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Sri Lanka wants to become self sufficient in sugar: Ravi
Oct 20, 2016 (LBO) – Sri Lanka will deploy new initiatives to become self-sufficient in sugar manufacture, Finance Minister Ravi Karunanayake said in a statement. Plans are underway to increase sugarcane cultivation and set up of 15 new manufacturing plants in the country, the statement said. The project will be implemented under two stages. Under […]
Asian stocks ride US momentum, oil near 15-month high
SINGAPORE, Oct 20 (Reuters) – Asian stocks advanced on Thursday, propelled by strong U.S. earnings and oil prices near a 15-month high, as the third and final U.S. presidential debate before the Nov. 8 election got underway. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 percent. Japan’s Nikkei extended gains to 0.9 percent. […]
Sri Lanka to develop IT platform for tea with Rs220mn
Oct 19, 2016 (LBO) – Sri Lanka is to introduce an industry-wide and real-time IT solution to integrate functions associated with tea in order to improve productivity and quality across the industry. The proposed IT backbone will acquire, store, analyze and report on industry-related data and will integrate the entire value chain with efficient monitoring […]
Sri Lanka to regulate petroleum industry through PUCSL
Oct 19, 2016 (LBO) – Sri Lanka’s cabinet has approved appointment of the Public Utilities Commission as the regulator of the petroleum industry. “The government has noted the importance of transferring Ceylon Petroleum Corporation to the regulatory scope of the Public Utilities Commission of Sri Lanka,” a statement on cabinet decisions said. The proposal was […]
Sri Lanka to conduct feasibility studies for 5 LRTs excluded by JICA
Oct 19, 2016 (LBO) – Sri Lanka’s cabinet has approved conducting of detailed feasibility studies for five remaining light railway transits (LRTs) with an estimated cost of 300 million rupees. Megapolis Ministry has initially identified 7 lines to be constructed in the Colombo district to cater to the transport demand while leaving provisions for further […]
Sri Lanka’s HNB to raise Rs6bn from listed debenture
Oct 19, 2016 (LBO) – Sri Lanka’s Hatton National Bank is to raise 6.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue rated, subordinated, unsecured, redeemable debentures worth 5.0 billion rupees with an option to go up to 6.0 billion rupees. NDB […]
Fitch rates DFCC Bank subordinate debentures final A+(lka)
Fitch Ratings has assigned DFCC Bank PLC’s (DFCC; AA-(lka)/Negative) Basel II-compliant subordinated debentures of up to LKR7bn a final National Long-Term Rating of ‘A+(lka)’. The final rating is the same as the expected rating assigned on 27 September 2016 and follows the receipt of documents conforming to information already received. The debentures, with tenors of […]
RIU Investor roadshow London 2016 holds session at the High Commission
(PRESS RELEASE) – The RIU (Research Intelligence Unit) Investor Forum, geared towards facilitating cross border investment between Sri Lanka and the United Kingdom was held at the Sri Lanka High Commission in Hyde Park Gardens, London on Friday the 7th October. The special focus of this event being on real estate and related investment facilitation […]