Author: lbostgadmin
Eyeing China, Clinton urges India to take leader role
CHENNAI, July 20, 2011 (AFP) – US Secretary of State Hillary Clinton urged India on Wednesday to be more assertive in Asia, reflecting US desire for New Delhi to emerge as a counter-weight to Chinese power. Speaking in the Indian city of Chennai — a southern trading port looking out towards east Asia — Clinton […]
Sri Lanka eyed by Four Seasons: minister
July 21, 2011 (LBO) – Canada-based Four Seasons leisure group is in discussions to set up a resort in Sri Lanka following the end of a 30-year, deputy economic development minister Lakshman Yapa Abeywardene said. It is also building a resort in Hambantota in the South of the island. Abeywardene said the group was interested […]
Official Rules
July 21, 2011 (LBO ) – Sri Lanka will introduce ‘fit and proper’ tests for senior executives of non-bank lenders, following on from similar rules for commercial banks, deputy central bank governor Dharma Dheerasinghe said. Fit and proper rules are also expected to be imposed on leasing companies in the future. The measures are aimed […]
Finance Fortunes
July 21, 2011 (LBO) – Sri Lanka’s LB Finance’s net profits for the June 2011 quarter grew 94 percent to 351 million rupees from a year ago with a rise in lending, other income more than doubling and lower provisioning. Earnings per share rose to 5.07 rupees from 2.62 rupees, according to interim accounts filed […]
Port Support
July 21, 2011 (LBO) – India is to provide Sri Lanka with grants and soft loans to rebuild Kankesanturai port in the northern Jaffna peninsula that was damaged during the ethnic war, under a deal signed Thursday. India has already committed 20 million US dollars for the work which involves a hydrographic survey, wreck removal […]
Sri Lanka stocks slump 1.3-pct
July 21, 2011 (LBO) – Sri Lankan stocks slumped Thursday with the main index reaching the lowest level this year and brokers saying many shares were overvalued and foreigners were getting out of the market. Recently listed Nanda Investment was the top percentage gainer and closed at 27.90 rupees, up 9.30 rupees or 50 percent. […]
Sri Lanka raises one billion dollars at 6.25 percent
July 21, 2011 (LBO) – Sri Lanka raises has sold a 10-year sovereign bond at 6. 25 percent to raise one billion dollars from international markets, a source close to the deal said. Sri Lanka recently got a rating upgrade, but it is also balanced against turmoil in international bond markets, analysts said. The deal […]
Sri Lanka bond navigates market uncertainty: CB Governor
July 21, 2011 (LBO) – Strong demand for Sri Lanka’s billion dollar sovereign bond among international fund managers indicated that the country’s credit has matured in international market, Central Bank Governor Nivard Cabraal said. “It’s really a reflection of Sri Lanka’s maturity in the international markets,” Central Bank Governor Nivard Cabraal said. “In a sea […]
Sri Lanka peace dividend in low rates, higher capex: Treasury Secy
July 20, 2011 (LBO) – Sri Lanka is seeing a peace dividend in the form of lower interest rates, taxes, inflation and higher capital expenditure after a 30-year war ended, Treasury secretary P B Jayasundera said. He said defence expenditure which was about 5.0 percent of gross domestic product during the war years, has now […]
Sri Lanka Brandix gets latest energy management standard
July 20, 2011 (LBO) – Sri Lankan apparel exporter Brandix has got latest global energy management certification less than a month after its release which it said would give the firm a competitive edge as an eco-friendly manufacturer. The Brandix Group claimed it has become the first apparel manufacturer in the world to receive ISO […]
SriLankan Airlines to link eastern resorts by floatplane
July 20, 2011 (LBO) – SriLankan Airlines plans to extend its floatplane services to the island’s east coast where new resorts are being developed as a tourism boom continues after the end of a war. The national airline’s subsidiary, SriLankan Air Taxi, will also spread its wings to destinations in the north, which like the […]
Higher Grade
July 20, 2011 (LBO) – Fitch Ratings has upgraded Sri Lanka Telecom’s (SLT) long-term foreign currency rating to ‘BB-‘ from ‘B+ with a stable outlook. At the same time, Fitch confirmed its long-term local currency rating at ‘BB-‘ and national long-term rating at ‘AAA(lka)’. The action follows Fitch’s upgrade of Sri Lanka’s sovereign long-term foreign […]