All Blogs
Secure Funds
Asian Finance Ltd has raised Rs. 100 mn by securitising its future cash receivables to fund its working capital.Structured and placed by National Wealth Corp (NatWealth), the issue raises funds by converting Asian Finances lease receivables into liquid and negotiable instruments.rn rnWith its strengths and expertise in the Real Estate Development sphere, the firm has […]
Light Delay
A proposed light rail system for Colombo is going slow as officials now prepare to roll out a pre-feasibility study with Indian assistance. Policy makers are lobbying for Cabinet approval to commission Indias Metro-rail using Rs.50 mn (Indian rupees) under the Indian line of credit.rn rnThe project so far only has a sketch or a […]
Rural Reserve
The ADB on Wednesday sanctioned a US$ 70 million loan package to kick start the Sri Lanka n rural finance sector.The Program aims to revive the rural economy and promote private-sector led economic growth.rn rnThe program loan will promote policy changes that emphasize good governance and improved operations of rural finance institutions. rn rnDrafting a […]
Buying Time
The Central Bank has extended the suspension of Pramuka by another six months, to give monetary authorities extra time to restructure the bank.ldblquote The six months extension is subject to several conditions. But it gives the bank management the powers to recover loans, dblquote Central Banks Deputy Governor, Manik Nagahawatte told Lanka Business Online.rn rnThe […]
Chinese Whispers
Cathay Pacific will fly daily between Hong Kong and Colombo from March, positioning itself to capture the yet untapped Chinese outbound market endash a key growth area for Sri Lankan tourism.Sri Lanka was given destination status by China last year, with the number of travellers between the countries expected to take off this year.rn rnThe […]
Legal Tips
The Employees Trust Fund has sought Auditor Generals advice to dispose part of its loss making equity portfolio.ETF has fully provided for the Rs.600 mn odd portfolio, which largely consists of investments in quoted/unquoted firms made in the early 1990s.rn rnThe Rs. 45 bn Fund, which made over a Rs.4 bn profit last year, is […]
Troubled Times
As the Marxist JVP and the Sri Lanka Freedom party joined camps today, they unveiled a reform agenda including agriculture and local industry led economic growth, devolution of power to the provinces, and defeating the UNF government. rnThe Janatha Vimukthi Peramuna and the SLFP, inked an alliance agreement today,with rumours rife of snap polls.rn rnThe […]
Left Right Left
The new Janatha Vimukthi Peramuna (JVP) Sri Lanka Freedom Party (SLFP) alliance, if voted in, says it would renegotiate the terms of the US$ 4.5 billion in aid pledged by international donors last year.The Memorandum of Understanding (MOU), the result of over 10 months of conference between the SLFP and JVP, is the first concrete […]
Tailspin
Hopes of securing US$ 80 mn from the International Monetary Fund (IMF) next month has been put off, due to the current turn of events in Sri Lanka, a top official said Tuesday.A review mission led by Jehangir Aziz, Deputy Division Chief of the IMFs Asia Pacific unit, gave the countrys macro fundamentals good marks.rn […]
Road Closed
State owned Road Construction & Development Company (RCDC) has closed up, with all its employees sent on compulsory leave till end January.rn A liquidator has not yet been appointed to dissolve the firm, but a retirement package to shed its 2000 workers, will be rolled out almost immediately, RCDC General Manager, Mr. Sumanaratne, said.rn rnThe […]