Author: lbostgadmin
Finance Appetite
Dec 15, 2010 (LBO) – An initial public offer by Singer Finance (Lanka) to raise 400 million rupees by offering 26.66 million shares at 15 rupees each was oversubscribed on the opening day Wednesday, a statement said. Registrars to the issue, SSP Corporate Services (Private) Limited, said in a stock exchange filing that the IPO […]
Niche Focus
Dec 15, 2010 (LBO) – RAM Ratings Lanka has upgraded Co-operative Insurance Company Limited’s (CICL) claims-paying ability rating to BB+ from BB with a stable outlook, a statement said. “The upgrade is reflective of the company’s strengthened capitalisation and improving financial performance,” the rating agency said. “Moreover, the rating is supported by CICL’s niche focus […]
Sri Lanka stocks close down 0.2-pct
Dec 15, 2010 (LBO) – Sri Lankan stocks closed down 0.19 percent Wednesday, dragged down by banking and index heavy stocks while shares of a gas distributor which debuted last week fell to their issue price, brokers said. The All Share Price Index closed at 6,373.76, down 0.19 percent (11.84 points) while the Milanka index […]
Sri Lanka Treasuries yields ease
Dec 15, 2010 (LBO) – Sri Lanka’s three-month and six-month Treasury bill yields fell slightly at Wednesday’s auction with the government rolling over 10,883 million rupees worth of bonds, the debt office said. The debt office said the auction for the re-issue of 11,000 million rupees of maturing Treasury bills was oversubscribed with bids amounting […]
Sri Lanka policy rates steady as inflation rise
Dec 14, 2010 (LBO) – Sri Lanka’s central bank said it was holding rates steady at 7. 25 and 9.00 percent as inflation rose and credit growth picked up amid a “sustained recovery” in economic activities. Sri Lanka has one of the highest policy rates in the world and this year’s inflation at 7.0 percent […]
Sri Lanka budget, reforms on track, inflation rising: IMF
Dec 14, 2010 (LBO) – Sri Lanka’s 2010 state spending is on track with a planned 8.0 percent of gross domestic product deficit, and a new budget for next year has reformed taxes, but inflation is rising, the International Monetary Fund said. The government also announced an intention to end sweeping tax holidays which if […]
Sri Lankan firms tap unemployed youth in lagging region
Dec 14, 2010 (LBO) – Sri Lankan companies seeking to fill vacancies held a job fair in the southern Wellawaya region, an economically neglected part of the island which lags behind other regions, a statement said. The Board of Investment said more than twenty six enterprises under the investment promotion agency took part in the […]
Sri Lanka denies move to ban national anthem in Tamil
December 13, 2010 (AFP) – Sri Lanka denied on Monday plans to outlaw the singing of the national anthem in Tamil after the main minority party raised strong objections to the mooted ban. The status quo will remain, said public administration minister John Seneviratne, who is in charge of managing the code of conduct for […]
Data Transfer
Dec 14, 2010 (LBO) – Sri Lanka Telecom (SLT), the island’s biggest fixed line operator, has increased broadband speeds for customers after upgrading its international internet capacity and improving links with service providers, a statement said. SLT added more than 80,000 new broadband (ADSL) customers during this year, connecting people from all parts of the […]
Animal Rights
Dec 14, 2010 (LBO) – Sri Lankan animal lovers and welfare organizations have raised concern over the rounding up of dogs near a popular promenade in Colombo, saying it might violate the president’s ‘no kill’ policy on strays. Just 15 of these have been won. The challenges in going to court include high costs, having […]
Sri Lanka made regional hub by Thai leisure chain
Dec 14, 2010 (LBO) – Thailand-based Six Senses Resorts and Spas is planning a regional headquarters in Sri Lanka’s capital Colombo to own and manage up to 200 million dollars in leisure assets in the Indian Ocean, chairman Sonu Shivdasani said. It is also building a 40 million dollar hotel with Sri Lanka’s Aitken Spence […]
Asset Quality
Dec 14, 2010 (LBO) – RAM Ratings Lanka has given Citizens Development Business Finance (CDB) a long-term financial institution rating of BBB- with a stable outlook and rated short-term debt at P3, a statement said. “The company’s ratings are upheld by its improving performance and healthy asset quality,” the rating agency said. “Nonetheless, the ratings […]