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Hedging Bets
Singer (Sri Lanka) Ltd secured a SL A credit rating from Fitch Ratings Lanka for its upcoming four-year Rs. 400 mn unsecured redeemable debenture issue.The firm secured a similar rating for its previous debenture issues.rn rnSL A rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered […]
Early Leave
The Central Bank says it will issue Rs. 2 bn worth of treasury bills to the debt market as part of its borrowing programme for April.Of the Rs. 33,371 bn worth of bills that are maturing, the bank has opted to re-issue only Rs. 29,371 mn worth of paper.rn rnThe bank hopes to retire the […]
Tough Run
NatWealth Corp., says the fund misappropriation allegations in the State media are politically motivated, baseless and a distortion on facts.The retort came Thus., following up the State medias second onslaught on the Mahapola Trust fund management subsidiary.rn rnThe allegations has also halted moves by DFCC to invest in NatWealth, and slowed efforts to grow the […]
Crouching Tiger
Sri Lankas elusive Tamil Tiger supremo Velupillai Prabhakaran is not a candidate at next weeks elections, but he could end up calling the shots in parliament.Prabhakaran, 49, has for the first time openly backed candidates from the Tamil minority and was about to clinch political clout at the April 2 vote when his military might […]
Victim Of Peace
The man who is seeking re-election as Sri Lankas prime minister at April 2 polls halted an ethnic war raging for decades, but his handling of the peace process may have landed him in trouble. Ranil Wickremesinghe, 55, has turned the vote into a referendum on his internationally-backed bid to secure a permanent peace deal […]
Taming The Tiger
Sri Lankas political groups enter next weeks elections vowing to bring the Tamil Tigers back to the table, but the parties are poles apart on how to end decades of ethnic bloodshed.Rivals agree that the drawn-out Tamil separatist conflict which has claimed over 60,000 lives is the key issue at the April 2 parliamentary election, […]
Safe Mode
The Central Bank bought Rs. 4.4 bn worth treasury bills on Wednesday by driving rates down marginally.The bank said the money was needed to improve market liquidity, which fell below Rs. 2 bn in this week.rn rnThe money market had a Rs. 4 bn surplus last week, likely on money withdrawals ahead of the April […]
Flying India
Indias Jet Airways chalked up Colombo as its first international destination on Wednesday, after both governments opened skies recently for bilateral traffic. The airline will initially operate Chennai-Colombo runs, extending this to Bangalore, Mumbai and Thiruvananthapuram within the next two months.rn rnldblquote We have got approval for these three routes, seven flights a week from […]
Sharing Wealth
Hatton National Bank is coming out with an Employee Share Ownership Plan to reward staff and give them a sense of partnership.HNBs Chairman/CEO Rienzie T Wijetilleke says around five percent of its issued share capital will be allocated for the ESOP scheme.rn rnThe banks Rs. 715 mn issued share capital comprises of Rs. 550 mn […]
Show and Tell
Sri Lanka is drumming up support for an annual regional export sector exhibition, kicking off its campaign with a 4-day local event in November 2004. A regional event is expected to foster greater inter-Asian trade and push down trade barriers, while giving local exporters an opportunity to attract regional investment partners.rn rnThe South Asian Association […]