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Sri Lanka policy flexibility to bring longer term stability: IMF
Apr 27, 2012 (LBO) – On going policy tightening in Sri Lanka and commitment of policy flexibility, will slow growth and may push up inflation but will bring stability to sustain long term growth, an International Monetary Fund official said. “Yes, growth will slow, inflation will rise, cost of living will rise, but the balance […]
‘s Bank of Ceylon US$500mn bond sale opens – Update
Apr 26, 2012 (LBO) – Subscriptions for a 500 million dollar bond by Sri Lanka’s state-run Bank of Ceylon in international markets has opened and is attracting orders, sources familiar with the matter said. . The lender hired Bank of America, Citigroup Inc. and HSBC Holdings to sell the bond after a series of investor […]
Sri Lanka forex market subdued
Apr 26, 2012 (LBO) – Sri Lanka’s forex markets were subdued with isolated quotes after the conclusion of a meeting of bank treasurers with Central Bank officials, market participants said. Dealers said there were tentative offers and 129. 50 levels to the US dollar but no active trading in late afternoon trade dealers said. The […]
Moving Biz
Apr 26, 2012 (LBO) – GAC International Moving, a division of a Dubai-based logistics group said it has opened a personalized packing and moving business in Sri Lanka, shortly after starting a similar service in India. “The demand for moving services by relocating executives is geared for growth, and the launch of GAC’s International Moving […]
Stable Outlook
April 26, 2012 (LBO) — Fitch Ratings Lanka on Thursday affirmed Multi Finance PLC’s national long-term rating at ‘B+(lka)’ with a stable outlook. The agency has also affirmed and withdrawn the ‘B(lka)’ rating on Multi Finances proposed subordinated debenture issue of up to 100 million rupees, as the issue did not proceed as previously envisaged. […]
‘s Pegasus Hotel raises funds to settle debt
April 26, 2012 (LBO) – Sri Lanka’s Pegasus Hotels of Ceylon PLC said Thursday it has raised 110.9 million rupees via a rights issue. The Carsons Group managed hotel, issued 3.04 million shares to existing shareholders at a proportion of one share for every nine shares at 36.50 rupees each, Pegasus said in a stock […]
Sri Lanka™s March tea output hit by bad weather
April 26, 2012 (LBO) – Sri Lanka™s tea output slipped 22.6 percent in March, over the same period 2011, due to bad weather conditions, a tea broking firm said. Crop figures released by the state-run Tea Board showed output fell to 27.21 million kilos in March, as against 35.13 million kilos recorded in March a […]
Enterprise Award
Apr 26, 2012 (LBO) – HSBC bank and the British Council has launched an award scheme for young entrepreneurs in Sri Lanka targeting students in universities, private higher education institutions, vocational colleges and professional bodies. “Next generation entrepreneurs will drive Sri Lanka™s economy,” Tony Reilly country director British Council said. “It is no different in […]
Sri Lanka forex markets inactive
Apr 26, 2012 (LBO) – There were no deals in Sri Lanka’s forex markets Thursday and quotes have also dried up pending a meeting of bank Treasurers with the Central Bank, market participants said. Monetary policy also loosened in April due to seasonal deficit financing, which has tended to put pressure on the dollar peg […]
Sri Lanka state construction deals for local firms
Apr 26, 2012 (LBO) – Sri Lanka’s government has agreed to reserve a proportion of construction contracts for local builders in a post-war building boom while banks have also loosened up lending to the sector, an official said. Rohan Karunaratne, president the Ceylon Institute of Builders (COIB), said the construction industry had been lobbying the […]