Category:
DFCC Vardhana
Sept 25, 2009 (LBO) – Fitch Ratings Lanka has confirmed the ‘AA-(lka)’ national rating of DFCC Vardhana Bank Limited’s (DVB) with a ‘stable’ outlook, driven by the ‘AA(lka)/stable’ rating of its parent, DFCC Bank. DVB accounted for 29 percent of DFCC group’s assets, and Fitch says it is expected to play an important strategic role […]
Sri Lanka tea prices up again on supply shortfall
Sept 25, 2009 (LBO) – Prices of Sri Lanka’s high grown teas made by plantation firms rose again at the Colombo auctions this week owing to supply shortages, brokers said. The local crop has been affected by drought earlier this year followed by recent labour union action that disrupted production and transport of made tea […]
Sri Lanka exporters miss preferential duty access to China
Sept 25, 2009 (LBO) – Sri Lankan exporters are not making use of lower import duty market access to China under a regional trade pact owing to lack of awareness and initiative, economists and trade officials said.The preferential trading arrangement, Asia-Pacific Trade Arrangement (APTA), previously called the Bangkok agreement, has helped increase trade between Sri […]
Every match is tough, says Sri Lanka coach
JOHANNESBURG, September 24, 2009 (AFP) – Sri Lanka will be keen to cash in on England’s inconsistent form and boost their hopes of qualifying for the Champions Trophy semi-finals here on Friday. Kumar Sangakkara’s Sri Lankans, having already beaten South Africa by 55 runs in their opening match of the four-team group, are closing in […]
Sri Lanka overvalued rupee points to job losses: productive sector
Sept 25, 2009 (LBO) – Sri Lanka’s overvalued currency is hurting exports and a catch up in productivity inevitably points to more industrial job losses, private sector representatives have said.His comments came as an official survey by the government’s statistics office said 155,000 industrial jobs have been lost in the second quarter of 2009 from […]
Sri Lanka still has room for foreigners to buy bonds: CB Governor
Sept 24, 2009 (LBO) – A limit of 10 percent of outstanding government bonds remains in place, and foreign investors still have room to buy Sri Lanka government bonds, Central Bank Governor Nivard Cabraal said.“The limits remains the same,” Governor Cabraal said. “There is no change. “The borrowings will take place as and when the […]
Sri Lankan shares close down 0.83-pct
Sep 24, 2009 (LBO) – Sri Lankan shares closed down on Thursday as investors took profits from hotel and banking sector stocks, although renewed confidence in the economy after a war is expected to drive shares back up, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
Reaching Out
Sept 24, 2009 (LBO) – Sri Lanka’s NDB Bank said it plans to open five branches in the north and east regions which are recovering after the end of the island’s ethnic war.“Communities across the north and east now have a rare opportunity to rebuild their lives, reconstruct their homes, sustain a livelihood, pursue their […]
Sri Lanka August tea output down 5.3-pct
Sept 24, 2009 (LBO) – Sri Lanka’s production of black tea in August 2009 fell 5.3 percent to 23.9 million kilos from a year ago, with the shortfall coming from the high and mid-grown elevations, according to the Sri Lanka Tea Board. But production of low grown teas, which make up the bulk of the […]
Coming Back
Sept 24, 2009 (LBO) – Sri Lanka’s Supreme Court has allowed the island’s former Treasury Secretary to return to public service from which he was ousted by court, lawyers said.In 2008 a three judge bench headed by former Chief Justice Sarath Silva faulted Jayasundara over the privatization of a ship fuel or bunkering monopoly.Former Treasury […]
Sri Lanka Hayleys ups stake in fabric unit
Sept 24, 2009 (LBO) – Sri Lanka’s Hayleys group said it has increased control of its fabric manufacturing unit, Hayleys-MGT Knitting Mills, after a mandatory offer to buy up shares of other shareholders. The firm said earlier that independent advice provided by Merchant Bank of Sri Lanka on the mandatory offer has found the price […]
Sri Lanka power IPO gives small investors preference
Sept 24, 2009 (LBO) – Small investors who applied for up to 500 shares in an initial public offering by Sri Lanka’s Hemas Power will be given their full allotments, according to a stock exchange filing.NDB Investment Bank, which handled the issue, said they had got 2,582 applications up to and inclusive of 500 shares […]