Author: lbostgadmin
Road Block
Open bids to be called for in June to build the Colombo-Katunayake Highway are on hold, as the government tries to jumpstart the process with former contractor Keagnam.rnrn rnPriority for the project has been shifted to lquote now rather than months down the line, with the new government halting two years of groundwork, to explore […]
Mega Deal
Hatton National Bank on Thursday inked a deal to execute a US$ 36.5 mn interest rate swap for power generator Heladhanavi Ltd.Heladhanavi, a joint venture between the Hemas Group and Lakdhanavi, had last July signed up for US$ 47 mn in debt, payable over a seven-year period at three-percent over LIBOR (London Interbank Offered Rate).rn […]
Murky Waters
With only a month and a half to go for an agreement by end July, the world multilateral trading system is facing an uncertain future if countries cannot settle their differences soon.The 148 member countries of the World Trade Organisation (WTO) have still not arrived at agreements on the highly sensitive trade of agricultural products […]
Sooner The Better
The Central Bank says sooner the oil price adjustment is made the better for the Sri Lankan economy, which has become increasingly open in recent years. Though there were signs that the immediate highs were easing, all indications pointed towards generally high crude prices for the foreseeable future.rn rn”Whatever the market, whenever the market prices […]
Warning Bells
The Securities watchdog on Wednesday threatened legal action against members firms who promote pyramid schemes as potential investments.The watchdog says it does not sanction or approve promotion of investments/participation in pyramid schemes or schemes of similar nature, by any firm or person licensed, registered or regulated by the Securities & Exchange Commission (SEC).rn rnldblquote The […]
Under the Wing
Eagle Insurance paid some Rs. 145 mn for International Finance Corporations (IFC) 15 per cent stake in Union Assurance, in a deal that went through the Colombo bourse on Wednesday.IFC has been trying to exit the holding for about a year now.Industry sources said John Keells Holdings and Carsons Cumberbatch together sharing a 73 per […]
Local Anesthesia
Sri Lankas roads are crying out for some serious medicine, but the Highways Ministry is tending the road network with sticking plasters, since it cant afford surgery.Sri Lanka has an extensive road network of more than 90,000 km, but most of it is also over 50 years old.rn rnMaintenance and rehabilitation of these roads, and […]
Inching Up
Three month treasury rates edged up at Wednesdays auction, stoked on by market appetite for debt paper with shorter tenures.The Central Bank said that three-month yields inched up one basis point to 7.83 percent, while six and one-year paper remained flat at 7.78 percent and 7.75 percent respectively.rn rnA total of Rs. 6,906 mn worth […]
Country Gardens
The city of Nuwara Eliya is trying to clean up its trading activity to bring back its scenic beauty but the change of government put plans on hold.Nuwara Eliya endash also known as little England because of its climate difference from the rest of the country – is one of Sri Lankas main tourist hot […]
Make Up Please!
Twelve State entities handpicked for a commercial makeover, will be set targets to clean up their act and look for private investment, a top government official said Tuesday.Mano Tittawella, Senior Presidential Advisor said ailing state enterprises, which includes utilities, ports, airports and banks, will have to get a credit rating and be responsible for their […]
Pyramid Warning
The Central Bank on Thursday warned public against gambling on get-rich- quick referral schemes that promise unusually high returns. The Central Bank on Thursday warned public against gambling on get-rich- quick referral schemes that promise unusually high returns. Responding questions at a media conference regarding Central Bank’s stance on the proliferation of get-rich-quick schemes in […]
Community Support
ADB will help restore basic social infrastructure and community services in conflict-affected northern and eastern regions of Sri Lanka, through a US$10 million loan approved Tuesday. rnIn support of existing rehabilitation and relief efforts under ADBs North East Community Restoration Development (NECORD) project, this extension project will address basic needs in health, education, agriculture, community, […]