Category:
Sri Lanka Cargills says strengthens dairy presence
Nov 04, 2010 (LBO) – Sri Lanka’s Cargills will strengthen its presence in the island’s dairy sector by taking over three processing plants and having broader access to farmers, the company said in a statement. “The acquisition of Kotmale Holdings PLC comes in the wake of these identified opportunities and potential for sustainable long term […]
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PARIS, November 4, 2010 (AFP) – Physicists in Scotland said on Thursday they had devised a flexible material that manipulates light, marking a small step towards “invisibility” clothing beloved of science fiction writers and Harry Potter. The work is in the domain of metamaterials, or compounds with a surface that interacts with light thanks to […]
Gas Demand
Nov 04, 2010 (LBO) – A share issue by Sri Lankan liquid petroleum gas supplier Laugfs Gas to raise 2. 5 billion rupees was oversubscribed on the opening day Thursday itself, its promoters said in a stock exchange filing. Merchant Bank of Sri Lanka, Managers and Registrars to the IPO, said the issue would be […]
Sri Lanka investment agency says will honour obligations
Nov 04, 2010 (LBO) – Sri Lanka’s Board of Investment (BOI) said it will continue to honour all contractual obligations and to accept new investment applications with priority being given to identified ‘thrust’ sectors. The investment promotion agency said in a statement it was clarifying reports that the BOI) has suspended the acceptance of investment […]
Sri Lanka would like foreigners to buy private debt in future: Deputy Governor
Nov 04, 2010 – (LBO) – Sri Lanka is not looking to increase Treasuries sales to foreigners but would like them to buy private debt once capital markets are opened further, central bank’s deputy governor Dharma Dheerasinghe said. Sri Lanka’s rupee market has more than a 100 billion rupees as excess bank reserves which are […]
Sri Lanka stays in place in Doing Business 2011 ranking
Nov 04, 2010 (LBO) – Sri Lanka was retained its place at 102 in a ranking of 183 countries for ease of doing business, by the World Bank group for 2011 though some of its neighbors made gains. Maldives moved up to 85th place from 96, Bangladesh moved up to 107 from 11, and India […]
Sri Lankan stocks close 0.5-pct down
Nov 03, 2010 (LBO) – Sri Lankan stocks closed lower with the fall softened by large deals on some high value shares, while Cargills Ceylon entered the dairy farm business with its takeover of Kotmale Holdings, brokers said. John Keells Holdings closed at 301.10 rupees, up 1.10 (0.37 percent), while Aitken Spence closed at 180.60 […]
Credit Quality
Nov 03, 2010 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said net profit for the September 2010 quarter rose 104 percent to 354 million rupees from a year ago as interest margins improved and bad loans fell. Interest income fell 10 percent to 2.6 billion rupees and interest costs fell at a faster 32 […]
Easier Credit
Nov 03, 2010 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has announced an immediate reduction in the interest rate applicable on all credit cards issued by the bank, a statement said. This reduction is in line with the trend of reducing lending rates, and is even less than the 24 percent rate requested by […]
Finance Purchase
Nov 02, 2010 (LBO) – Sri Lanka’s Asian Finance Ltd, a former Ceylinco group company will be sold to a Malaysian investor who is putting 200 million rupees in to the company, its parent, listed Nations Lanka Finance said. Tiong King Sing, a Malaysian national, had injected 200 million rupees to the firm and will […]
Sri Lanka Aitken Spence hotels boost Sept net profit
Nov 03, 2010 (LBO) – Sri Lanka’s Aitken Spence net profit rose 29 percent to 606 million rupees in the September 2010 quarter from a year ago largely on better earnings from its hotels, a stock exchange filing said. Group sales rose 11 percent to 6.3 billion rupees while earnings per share after subdivision were […]
Tele Status
Nov 03, 2010 (LBO) – Sri Lanka Telecom, the island’s largest fixed access operator, which also has a mobile unit said it made 1,027 million rupees in profits in the September 2010 quarter, against a loss of 189 million rupees a year earlier. At company level, which is mostly fixed access, revenues edged down 1.0 […]