Sri Lanka’s inflation slows down in October

Sri Lanka’s inflation in October slowed down to 5.1%, well below the 6.4% recorded in August and 6.5% recorded a year ago.
The annual average inflation during end October stands at 7.1%.
The Central Bank earlier in the month said, Inflation on a year-on-year basis is expected to continue to moderate during the remainder of 2011.
It said, [...]

A 100 room hotel to come up in Kandy

Kandy Hotels Company PLC has formed a joint venture with Sino Hotels Holdings (Private) Limited to construct a 100 room hotel in Kandy.
The new joint venture firm which is known as Suisse Hotel Kandy (Pvt) Limited will build the proposed hotel on a land adjacent to the Suisse Hotel Kandy.
Both the Kandy Hotels and Sino [...]

LOLC subsidiary permitted to operate as a finance company

Sri Lanka’s Central Bank has given a license to Commercial Leasing Company Limited to function as a Finance Company.
Commercial Leasing is a subsidiary of Lanka Orix Leasing Company PLC, a listed firm in the Colombo bourse.

Corporate Earnings

MERCHANT BANK OF SRI LANKA PLC (MBSL)

•    Earnings from leasing and trade finance segments have seen encouraging results – 9M FY 2011 -  48% and 120%  rise YoY
•    Loan book (including leasing, HP and other advances) has seen a growth of 40% to ~ LKR 12bn YoY
•    Loan book growth is mainly funded by borrowings [...]

Market will rebound, but difficult to say when

By. R. M. B. Senanayake
Is the market undergoing a correction or have we entered the bear phase of the stock market? The market has fallen from the peak last year by about 20% and the Price Earnings ratio for the market as a whole is now 16.3, having fallen from 25 not so long ago. [...]

Sri Lankans in Australia protest against ABC Media Channel

Sri Lankans living in Perth, Australia staged a protest campaign against Australia’s ABC media channel yesterday.
The Lankans claimed that ABC is running programs favoring the LTTE, which is a proscribed terrorist organization in many countries including Sri Lanka, USA and EU.
The group of protestors also handed over a letter to an ABC official demanding fair [...]

Mano Wijeyeratne passes away

Former Minister and the Kegalle district parliamentarian Mano Wijeyeratne has passed away.
He has passed away in Singapore yesterday.
Mano Wijeyeratne, formerly a UNP parliamentarian who crossed over to the UPFA in 2006 with 16 other parliamentarians was 54 years at the time of his death.

Petrol, Diesel, Kerosene prices go up

Sri Lanka increased the retail prices of Petrol, Diesel and Kerosene with effect from Midnight yesterday.
Accordingly, a liter of Petrol has been raised by Rs. 12, a liter of diesel by Rs. 10 and a liter of Kerosene by Rs. 8.

Sri Lanka outflanks Gillard on Games bid

The Sri Lankan president has out-maneuvered Prime Minister Julia Gillard over dueling bids for the 2018 Commonwealth Games.
Ms Gillard today hosted senior officials from across the Commonwealth for a sports breakfast in Perth, on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM).
In the audience were the bid teams for the Sri Lankan city [...]

CPC facing a financial crisis – Official

Sri Lanka’s state run Ceylon Petroleum Corporation is facing a financial crisis owing to selling fuel items below the import cost, says a top official.
The Secretary to the Ministry of Petroleum and Petroleum Resources Development Sandhya Wijayabandara told News360.lk that this situation has occurred as the CPC is selling Petrol, Diesel and Kerosene below the [...]