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Outward Eye
Oct 02, 2012 (LBO) – Sri Lanka’s NDB Bank group will use a part of the cash from a 59 million US dollar exit from an insurance unit for regional expansion, chief executive Russel de Mel said. “We are looking for regional expansion,” de Mel said. “Though we have 30 years of experience as a […]
M&A Forum
Oct 02, 2012 (LBO) – Sri Lanka chapter of UK’s Chartered Management Institute and KPMG, a accounting firm, has organized a forum on mergers and acquisitions as businesses look outside organic growth to expand. While mergers and acquisitions are becoming popular there are also risks and challenges. CMI and KPMG has brought together a group […]
Sports Backbone
Oct 02, 2012 (LBO) – Sri Lanka Telecom, the island’s largest telecom provider says it is providing high speed connections to all sporting venues during the Twenty20 world cricket championships being held in the island. SLT has provided fibre optic links to cricket stadia in Hambantota and Galle in the south, Pallekele in central Sri […]
‘s state debt expands amid currency fall, forex loans
Oct 02, 2012 (LBO) – Sri Lanka’s state debt has expanded by more than a trillion rupees to 6,161 billion rupees up to July 2012 from 5,133.3 billion rupees in December 2012, as the currency depreciated and foreign borrowings increased. Domestic borrowing had fallen to 53.02 percent from 59.6 percent over the same period. In […]
Sri Lanka mid-year fiscal report not responsive to law: legislator
Oct 02, 2012 (LBO) – An interim report on state finances presented to parliament is not responsive to Sri Lanka’s fiscal management responsibility law and lacks key information, a legislator has said. Harsha de Silva, an opposition legislator who is an economist, has told parliament that in Sri Lanka’s mid-year fiscal report covering fiscal operations […]
Sri Lanka rupee extends gains amid tight liquidity
Oct 01, 2012 (LBO) – Sri Lanka’s rupee strengthened to a near four month high Monday with money markets continuing to be tight with the rupee quoted as low as 128.90/129.00 to the US dollar in the spot market, dealers said. Market participants said cash deals were seen at 128. 80 to the US dollar. […]
‘s Sampath Bank to sell 16.5-pct bonds
Oct 01, 2012 (LBO) – Sri Lanka’s Sampath Bank is selling 16. 5 percent 5-year public listed bonds to boost its regulatory capital with a floating rate and monthly interest paying alternatives also available. The bond will be subordinated to deposits, meaning they will rank lower in repayments in case of liquidation. According to a […]
Sri Lanka tourist authority gets new chief
Oct 01, 2012 (LBO) – Bhashwara Senanka Gunarathna, who was a member of the board of Sri Lanka Tourism Development Authority since 2010 has been appointed its chairman the agency said. He is also the chairman of the Sri Lanka Tourism Promotion Bureau (SLTPB). The Tourism Development Authority is a policy making and infrastructure development […]
Sri Lanka sees budget slippage in July: data
Oct 01, 2012 (LBO) – Sri Lanka has seen a sharp fiscal slippage in July 2012 after two months of improving state finances, as the state ratcheted up current expenditure ahead of the ability of citizens to pay up taxes, official data show. State revenues rose 12.6 percent to 556 billion rupees in the seven […]
Sri Lanka holds international spice food festival
Sept 30, 2012 (LBO) – Sri Lanka is holding a ‘World Spice Food Festival’ in Colombo starting from October 05, featuring country specific foods and competitions, the island’s tourism promotion agency said. A number of top hotels and restaurants in the capital will also participate with master chefs being flown in. Asian cuisine will be […]