Author: lbostgadmin
Sri Lanka Abans commercial paper rated F2(lka): Fitch
Dec 22, 2012 (LBO) – Commercial paper of 250 million rupees to be issued by Sri Lanka’s Abans (Pvt) Ltd, a consumer durables maker has been rated ‘F2(lka)’ with a stable outlook by Fitch. The money will be used to fund working capital of the company. The full statement is reproduced below: Fitch Rates Abans’s […]
US enterprises forging revolution despite state interventions: Razeen Sally in Sri Lanka
Dec 21, 2012 (LBO) – Private enterprise in the United States is transforming its economic structure using available economic freedoms despite excessive state interventions that has delayed a recovery, a top economist has said. “It intervened far too much and misguidedly at home,” Razeen Sally, a former London School of Economics professor who is now […]
Sri Lanka court summons Speaker, legislators to review impeachment
Dec 21, 2012 (LBO) – Sri Lanka’s court of appeal has summoned parliamentary Speaker and legislators who were in a committee that found the Chief Justice guilty of misconduct in controversial circumstances. Sri Lanka’s Chief Justice Shirani Bandaranayake went court asking to quash the decision of the committee saying she was denied natural justice, the […]
Sri Lanka plantation buys tea exporter
Dec 21, 2012 (LBO) – Sri Lanka’s Kotagala Plantations Plc, a tea plantations firm said it had bought Union Commodities (Pvt) Ltd, a tea exporter for 1,575 million rupees (12. 4 million US dollars). No details were given how the purchase would be financed. Kotagala Plantations said Union Commodities had been ranked the fourth largest […]
‘s Asian Alliance stock to be bought by DEG, FMO
Dec 21, 2012 (LBO) – Germany’s DEG, a part of the KfW group that invests in private firms in developing countries and FMO, a Dutch development financier are buying stock in Sri Lanka’s Asian Alliance Insurance in a 1. 8 billion rupee deal. . Sri Lanka’s Softlogic group said in a stock exchange filing that […]
Sri Lanka rupee stronger, stocks close down
Dec 21, 2012 (LBO) – Sri Lanka’s stocks closed down 0.2 percent Friday with foreign interest in key large cap stocks and the rupee extended gains for the second day, dealers and brokers said. In December the Central Bank has settled some of its bill holdings despite injecting liquidity. Analysts have said Sri Lanka has […]
Sri Lanka rupee extends gains in early trade
Dec 21, 2012 (LBO) – Sri Lanka’s rupee rose sharply against the US dollar in early trade Friday to 125. 60/125.80 up from Thursday’s closing of 127. 60/70 rupees amid thin year end trading dealers said. After that the rupee fell rapidly to much as 134 to the US dollar as the Central Bank sterilized […]
Sri Lanka Commercial Credit to sell Rs500mn in bonds
Dec 21, 2012 (LBO) – Sri Lanka’s Commercial Credit and Finance Plc will sell debentures to raise 500 million rupees, which will be listed in the Colombo Stock Exchange. The CSE said the firm has been given the nod to sell 2.5 million unsecured, subordinated debentures and upsize the issue by another 2.5 million if […]
Sri Lanka floods leave 25 dead, thousands homeless – Update
Dec 20, 2012 (LBO) – Flooding and landslide from days of heavy rain in Sri Lanka’s central, eastern and southern areas have left 25 dead, 13 missing and more than 18,000 homeless, the state disaster management agency said. High winds and flood had left 8,237 homeless in Baticaloa in the East of the island and […]
” model boosts production
Dec 20, 2012 (LBO) – Sri Lanka’s Kahawatta Plantations Plc, has increased production and boosted employee incomes by trying out an ‘out grower’ model of allowing workers to farm tea on estate land on their spare time. The statement said workers go to work in gem pits and other work and only about 40 percent […]
Road Finance
Dec 20, 2012 (LBO) – Sri Lanka will build an 18 kilometre road for 1,802 million rupees with a loan from a commercial bank under a scheme of financing domestic contractors, minister Keheliya Rambukwelle said. Hatton National Bank, a private commercial bank will finance the road. The road runs from Meepe to Ingiriya in Sri […]
First Step
Dec 20, 2012 (LBO) – Australia based SMEC International (Pvt) Ltd, a consultancy, has been awarded the contract to study the feasibility and prepare bid documents for an expressway to the central Sri Lanka, a minister said. Later stages of the Northern Expressway project involve extensions to Jaffna in the north of the island and […]