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May 22, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has assigned National Development Bank PLC’s proposed subordinated debentures of up to 10 billion rupees, an expected National Long-Term Rating of ‘A+(lka)(EXP)’. The rating agency also has withdrawn the expected rating of ‘AA-(lka)(EXP)’ assigned to NDB’s proposed senior debentures. Media release reproduced below: – The […]
Sri Lanka’s Commercial Credit Rs1bn debenture issue oversubscribed
May 22, 2015 (LBO) – Sri Lanka’s Commercial Credit and Finance issue of 10 million rupee rated, subordinated, guaranteed, redeemable five-year debentures valued 100 rupees each has been oversubscribed on opening day, the company said in a stock exchange filling.The Issue opened on Thursday 21 May.The five-year rated, subordinated, guaranteed, redeemable debentures will be listed […]
Sri Lanka’s govt cuts 30 pct cost on Chinese financed OCH3 through work scope reduction
May 21, 2015 (LBO) – Sri Lanka’s Highway ministry said that it has reduced the cost of Outer Circular Highway (OCH) phase 3 by 30 percent to 24 billion rupees through removing of the provision to expand to four lane road to six lanes in 2027.However the ministry will stick to the Rajapakse Regime’s plan […]
Sri Lanka’s CPC will stop bank borrowings to pay taxes against CPC act: Minister
May 21, 2015 (LBO) – Sri Lanka’s state-owned petroleum refiner Ceylon Petroleum Corporation (CPC) is to discontinue the process of paying taxes out of borrowed money from banks, Power Minister Champika Ranawaka said. “We will not pay taxes which are against the CPC act, the era that we paid taxes by borrowing from banks is […]
Sri Lanka stocks close down 0.22-pct
May 21, 2015 (LBO) – Sri Lanka’s stocks closed down 0.22 percent with investors taking profits and losses in the food and beverage stocks, brokers said. The Colombo benchmark All Share Price Index closed 16.08 points lower at 7,273.69 down 0.22 percent. The S&P SL20 closed 10.55 points lower at 4,062.97 down 0.26 percent. Turnover […]
Udaya reviews progress of the CID investigations
Udaya Gammanpila on Wednesday (20) reviewed the progress of the investigation being carried out into an alleged attempt by former president Mahinda Rajapaksa to stage a coup to try to stay in power.
Swiss GSP facility is underutilized by Lankan exporters: Envoy
May 21, 2015 (LBO) – Sri Lankan exporters are currently underutilizing the Swiss GSP facility given to the country, a Swiss envoy said. Livia Leu, Ambassador Delegate of the Federal Council for Trade Agreements of Switzerland who visited the Ceylon Chamber of Commerce this week asked Sri Lankan exporters to take maximum use of their […]
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Mar 21, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has affirmed Sanasa Development Bank PLC’s (SDB) National Long-Term Rating at ‘BB+(lka)’ with a stable outlook. The full report is reproduced below :- KEY RATING DRIVERS The rating captures SDB’s high exposure to the retail and lower-end SME segments, its weak asset quality, and pressure […]
Huawei unveils new smart phone “Honor range” in Sri Lanka
May 21, 2015 (LBO) – Huawei Sri Lanka, unveiled three of its latest Honor range smartphones at a launch ceremony held in Colombo Wednesday.The launch saw mid-market smartphones, with features on par with high-end smartphones, namely, the Huawei Honor G Play, Honor 4X and Honor 6 Plus, being introduced to the local market.The launch of […]
Sri Lanka’s troubled Kalpitiya Beach Resort points finger at former regime
May 21, 2015 (LBO) – Sri Lanka’s Kalpitiya Beach Resort, a subsidiary of Citrus Leisure PLC, has said that the hotel project was held back due to former government incompetency to attract occupancy and build tourism infrastructure. In 2011, Kalpitiya Beach Resort has raised 283.5 million rupees from an initial public offering stating that the […]