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Sri Lanka rakes in US $ 215 mn from dollar bonds while risk premium edges up
March 09 (LBO) – The risk premium demanded by buyers of Sri Lanka dollar bonds edged up Friday, but the government raked in all offers raising four times the money it originally sought. Raising dollar debt has become an important part of bridging Sri Lanka’s fiscal deficit over the past four years, but relatively short […]
‘s cash rates rocket to a new 7-year high amidst cash crunch
March 09 (LBO) – Sri Lanka’s overnight rates reached 30 percent amidst tight liquidity, with monetary authorities restricting access to its discount window, dealers said. The central banks key discount rate was raised by 50 basis points to 12.00 per in February after inflation rose to 20.5 percent in January. Updated – highest call rate […]
Little Orix
March 09, 2007 (LBO) – Lanka Orix Finance Company (LOFIN), a subsidiary of Lanka Orix Leasing has shown a 105 percent growth in loans in 2006 Fitch Ratings said, giving the firm a BBB+ (lka) rating. “The principal factor supporting the rating of LOFIN is the strong implied support assumed to be available from its […]
Tele Computing
March 09, 2007 (LBO) – Sri Lankan fixed wireless operator Suntel, unit of Sweden’s Telia is hoping to earn 15 percent of its revenue over the medium term from managed services in information technology, officials said. Suntel’s debentures are listed on the stock exchange. The service branded ‘Suntel enabled’ allows firms to concentrate on core […]
Bill Gates still top dog but rising billionaires catching up
NEW YORK, March 8, 2007 (AFP) – Microsoft co-founder Bill Gates is still the richest man in the world, but his lead over other entrepreneurs is narrowing, according to Forbes magazine’s list of billionaires published Thursday. Despite Gates leading the rich list for a 13th straight year with a tidy nest egg of 56 billion […]
World Cup damaged in India
NEW DELHI, March 9, 2007 (AFP) – The expensive silverware to be awarded to the winner of cricket’s World Cup in the Caribbean has been damaged while on display in India, organisers said on Friday.The trophy will be presented to the winner of the World Cup final in Bridgetown, Barbados on April 28. A gold […]
Kenya and Dutch hail minnows quality
DANIEL TOWN, Jamaica, March 9, 2007 (AFP) – Kenya captain Steve Tikolo and Netherlands’ skipper Luuk van Troost hailed praised their sides after a compelling World Cup warm-up match which saw the Africans squeeze home by nine runs. Both men felt they had gained some measure of respect for the ICC Associate nations attending the […]
‘s human rights record
COLOMBO, March 10, 2007 (AFP) – The United States expressed concern Friday over Sri Lanka’s human rights record as activists stepped up pressure over a spate of abductions and disappearances. Visiting ambassador Steven Mann, principal deputy assistant secretary of state for South and Central Asian Affairs, urged President Mahinda Rajapakse to address the issue during […]
Sri Lanka in tsunami tax crackdown
COLOMBO, March 9, 2007 (AFP) – Sri Lanka’s finance ministry said Friday it was planning action against charities that are using vehicles imported duty-free for tsunami relief operations beyond the agreed tax shelter period.The government had allowed duty-free imports on condition that they would re-shipped once relief work was over, and aid groups wanting to […]
Sri Lanka tea exporter calls for economic stability rather than inflation-depreciation cycle
March 09, 2007 (LBO) – In a departure from the usual cry, a top tea exporter in Sri Lanka has called for lower fiscal deficits and economic stability rather than depending on currency depreciation to regain competitiveness lost through fiscally-induced domestic inflation. James Finlay last traded at 143 rupees. Earnings per share on ordinary revenues […]