All Blogs
Highway Hopes
Nov 17, 2011 (LBO) – Sri Lanka’s first high-speed expressway that is to be opened this month lacks adequate roadside space to park vehicles during emergency stops, journalists taken on a tour were able to observe. The southern expressway also has lights only on bridges and at intersections with ramps connecting the highway with other […]
Tar Imports
Nov 17, 2011 (LBO) – Sri Lanka has allowed the state Road Development Agency to directly import bitumen for road building in addition to buying from state-run Ceylon Petroleum Corporation, minister Keheliya Rambukwelle said. Delays could results in contractor’s machinery lying idle resulting in losses which can escalate project costs. He said the cabinet of […]
Leasing Appetite
Nov 17, 2011 (LBO) – An initial public offer of 390 million shares by Sri Lanka’s People’s Leasing Company at 18 rupees each has seen lower than expected demand in most investor categories. The IPO by the island’s largest leasing company to raise 7. 0 billion rupees was oversubscribed by 1.3 times, drawing 9,843 applications […]
Asset Play
Nov 17, 2011 (LBO) – Asia Asset Finance Limited (AAFL), a Sri Lankan registered finance company that is part of the Asia Capital group, plans to go public with an initial public offer of 120 million shares at 2. 50 rupees each. The issue opens on November 28, 2011 with the shares to be listed […]
Tele Outlook
Nov 17, 2011 (LBO) – Sri Lanka telecom operators are likely continue spend on fiber optics and network upgrades next year to meet post-war demand, though the sector is facing tighter margins and regulatory risk, Fitch Ratings said. Fitch said large operators would be stable but the outlook for smaller operators was negative and regulatory […]
Sri Lanka seized assets re-offered to private managers: minister
Nov 17, 2010 (LBO) – Former owners of expropriated assets may be given a chance to manage the companies again if a competent authority appointed by the state finds them acceptable, a minister said. Cabinet spokesman and information minister Keheliya Rambukwelle said the government will shortly appoint competent authorities to the seized firms and they […]
Sri Lanka central bank pours oil on troubled waters
Nov 17, 2011 (LBO) – Sri Lanka’s central bank said there may be room for former owners of seized assets to negotiate with competent authorities appointed by the state, after rating agencies raised fears of deteriorating property rights in the island. The government expropriated land in 36 enterprises and ordinary shares of listed Hotel Developers, […]
Sri Lanka citizens need freedom for economic growth: lawmaker
Nov 17, 2011 (LBO) – Sri Lanka’s citizens need freedom for economic progress, a lawmaker said during a debate on an expropriation law which violated property rights that pre-dated the island’s Western-style constitution. “I know that (economic development) minister Basil Rajapaksa and everyone here actually believe in the market economy,” lawmaker and economist Harsha de […]
Sri Lanka holds rates despite falling inflation amid peg defence
Nov 16, 2011 (LBO) – Sri Lanka is holding policy rates at between 7.00 percent and 8.50 percent despite falling inflation, the Central Bank said as rapid credit expansion put pressure on a peg with the US dollar amid strong economic growth. Inflation fell to 5.1 percent in October 2011 from 6.4 percent in September. […]
Sri Lanka Treasuries yields up
Nov 16, 2011 (LBO) – Sri Lanka’s 3 and 6 month Treasuries yields rose at Wednesday’s auction and all bids for 12 months bills were rejected, data from the state debt office showed. Three month bills rose 12 basis points to 7.51 percent, 6-month bills rose 9 basis points to 7. 54 percent. Last week […]