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July 18, 2011 (LBO) – Moody’s Investors Service, a rating agency has lifted the outlook on Sri Lanka’s below-investment-grade ‘B1’ credit, to ‘positive’ ahead of a billion dollars sovereign bond sale. Road shows for the bond have already started. The rating agency said the end of a long drawn out war which reduced political risk, […]
No Distractions
July 17, 2011 (LBO) – Sri Lanka’s first expressway which is due to open later this month will have curbs on advertising to prevent drivers from being distracted, Road Development Authority chief R W Pemasiri said. “No construction will be permitted within 500 metres of expressway, without permission from the RDA,” Pemasiri said. “No advertising […]
Shipping Loss
July 17, 2011 (LBO) – Sri Lanka’s state-run Ceylon Shipping Corporation’s losses rose 64 percent to 57.1 million rupees in the 2009/201 financial year, while revenues continued to fall, a finance ministry report said. Revenues had fallen 45 percent to 485 million rupees. The report said the firm lacked capital to expand operations and was […]
‘s Tata group to sell $700 flat-pack house
NEW DELHI, July 17, 2011 (AFP) – The Indian company that launched the world’s cheapest car has unveiled its latest product for the fast-growing nation: a flat-pack house that costs just 0 and can be built in a week. The Nano car drew worldwide attention when it was launched in 2009, but sales figures have […]
Branching Out
July 16, 2011 (LBO) – Union Bank of Colombo (UBC) and foreign investment fund ShoreCap II will buy Sri Lanka’s The Finance and Guarantee Company (TF&G), investing 1.1 billion rupees to revive the finance firm. Union Bank chairman Aijta de Zoysa said in a statement the acquisition is part of Union Bank’s diversification and expansion […]
Lawlessness
July 16, 2011 (LBO) – Sri Lanka’s lawlessness and injustice was systematically engineered by the best legal minds in the country over a long period and the island’s minority are not the only victims, a lawyer who has also spoken out against judicial autocracy has said. Kishali Pinto- Jayawardena, lawyer and author, addressing a meeting […]
Sri Lanka apparel maker to invest US14mn in Bangladesh unit
July 16, 2011 (LBO) – Sri Lanka’s Brandix apparel group, will invest 14 million US dollars in a garment manufacturing unit in Bangladesh’s Comilla export processing zone, a media report said. It has also invested in India, where the group runs a 1,000 acre industrial estate, Brandix India Apparel City in Visakhapatnam in the eastern […]
Sri Lanka urged by India to probe war crimes claims
NEW DELHI, July 15, 2011 (AFP) – India on Friday urged Sri Lanka to examine claims made in a British documentary that said it targeted civilians while crushing Tamil Tiger rebels two years ago. The Channel 4 documentary, “Sri Lanka’s Killing Fields” aired last month on British television contained footage of what it said were […]
Sri Lanka central bank buys dollars in June
July 15, 2011 (LBO) – Sri Lanka’s central bank has bought 92.5 million US dollars from interbank forex markets in June, ending two months of net selling, official data shows, though newer data points to fresh selling. By June 12, excess liquidity had fallen to 36 billion rupees. Day to day excess liquidity is also […]
Sri Lanka stocks up 0.9-pct
July 15, 2011 (LBO) – Sri Lanka stocks continued the upward momentum for the second straight day with gains by index heavy John Keels Holdings and speculative buying pushing up recently listed financial stocks, brokers said. The main All Share Price Index closed at 6,777. 03, up 0.91 percent (61.36 points) while the more liquid […]