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Full House
The Central Bank says the response was phenomenon, but stopped short from disclosing how much of bids it received. rnrnThe US$ 91.5 mn of the US$ 250 mn issue carries a minimum two-year tenure linked to the six months LIBOR plus 200 basis points. rnrnUnlike previous issues, investors had the option of bidding for maturities […]
Closer Look
The suggestion that a post-implementation review (PIR) mechanism be put in place was mooted at the recent development forum held in Colombo. rnrnServing a kind of watchdog function, a team of multi-disciplinary professionals conducts the audit at the completion of selected projects or any significant capital expenditure commitments. rnrnProgress reviews of this kind are usually […]
Long Term Dues
Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online that the bank hopes to offer around Rs. 1.5 bn at the initial issue. rnrnThe bond is likely to be priced at around 12 percent to 13 percent, though market players are expecting to bid at around 15.5 percent. rnrnThe ten-year bond, the first in Sri […]
Double Entry
Union Bank officials are presently talking to Central Bank and other key officials to clinch the deal. rnrnldblquote Sri Lanka was always in our radar. With the onset of the peace process we moved our plans forward for Sri Lanka, dblquote Union Bank quote s Chairman, Tharin Shaukat said in an interview. rnrnMushreqbank quote s […]
Investment Divide
Legislation to divide the country into five industrial zones under the Board of Investment (BOI) has gone a step ahead, with the draft Act being finalised, Enterprise Development Minister, G.L. Peiris said today.
Tasteless Treaty
The decision by the Joint Ministerial Committee earlier this month was prompted by a recent delay in clearing a shipment of tea to the continent.The decision requires flavoured tea exporters to obtain clearance for their flavours and methodologies from the National Food Laboratories Indian Prevention of Food Adulteration Act. Exporters obtaining the clearance will then […]
Going To Locales
Continuing losses and rising costs have forced authorities to adopt new strategies to turnaround the ailing department.rn rnUnder the programme Internet, email, typesetting, binding and other customer-oriented services will be added to the list of services offered at present. rn rnAn initial TRC funded project will help the postal department to introduce over 60 modern […]
Sunset Call
Indications are that the port could be run efficiently with less than half its 19,000 workforce if operations are rationally recognised.rn rnThe VRS is in line with plans to enhance the services of the Colombo port to be more competitive with regional services. rn rnThe Minister of Shipping and Port Development Rauf Hakeem told LBO […]
Leaving The Bud
VAT, which comes into effect from July 1, is slapped on tea exports.But the tea trade is against the move as it pushes the weekly tea auction prices up. Under the existing tax system, exporters are not required to pay 12.5 percent GST on the weekly tea auctions.Instead, GST is refunded whenever the trade purchases […]
Borrowing Spree
A series of Reconstruction bonds are due to hit the market later this year, while the remaining US$ 91.5 mn of the US$ 250 mn development bonds will be issued later this month. rnrnReconstruction bonds will be issued in rupee and dollar denominated notes. Of this, the bank is looking to raise US$ 300 mn […]