2011, industry representatives told a public hearing called by the regulator. Sri Lanka’s industry has been getting subsidized power, though most of the subsidies went to domestic users […]
Sri Lanka economy expands 8.0-pct in 3Q, 2010: Statistics office
Dec 16, 2010 (LBO) – Sri Lanka’s economy has expanded 8. 0 percent in the third quarter of 2010 from a year earlier, compared to an 8.5 percent growth in the second quarter, the government’s statistics office said. The services sectors 8.0 percent growth (up from 5.1 percent last year) came with hotels and restaurants […]
Sri Lanka Treasuries yields ease
Dec 15, 2010 (LBO) – Sri Lanka’s three-month and six-month Treasury bill yields fell slightly at Wednesday’s auction with the government rolling over 10,883 million rupees worth of bonds, the debt office said. The debt office said the auction for the re-issue of 11,000 million rupees of maturing Treasury bills was oversubscribed with bids amounting […]
Sri Lanka stocks close down 0.2-pct
Dec 15, 2010 (LBO) – Sri Lankan stocks closed down 0.19 percent Wednesday, dragged down by banking and index heavy stocks while shares of a gas distributor which debuted last week fell to their issue price, brokers said. The All Share Price Index closed at 6,373.76, down 0.19 percent (11.84 points) while the Milanka index […]
Niche Focus
Dec 15, 2010 (LBO) – RAM Ratings Lanka has upgraded Co-operative Insurance Company Limited’s (CICL) claims-paying ability rating to BB+ from BB with a stable outlook, a statement said. “The upgrade is reflective of the company’s strengthened capitalisation and improving financial performance,” the rating agency said. “Moreover, the rating is supported by CICL’s niche focus […]
Finance Appetite
Dec 15, 2010 (LBO) – An initial public offer by Singer Finance (Lanka) to raise 400 million rupees by offering 26.66 million shares at 15 rupees each was oversubscribed on the opening day Wednesday, a statement said. Registrars to the issue, SSP Corporate Services (Private) Limited, said in a stock exchange filing that the IPO […]
Sri Lanka tourism arrivals up 63-pct in November
Dec 15, 2010 (LBO) – Sri Lanka’s tourism arrivals rose 63. 1 percent in November to 72,251 from a year earlier, while total visitors for the 11 months increased 45.7 percent to 569,849, tourism promotion office data showed. Eastern Europe generated 42.4 percent higher visitors at 4,920 with Russia up 38.4 percent to 2,063. North […]
SriLankan Airlines signs three-year wage deal with largest union
Dec 15, 2010 (LBO) – SriLankan Airlines has signed a three-year collective agreement with its largest employee union, the Sri Lanka Nidahas Sevaka Sangamaya (SLNSS), introducing a performance-driven work culture, a statement said. The airline is about to re-launch its domestic service SriLankan Air Taxi, and will also commence services to Guangzhou (Canton) and Kochi […]
Sri Lanka Asian Alliance Insurance upgraded
Dec 15, 2010 (LBO) – The claims paying ability of Sri Lanka’s Asian Alliance Insurance, the island’s sixth largest insurer has been upgraded to ‘BBB-‘ from ‘BB+’ following the injection of new capital, RAM Ratings Lanka said. “The corporate exercise has strengthened AAI’s capitalisation and is expected to enhance its financial performance through greater investment […]
Sri Lanka Hayleys MGT Knitting Mills rating downgraded
Dec 15, 2010 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills’ (HMGT) national long-term rating 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, Fitch said. “The downgrade primarily reflects HMGT’s lower operating margins,” […]
Sri Lanka power ministry defends new tariffs
Dec 15, 2010 (LBO) – Sri Lanka’s power ministry has defended new subsidies to state entities in tariffs proposed by the regulator for 2010 and rejected concerns that the move increased the opacity of government fiscal operations. The ministry says offices such as government agents give essential services to the public and cannot afford the […]
Sri Lanka power utility cuts losses with rain
Dec 15, 2010 (LBO) – Sri Lanka’s state run Ceylon Electricity Board has turned a small profit in the three months from June to August helped by heavy rainfall, which has allowed the utility to maximize hydro generation, according to power ministry data. The utility has made profits of 772 million rupees in the three […]