Category:
Going Green
Nov 30, 2009 (LBO) – A new port being built in Hambantota in southern Sri Lanka will use renewable energy for some of its power requirements, Sri Lanka Ports Authority chairman Priyath Wickrama said.“This is going to be green port,” he said. “We’re going to use solar power for all street lighting.It will be an […]
Capital Strength
Nov 30, 2009 (LBO) – Fitch Ratings said it has confirmed the National Long-term rating of Sri Lanka’s Senkadagala Finance Company (SFC) at ‘BBB+(lka)’ with a stable outlook. “SFC’s ratings reflect the strong capital position it accumulated over periods of high profits,” the ratings agency said in a statement. “However, return on assets (ROA) saw […]
Leasing Upturn
Nov 30, 2009 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm, says demand for new leases is picking up with interest also from former war-torn regions, especially in the East of the country. “We think there is some appetite for credit now and we have witnessed some growth in credit and we are […]
Sri Lanka Renuka Agri IPO draws over Rs3bn
Nov 30, 2009 (LBO) – A 270 million rupees initial public offer of Renuka Agrifoods, a firm that makes coconut-based food products, received applications worth 3.1 billion rupees, its managers said. Merchant Bank of Sri Lanka, managers to the issue which closed Friday afternoon, the opening day itself, said they received 5,016 applications for 1,386 […]
” rating confirmed, outlook negative
Nov 30, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed Hayleys MGT Knitting Mills’ (HMGT) National Long-term rating at ‘BBB+(lka)’ and lowered the outlook to negative from stable. Fitch said in a statement the fabric maker faces possible loss of duty free access to key European markets and expiry of a tax holiday […]
Sri Lanka high tariffs hurting investors, poor: US envoy
Nov 30, 2009 (LBO) – High import tariffs maintained by Sri Lanka not only deter investors but also hurt the poor, the American envoy to the island has said.High import tariffs and an economically-damaging tax system hurt not only individual companies, but economic growth in general, said US ambassador Patricia Butenis. “If a company here […]
Developing countries urge Doha Round conclusion
GENEVA, November 29, 2009 (AFP) – Over 100 developing countries called Sunday for an “urgent” conclusion of negotiations for a world trade liberalisation pact, a day before a key World Trade Organisation ministerial conference.“The ministers of the G20 called for urgent action on the Doha Round,” according to a statement issued by G20 major developing […]
Sri Lanka to host 2013 Commonwealth summit
SYDNEY, November 30, 2009 (AFP) – Australia unveiled Perth on Monday as the venue for the next Commonwealth summit in 2011, as the international club’s latest gathering ended in Trinidad and Tobago.Foreign Minister Stephen Smith said it was a “tremendous opportunity” for the west-coast city, which is at the heart of the country’s commodities boom. […]
Sri Lanka inflation accelerates to 2.8-pct in November
Nov 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 2.8 percent in November 2009 from a year earlier, against 1.4 percent in October, indicating inflation is picking up, the government’s statistics office and analysts said. The statistics office said that in November 2009, the 12-month moving average, a seasonally adjusted inflation […]
High investment returns in India outweigh fear of terrorism
NEW DELHI, November 29, 2009 (AFP) – Last week’s one-year anniversary of the Mumbai siege was a reminder of India’s vulnerability to militant attacks.But analysts say high returns for investors in the country this year show they are unfazed by the risks. “The attacks haven’t deterred investors,” said senior Asian economist Robert Prior-Wandesforde at HSBC […]
Sri Lanka MAS lingerie brand Amante to break even next year
Nov 29, 2009 (LBO) – A Sri Lanka launch may be on the cards within the next two years for MAS lingerie brand Amante, as the venture breaks even next year, led by its success in India. To break-even in three years is a huge achievement, said Ajay Amalean, Managing Director of MAS Corporate Solutions […]
‘s ex-military chief declares presidential run
November 29, 2009 (AFP) – The Sri Lankan general who led troops to victory over Tamil separatists after decades of war formally announced on Sunday that he would try to unseat the president in January elections.Sarath Fonseka declared he would stand against President Mahinda Rajapakse, who claims credit for the defeat of Tamil Tigers in […]