All Blogs
Structural Support
Sri Lanka is to receive up to US$ 400 mn, which amounts to 100 percent of its SDR quotas, under the International Monetary Fund quote s Poverty Reduction and Growth Facility.rn rnThe long-term loan package is linked to the government quote s three-year economic reform programme spelt out in the Regaining Sri Lanka paper and […]
Timber Scams
Local regulators are taking a hard look at a rise timber investment companies to prevent the public from depositing funds in unlicenced institutions.The move comes after Central Bank on Tuesday for the first time in history, named 27 companies for mobilising public funds without regulatory approval.rn rnAmong the warning list were a few companies that […]
Four Musketeers
A deal finalised on Wednesday will transfer Rohan Pereras 54 percent holding in Pramuka Merchant to a four-man consortium.The paperwork is being processed, say the new shareholders, who plan to hold an emergency meeting in early February.rn rnSources estimate that the consortium put in over Rs. 5 million for the stake and expect a name […]
Rich Dividends
The NAMAL Income Fund (NIF) has declared its second dividend of Rs. 0.75 per unit for the six months ending Dec.31, 2002.With this distribution investors have enjoyed a gross dividend of Rs 1.50 per unit for 2002. The fund paid Rs 0.75 per unit in July 2002, NAMAL said in a statement Wednesday.rn rnDuring the […]
Milk Money
The LTTE and government meetings are drawing up strategies to milk the world donor community to the maximum at the June donor conference.rn rnThe Cabinet spokesperson Prof. G L Peiris refused to put a quantum, but the government is looking at raising around US$ 600 million in medium term funds for national development projects.rn rnProf. […]
Longer View
The Central Bank said Tuesday it was extending its yield curve further by issuing a 15-year bond this week.The maiden Rs. 1.5 bn issue carries a 8.5 percent coupon rate as opposed to the quarterly and half-yearly coupons offered on present treasury bonds.rn rnA further Rs. 1 bn will be raised through a 10-year bond.The […]
Breaking Boundaries
Seylan Bank on Tuesday tied up with Australias Tyndall Investment Management to launch Sri Lankas first ever international bond fund.Initially, the new fixed-income Seylan International Bond Fund will manage US$ 16 mn of Seylan Banks foreign currency assets of over US$ 50 mn.rn rnWith over A$ 9 bn under its management, Tyndall is a member […]
Gambling Ethics
Sri Lankas only two lottery firms are sprucing up their act as the private sector readies to take up the gamble. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs. 6.2 billion at the end […]
Adieu Oberoi
The days of Lanka Oberoi have ended with a payment of US$ 1.5 million by owning company, Asian Hotels to the international hotel chain.Asian Hotel told shareholders on Tuesday that its long-standing dispute with managing company Oberoi Hotels Private Limited would be settled ldblquote in consideration for the payment of US$ 1.5 million. dblquote rn […]
Changing Rules
The securities watchdogs powers were beefed up, after parliament passed its long overdue amendments on Tuesday.The amendments, which were broadly aimed at strengthening its inspection, investigative and enforcement powers, were brought before the previous government, but failed to make its way to parliament.rn rn”Reforms in the working of our Securities and Exchange Commission should be […]