Author: lbostgadmin
Rubber could lose some steam this year, but stay a cash cow
June 02 (LBO) – Overheated rubber prices are expected to settle down from its recent high spell, brokers say, but stocks with high exposure to rubber will still be the cash cow this year. Top grades of crepe rubber, which makes up bulk of Sri Lanka’s rubber exports, is now selling at 395 rupees a kilo, […]
Sri Lanka to raise dollar bonds to shore up reserves this month
June 2, 2006 (LBO) – Sri Lanka plans to tap the international debt market this month to raise 350 million dollars to shore up official reserves, a top Central Bank official said Friday as financial markets reacted sharply to news of the bank governor’s sudden resignation. Dubbed ‘Sri Lanka Development Bond’, the issue will carry […]
Bank of Ceylon shops for dollars
June 2, 2006 (LBO) – State-run Bank of Ceylon is actively pursuing to raise around 250 million dollars through a syndicated loan from foreign banks with offices in Sri Lanka, market sources said.Last year, Bank of Ceylon raised 130 million dollars via a two-year syndicated loan to finance its ongoing trading facilities including oil imports […]
Sri Lankan rupee weakens, while stocks perk despite heavy foreign selling
June 2, 2006 (LBO) – Sri Lankan stocks closed the week on a high note, while the rupee dipped further against the dollar, as financial markets reacted sharply to news of the Central Bank governor’s sudden resignation.Colombo share prices rose 1.79 percent on a 12.9 percent rise in fuel retailer Lanka IOC, but heavy foreign […]
Sri Lanka to offer US$ 250 mn bonds to market this month
June 2, 2006 (LBO) – Sri Lanka will offer the first tranche of a medium term bond issue, worth 200 million dollars to market players later this month, as the government looks for ways to pay for hefty imports of oil, wheat and sugar, officials said Friday. Central Bank’s public debt department told primary dealers […]
Package Deal
Jun 01 (LBO) – The government has approved a restructuring plan for loss making Ceylon Electricity Board (CEB), which includes re-scheduling 60 billion rupees of its long term debt. Top officials said Thursday that 50 percent of the debt will be off-loaded to the Treasury, with CEB taking over repayment once the Norachcholai coal plant […]
Sri Lanka president calls on more nations to label Tigers terrorists
HONG KONG, June 1, 2006 (AFP) – Sri Lankan President Mahinda Rajapakse Thursday called on more countries to follow the lead of the European Union and label the Tamil Tigers as a terrorist organization.In an opinion piece in the Asian Wall Street Journal, Rajapakse said foreign governments should do more to stop the flow of […]
Party office bombed, two killed as US official visits Sri Lanka
June 1, 2006 (AFP) – An office of a Tamil political party was bombed in Sri Lanka’s restive eastern province and two party activists were gunned down elsewhere Thursday, the military said.The office of the pro-government Eelam People’s Democratic Party (EPDP) came under attack in the town of Batticaloa, 303 kilometres (190 miles) east of […]
US pledges military support to Sri Lanka, warns against war
June 1, 2006 (AFP) – The United States Thursday pledged “tangible military cooperation” with embattled Sri Lanka, but warned the government here against a return to war with Tamil Tiger rebels.Assistant Secretary of State for South and Central Asian affairs, Richard Boucher, said they will strengthen military ties with Sri Lanka, but worried that the […]
Sri Lanka president demands new plan to end bloodshed
June 1, 2006 (AFP) – Sri Lankan President Mahinda Rajapakse urged political parties Thursday to develop a plan that involves giving some power to minority Tamils in exchange for peace, his office said.Rajapakse said he has asked majority Sinhalese political parties meeting here Friday to come up a plan to end violence with Tamil Tiger […]
De Mel to take charge of Sri Lanka one-day selection
LONDON, June 1, 2006 (AFP) – Sri Lanka’s chairman of selectors, Asantha de Mel is to take charge of selection for the one-day series with England later this month when he arrives for the five-match limited overs campaign. De Mel was widely regarded as having played a key role in former captain Sanath Jayasuriya’s decision […]
Illegal Smoke
June 01 (LBO) – Ceylon Tobacco Company together with several hotel associations filed petitions in the Supreme Court on Thursday against proposed laws to clamp down on smoking. The petition challenges the constitutionality of the proposed National Authority on Tobacco and Alcohol (NATA) bill, which the company claims prohibits smoking in hotels and restaurants, CTC […]