Category:
Sri Lanka motor stocks rise on import duty cut
June 01, 2010 (LBO) – Sri Lankan stocks recovered Tuesday, as investors bought motor and consumer products firms on news of import tax cuts on vehicles and electronic goods, despite some retail profit-taking on selected stocks, brokers said. Shares of Autodrome closed at 570, up 35.25 or seven percent. Singer Sri Lanka closed at 95.25, […]
Tele Share
June 01, 2010 (LBO) – Korean electronics maker Samsung said it was eyeing a 30 percent share in Sri Lanka’s growing flat panel television market with an intensified marketing drive as the overall domestic market is also set for higher growth. Samsung West Asia chief JungSoo Shin said his firm had market leadership status for […]
Hot Seats
June 01, 2010 (LBO) – Sri Lankan public will get 100 seats but VIPs will get 400 seats at a India film awards venue in the island’s capital, officials said, though hundreds of millions of rupees of public money is being spent, including to spruce up the venue. The International Indian Film Academy (IIFA) awards […]
Sri Lanka to test first coal power plant by Sept: minister
June 01, 2010 (LBO) – Sri Lanka will start testing its first 300 MegaWatt coal power plant in September with plans to connect it to the national distribution grid by January 2011, power minister Patali Ranawaka said. Coal is expected to reduce the costs of power generation. The CEB is expecting to lose about 40 […]
Sri Lanka to hire cruise liner for World Cup fans
June 1, 2010 (AFP) – Sri Lanka plans to hire a cruise liner to accommodate cricket World Cup fans and spectators at the newly built stadium in the island’s south, an official said on Tuesday. The six-million dollar stadium in Hambantota, President Mahinda Rajapakse’s hometown, lacks hotels to accommodate thousands of fans expected to watch […]
Tamils protest as Bollywood goes to Sri Lanka
MUMBAI, June 1, 2010 (AFP) – Bollywood goes to Sri Lanka later this week for its glitzy annual awards ceremony, but the decision to hold the event in the capital Colombo has sparked a backlash from minority Tamils in India. The International Indian Film Academy (IIFA), which has been held overseas every year since 2000, […]
Sri Lanka slashes vehicles import duty; lifts import surcharge
June 01, 2010 (LBO) – Sri Lanka has slashed an import excise duty on vehicles by 50 percent amid a pick up in the economy and demand for vehicles, lifted a general 15 percent surcharge on all imports and slashed duties on electronic items, an official said. In Sri Lanka prices of wearing apparel are […]
” rating confirmed
May 31, 2010 (LBO) – Fitch Ratings said it had confirmed an ‘AA-(lka)’ rating on Sri Lanka’s Hayleys Ltd, on expected higher profitability of operating subsidiaries though its debt has increased due a recent purchase of a hotel. “Weak global economic conditions and currency fluctuations, especially with a weaker Euro, can exert pressure on the […]
Sri Lanka shares end 0.33-pct down
May 31, 2010 (LBO) – Sri Lankan stocks closed lower Monday, with trade driven by retail investors and foreigners largely staying out of the becalmed market, brokers said. The All Share Price Index closed at 4,237.16, down 0.33 percent (13.83 points) while the more liquid Milanka index fell 0. 08 percent (3.95 points) to close […]
Logistics Link
May 31, 2010 (LBO) – Sri Lanka’s Chartered Institute of Logistics and Transport (CILT) is to function under the Ceylon Chamber of Commerce (CCC), the island’s oldest business chamber, as it launched a corporate membership drive, a statement said. The CILT has entered into an agreement with the CCC which enables the institution to function […]
Lease Growth
May 31, 2010 (LBO) – Sri Lanka’s Commercial Leasing Company will raise 700 million rupees through a senior unsecured debenture which has been rated ‘A-(lka)’ with a ‘stable’ outlook, Fitch Ratings Lanka said. The balance was working capital loans secured by vehicle mortgages (9 percent of advances) and debt factoring (15 percent). Fitch said loan […]
Card Growth
May 31, 2010 (LBO) – Sri Lanka’s banks have started to issue new credit cards ending a steady contraction seen during 2009, amid an overall growth in commercial bank loans to private businesses this year, official data show. In March 2010, bank credit to businesses rose 23 billion rupees, the strongest monthly growth since credit […]