Author: lbostgadmin
Sri Lanka environment seen paying price of rapid growth
Apr 30, 2012 (LBO) – Sri Lanka’s rapid economic growth in recent years has come at the cost of serious environmental degradation with outdated laws and existing rules not properly implemented, an expert said. Gunawansa noted how in Sri Lanka often environmental impact assessments, known as EIAs, are not done with projects passed either owing […]
Sri Lanka state land sale to ITC to be done May 10: Treasury secy
April 30, 2012 (LBO) – A 75 million US dollar transfer of state beachfront land to India’s ITC is to be wrapped up by May 10, setting the stage for a Sheraton branded hotel in Colombo, Treasury Secretary P B Jayasundera said. The land was earlier to be sold to China’s CATIC on a freehold […]
Comfort Zone
April 30, 2012 (LBO) — Fitch Ratings Lanka on Monday affirmed HNB Assurance PLC’s national insurer financial strength rating and national long-term rating at ‘A(lka)’. The Outlook is Stable. A unit of the privately-held Hatton National Bank (HNB), HNB Assurance’s ratings reflects its capitalisation in terms of regulatory solvency and Fitch’s risk-based capital computations. The […]
Sea Drill
May 30, 2012 (LBO) – A joint coastguard exercise on anti-piracy, search and rescue and pollution control involving ships from India, Sri Lanka and the Maldives had been held in seas of the Indian Ocean archipelago. The High Commission (embassy) of India in Colombo said in a statement that six ships and one aircraft had […]
Sri Lanka to roll-over US500mn bond, extend maturity: Treasury secy
Apr 30, 2012 (LBO) – Sri Lanka will roll-over a maturing 500 million US dollar bond which is maturing in October 2012 and extend its tenor to 10-years, Treasury secretary P B Jayasundera said. In 2007, Sri Lanka sold its maiden 500 million dollar sovereign bond. Jayasundera said whether another 500 million US dollars would […]
Sri Lanka Cricket announces Pakistan tour dates
April 29, 2012 (LBO) – Pakistan are due to play three Tests, five one-days and two Twenty20 internationals when they tour Sri Lanka between May 29 and July 13, Sri Lanka Cricket said Sunday. Dave Whatmore’s men are due to play the first of two Twenty20s in the southern town of Hambantota on June 1. […]
Finance Stake
Apr 29, 2012 (LBO) – Sri Lanka’s state-run National Savings Bank has bought a 13 percent stake in The Finance Company, a troubled firm that is being bailed out by regulators, at a steep premium above market price. NSB has bought 7.863 million shares of The Finance at 49. 74 rupees in an off-market deal […]
Sri Lanka Central Finance to raise sell unlisted debt
Apr 29, 2012 (LBO) – Sri Lanka’s Central Finance Company Plc, said it was planning to raise 700 million from a sale of unlisted debt. NDB Investment Bank will structure and place the deal. Central Finance plans to sell 700,000 unlisted, unsecured, redeemable debentures of 1,000 rupees each. .
Sri Lanka LOLC says placed Rs3bn in debt
Apr 29, 2012 (LBO) – Sri Lanka’s Lanka Orix Finance Company Ltd Plc, said it had placed three billion rupees of 7-year debt in February 2011. The firm said in a stock exchange filing that two billion rupees of debt was placed with Saakya Capital (Pvt) Ltd and one billion with Satya Capital (Pvt) Ltd, […]
Sri Lanka credit ceilings not proposed by IMF
Apr 28, 2012 (LBO) – Administrative controls imposed on Sri Lankan banks as part of a package of measures to combat a balance of payments crisis, were not among the preferred measures advocated by the International Monetary Fund, an official said. “Most economists would say a price mechanism is a good way of matching demand,” […]
Sri Lanka policy flexibility to bring longer term stability: IMF
Apr 27, 2012 (LBO) – On going policy tightening in Sri Lanka and commitment of policy flexibility, will slow growth and may push up inflation but will bring stability to sustain long term growth, an International Monetary Fund official said. “Yes, growth will slow, inflation will rise, cost of living will rise, but the balance […]
Skyline Address
April 26, 2012 (LBO) – Overseas Realty (Ceylon) PLC, owners of Sri Lanka’s iconic Twin Tower complex, has seen demand for its property grow, on the back of post-war economic sentiment, but warned a weak rupee was eroding earnings. The Singaporean company, saw post-tax profits grow 32.0 percent to 584 million rupees for the financial […]