Author: lbostgadmin
Whats Brewing?
Local tea exporters are eying a 4 million to 6 million kilo order from Iraq under the current World Food Programme (WFP) that is supplying the war impoverished Middle East nation since the US led attracts ended last year.Sri Lanka won a sizable 8 million kilos tender under the previous programme, but is still to […]
Bateys Music
Making its music, Sri Lanka will have its first annual drum festival in September, showcasing local drummers and from far a-field as Africa and South America.To be held in the hill country capital of Kandy, the three-day festival could also coincide with the Kandy Perahera.rn rnThe lquote Festival of Drums is to be built into […]
Fund Raising
Distilleries recent inter-company share transfers are to retire its over Rs. 3 billion debt acquired when buying Sri Lanka Insurance Corp., say stock analysts. For a second day running, Distilleries sold it holdings in Aitken Spence to Sri Lanka Insurance Corp., at a premium of Rs. 15 above the market. rn rnSo far brokers confirm […]
Trade-In
Singer Sri Lanka plans to retire some its short-term borrowings with a Rs. 400 mn four-year debenture issue coming out in March.Singer is keen to reduce its interest cost further after cutting down its 2003 average interest rates to 11.6 percent from 14.2 percent previously. rn rnThe issue, structured by First Capital Ltd, will be […]
Go Slow
Development projects are on track but are slowing down because of jittery foreign investors says the UNF.rnrnldblquote Whatever projects that were initiated by the UNF government are still going on but progress of these projects have slowed down because foreign investors are moving very slowly, dblquote said Minister of Lands, Rajitha Senaratne at the UNF […]
Flashing Dollars
America has pledged more peace and development oriented funds for Sri Lanka as it rolled out its South Asia assistance plan for the coming financial year. Most of the funds will be broadly for ldblquote short-term, high impact programs that are both an incentive to peace, and a boost to reconstruction and reconciliation in war […]
Collect Call
Telecom operator Suntel has seen its earnings jump 305 percent to Rs. 505 mn, though revenues were flat at Rs. 3.425 bn as at end Dec. 2003.Sri Lankas second wireless operator said falling interest rates cut debt servicing costs and helped swell its bottomline.rn rnFinance costs fell to Rs. 1.757 bn from Rs. 2.640 bn […]
Under Way
While Sri Lankas impoverished national railway struggles to make ends meet above ground, prospects are under evaluation to build a new rail network underground supported by Korean technology.Feasibility studies to set up Sri Lankas first underground rail system connecting Kalutara, Colombo, Negombo and Avissawella is underway, Minister of Lands, Rajitha Senaratne said on Wednesday.rn rnldblquote […]
Debt Sales
The Stock Exchange will tap into internal funds to raise the issued share capital of its depositary system to Rs.100mn endash a final clause to allow secondary trading in debt securities.The CSE was issued a license by the Central Bank for its new electronic debt trading system or DEX that was launched Wed., but with […]
Dont Worry
After rising against the dollar, the rupee lost around 1 percent, as the markets panicked over a snap poll.rn rnldblquote The rise was largely attributed to a lack in investor confidence since the political crisis blew up last Nov., dblquote he said addressing a gathering at the opening of the Colombo Stock Exchanges new debt […]
Election Sniper
Gunmen have shot dead a political activist in eastern Sri Lanka in a second murder believed to be related to next months elections, police said Tuesday. The attackers gunned down Ponniah Yogendran, 28, from the Eelam Peoples Democratic Party (EPDP) in the district of Batticaloa on Monday night, police said.rn rnThe EPDP said the slaying […]
Montero Monks
Buddhist monks launched their formal drive for Sri Lankas parliament from a historic temple town Tuesday with a vow to cleanse politics and restore “ultimate peace”. The saffron-robed monks chanted prayers here before being driven to the islands holiest Buddhist shrine, the Temple of the Tooth, in the central town of Kandy, 112 kilometres (72 […]