Author: lbostgadmin
Sri Lanka post war growth potential draws AIA
Sept 28, 2012 (LBO) – Being well positioned to take advantage of Sri Lanka’s post war growth potential helped drive a 109 million US dollar acquisition of Aviva NDB Insurance (ANI) by American International Assurance group, officials said. “After 30 years of war and this is a new beginning for the country so we are […]
Sri Lanka rupee strengthens
Sept 27, 2012 (LBO) – Sri Lanka’s rupee strengthened above 130 to the US dollar in the spot market Thursday with banks being short of cash for six straight days while longer term market interest rates continued to ease. A sterilized purchase of foreign exchange (where domestic money is withdrawn by the central bank) results […]
Sri Lanka 2012 GDP growth lowered to 6.8 pct: CB Governor
September 27, 2012 (LBO) – Sri Lanka’s economic growth forecast for 2012 has been lowered to 6. 8 percent from an earlier7.2 percent, Central Bank governor Ajith Nivard Cabral said He said expected growth in some sectors has been revised up and some down. Sri Lanka is facing an external slowdown which has slowed exports […]
Sri Lanka gets ADB help to cut power system losses, start solar trials
Sept 27, 2012 (LBO) – Sri Lanka will get 130 million US dollars in Asian Development Bank financing to cut losses in the power grid, expand supply to former war zones and for pilot rooftop solar panel installations. The regional lender said the financing will help the government reach its target of cutting system losses […]
Sri Lanka Aviva Insurance unit sold to AIA group
Sept 27, 2012 (LBO) – Control of Sri Lanka’s Aviva NDB Insurance is being bought by AIA Group, for 109 million US dollars, with Aviva and with joint venture partner, Colombo based NDB group, exiting. Aviva said 58.44 percent of Aviva NDB Holdings Lanka (Private) Limited, an unlisted firm will be sold to American International […]
Project Launch
Sept 27, 2012 (LBO) – India’s Krrish group, which has interests in alcohol and real estate launched a 460 million US dollar mixed development in Sri Lanka’s capital Colombo and has started marketing apartments, officials said. Krrish chief executive R Guptha said the group said a marketing office has been set up to sell apartments. […]
Sri Lanka stocks closed up 0.10 pct
September 27, 2012 (LBO) – Sri Lanka stocks closed up 0.10 percent Thursday with NDB PLC and AVIVA NDB Insurance indices dropping on confirmation of a take- over by AIA group. The Colombo All Share Index closed at 5,949.42 up 5.66 points and the S & P SL 20 Index closed 2.04 points higher at […]
Sri Lanka Treasuries yields plunge at auction
Sept 27, 2012 (LBO) – Sri Lanka’s Treasuries yields plunged across maturities with the 6-month yield falling as much as 34 basis points at Wednesday’s auction a week after longer term bonds fell in the secondary market. The 3-month yield fell 11 basis points to 11. 30 percent, the 6-month yield fell 34 basis points […]
Cricket: Sri Lanka water firm boils over stomach bug
COLOMBO, Sept 25, 2012 (AFP) – A local drinking water supplier strongly defended its product Tuesday even as World Twenty20 organisers jettisoned their bottled water after several players went down with stomach flu. LAUGFS Aqua System said they had asked the International Cricket Council (ICC) for samples of suspect bottles of water, but got no […]
Sri Lanka launches tourism think tank
Sept 26, 2012 (LBO) – Sri Lanka is set to launch its first tourism related think tank that will gather information, analyze data and offer expertise to both policy makers and the businesses community to better steer the island’s booming tourism industry. The Centre for Research and Sustainability Studies in Tourism (CRST) launched this week […]
Sri Lanka state-carrier bailed out with Rs15.4bn bond
Sept 25, 2012 (LBO) – State-run SriLankan Airlines has been bailed out with a 15. 4 billion rupee Treasury bond allowing the firm fill a gap in the balance sheet created by a record 17. 1 billion rupee loss in 2011. Sri Lankan Airlines at group level lost 17. 17 billion rupees in the year […]
Finance Debt
Sept 25, 2012 (LBO) – RAM Ratings has confirmed a ‘BBB-‘ long term and ‘P3’ short term rating of Sri Lanka’s Softlogic Finance PLC, with a stable outlook. Where SLF’s funding mix was previously dominated by borrowings, deposits now form the bulk, following a 195.42% y-o-y surge in deposits in FY Mar 2012. Its loan-todeposit […]