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Road Building
July 20, 2012 (LBO) – A 24 kilometre road in Sri Lanka’s from Maha Oya to Aralaganwila will be built under a scheme where a 500 million dollar bank credit will be used by the state road agency fund domestic contractors. Sierra Construction (Pvt) Ltd has got the contract to build the road for 2,363 […]
Clear Path
July 20, 2012 (LBO) – LankaClear Private Limited, Sri Lanka’s main cheque and electronic clearing house, is spending 300 million rupees to deploy a nationwide common card and payment switch that allows customers to use any bank teller machine, officials said. The company, which is jointly owned by the Central Bank and local commercial banks, […]
Sri Lanka starts construction of stalled high rise for Hyatt hotel
July 20, 2012 (LBO) – Sri Lanka has re-started the construction of a stalled 43-story high rise in the capital Colombo with a new company taking over assets, which will house a Hyatt branded hotel, a statement said. It could house 600 people seated, or 1,000 standing. The hotel will have 54 suites, 265 ‘King’ […]
” rating confirmed: RAM
July 19, 2012 (LBO) – RAM Ratings has confirmed an ‘Aa+’ rating of Sri Lanka’s Commercial Bank of Ceylon with a stable outlook. “The ratings are premised on the Group’s strong market position as Sri Lanka’s largest privately owned licensed commercial bank and third-largest overall..,” the rating agency said in a statement. “The ratings also […]
Sri Lanka stocks up 1.4 -pct: rupee firmer
July 19, 2012 (LBO – Sri Lanka stocks ended a five day losing streak and close up1.42 percent Thursday in a broad based rally while the rupee firmed against the spot US dollar, brokers and dealers said. The Colombo All Share Price Index gained 68.47 points to 4,891.11 up 1.4 percent and the S&P 20 […]
Express Project
July 19, 2012 (LBO) – Sri Lanka will engage SMEC International (Pty) Ltd, an Australia based consultancy develop an expressway project from the capital Colombo to the central part of the island, to bring in private investment, a minister said. The rest of the Northern Expressway involves connects to Jaffna. A connection is also expected […]
Sri Lanka war-affected entrepreneurs to be recognised
July 19, 2012 (LBO) – Entrepreneurship awards by a Sri Lankan business chamber will include two new categories this year to recognise women running small enterprises in the former war zone and disabled entrepreneurs. Sri Lanka’s 30-year ethnic war which ended in 2009 left thousands of people disabled on both sides of the conflict and […]
Sri Lanka inflation spike could be one-off: IMF
July 19, 2012 (LBO) – Sri Lanka’s recent spike in inflation following a steep depreciation of the currency is mostly a structural change in prices, and not continuous monetary inflation, an International Monetary Fund official said. As foreign reserves are sold down by the Central Bank, the trade gap widens and the current account deficit […]
Sri Lanka bill yields fall after auction
July 18, 2012 (LBO) – Yields of Sri Lankan Treasuries eased slightly after a weekly auction with longer term bond rates also falling about 10 basis points in secondary market trading, while the rupee also gained, dealers said. In the secondary market 12-month bills traded at 13.00 percent sharp, lower than the auction average of […]
””
July 18, 2012 (LBO) – Sri Lanka’s People’s Leasing Company Plc, a unit of state-run People’s Bank, has been rated at ‘B+’ with a ‘stable’ outlook, by Fitch Ratings on the expected support from the parent. The full statement is reproduced below Fitch Rates Sri Lanka’s People’s Leasing ‘B+’; Outlook Stable Fitch Ratings-Mumbai/Colombo-18 July 2012: […]