Category:
Sri Lanka value-added tea exports boost Finlay profits
Aug 12, 2009 (LBO) – Sri Lanka’s James Finlay group said June 2009 quarter net profit shot up 75 percent to 80 million rupees from a year ago as exports of value-added teas with better profit margins grew.The company, part of the Swire group of the UK, said in a stock exchange filing of provisional […]
Sri Lanka Dilmah says branded tea to Europe hit by strong rupee: Interview
Aug 12, 2009 (LBO) – Sri Lanka™s largest branded tea exporter who was hit by a slump in demand says an upturn may be around the corner but warns that weak balance sheets in large plantations pose a long-term threat to the industry. MJF Group owned Dilmah tea – available in over 90 countries – […]
Locally Made
Aug 12, 2009 (LBO) – Dubai-based EZY Infotech said it has launched their first computer made in Sri Lanka, a slim desk-top machine powered by Intel Atom technology. EZY Infotech set up a fully-automated manufacturing plant in February 2009 in the suburb of Ratmalana south of Colombo to make computers bearing the ˜Manufactured in Sri […]
Tele Deal
Aug 12, 2009 (LBO) – Sri Lanka Telecom (SLT) said it has inked a deal with Mireka Capital Land (Pvt) Ltd, a large commercial and residential property project, to provide telecom services including fibre optic supported broadband facilities.Mireka Capital Land is a joint venture between Overseas Realty (Ceylon), a unit of Singapore’s SP Tao group, […]
Northern Connect
Aug 12, 2009 (LBO) – Sri Lanka’s Dialog Telekom has activated the first phase of a network expansion into former war-torn areas in the north of the island, which may cost up to 10 million US dollars, officials said.“We have connected the first six sites, and we will build 60 more towers in tandem with […]
Cell Sale
Aug 11, 2009 (LBO) – Luxembourg-based Millicom International Cellular which has put its Asian units on sale will sell 58.4 percent stake in its Cambodia unit to The Royal Group, its local partner, the company said.The stake in CamGSM will go for 346 million US dollars, valuing the unit at 605 million US dollars or […]
Sri Lankan Engineering maintains Pakistani, Indian aircraft
Aug 12, 2009 (LBO) – SriLankan Airlines engineering unit is strengthening relationships with regional airlines on its path to becoming a maintenance repair organization (MRO) for Asia, the Colombo-based airline said. Over the past year SriLankan Engineering has carried out certifications on aircraft of several airlines including Air Arabia, Kuwait Airways, Kingfisher, Qatar Airways and […]
Sri Lanka foreign reserves US$1,556mn in June
Aug 11, 2009 (LBO) – Sri Lanka’s official foreign reserves without an advance to local banks were 1,556 million US dollars in June, up from 1,291 in May, with 270 million US dollars flowing in to rupee Treasuries so far this year, the Central Bank said.In July, with the approval of a 2.6 billion US […]
Sri Lanka sells US$190mn 2-year bonds
Aug 11, 2009 (LBO) – Sri Lanka has sold 190 million US dollars of 2-year bonds at an average yield of 449.8 basis points above the London interbank offered rate (LIBOR) the government’s debt office said. Today’s LIBOR rate was 0.91 percent, the debt office said. On June 19, Sri Lanka sold 115.8 million US […]
Sri Lankan shares close flat, blue chips down
Aug 11, 2009 (LBO) – Sri Lankan stocks closed flat Tuesday as retail investors were seen taking profits on selected blue chip and high value shares, while there was renewed interest in certain mid-cap counters, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 0.09 percent (2.15 points) to end at 2,524.92 […]
Bank Rating
Aug 11, 2009 (LBO) – RAM Ratings said it has lifted the Rating Watch on Merchant Bank of Sri Lanka (MBSL) and also confirmed the long- and short-term ratings at AA- and P1. The long term rating has a stable outlook, the rating agency said in a statement. The AA- ratings of the bank’s 300 […]
Stored Value
Aug 11, 2009 (LBO) – Sri Lanka’s banking regulator said it intends to regulate and closely supervise payment card service providers almost a year after the collapse of one firm triggered a crisis in a local conglomerate. The Central Bank said in a statement that use of payment cards, such as credit cards, debit cards […]