Author: lbostgadmin
‘s Union Assurance to sell general insurance to Canada firm
July 31, 2014 (LBO) – Union Assurance Plc, a unit of Sri Lanka’s John Keells Holdings said it had struck a deal to sell 78 percent of its general insurance business valued at 4.5 billion rupees to Fairfax Asia. Union Assurance said it will continue to fully own the life insurance business. Fairfax Asia was […]
Japan airline hit by Abenomics money printing
TOKYO, July 31, 2014 (AFP) – Airbus on Thursday said its decision to cancel a .2 billion jet order from Skymark Airlines was final, rejecting the Japanese carrier’s suggestion that talks were still ongoing.The European aircraft maker said this week it had informed Skymark that its purchase of six A380 superjumbos “has been terminated”, just […]
Banking Plan
July 31 2014 (LBO) – Sri Lanka’s state-run Bank of Ceylon, a major lender to the state and state enterprises will boost customer service and attract more private clients officials said, as the bank celebrates 75 years.“Our bankers are the best in the country but our outlook we must change,” Bank of Ceylon Chairman Harsha […]
Sri Lanka stocks close up 0.2-pct
July 31, 2014 (LBO) – Sri Lanka’s stocks closed 0.18 percent higher Thursday amid strong foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 12.06 points higher at 6,813.90, up 0.18 percent. The S&P SL20 closed 4.33 points higher at 3,772.51, up 0.11 percent. Turnover was 1.05 billion rupees, up from 973.71 […]
Sri Lanka cautioned on foreign borrowings by IMF, inflation watch urged
July 30, 2014 (LBO) – The International Monetary Fund has cautioned Sri Lanka on foreign borrowings by the state and banks and urged authorities to watch inflation closely and be prepared to raise rates.“Recent improvements in the trade and current account balances notwithstanding, Sri Lanka remains vulnerable to external shocks,” the IMF’s executive board said […]
Asia tourist boom fuels airport binge
SINGAPORE, July 30, 2014 (AFP) – Faced with snaking queues at immigration, overflowing baggage carousels and expensive flight delays, Asian nations are rushing to build hundreds of new airports to cope with surging demand for air travel in the region. From China and India to the Philippines and Indonesia, the fast-growing middle classes are looking […]
Sri Lanka shares close up 0.3-pct
July 30, 2014 (LBO) – Sri Lanka’s shares closed 0.26 percent higher on Wednesday with Ceylon Tobacco Company gaining amid net foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 17.57 points higher at 6,801.84, up 0.26 percent. The S&P SL20 closed 6.75 points higher at 3,768.18, up 0.18 percent. Turnover was […]
”’ by Fitch
July 30, 2014 (LBO) – Sri Lanka’s first dollar bond fund to be launched by Ceylon Asset Management has been rated ‘BB-‘ the same as the government based on its expected exposure to government securities. The fund will also invest in dollar denominated bonds by licensed banks and corporates. Fitch Rates Ceylon Dollar Bond Fund […]
Sri Lanka Treasuries yields plunge to four decade lows
July 30, 2014 (LBO) – Sri Lanka’s three and six month Treasuries yields have dropped below the overnight cash withdrawal policy rate, plunging to levels not seen since the mid 1970s, official data showed.But in 2014 weak credit has put upward pressure on the currency and the Central Bank is withdrawing liquidity instead of injecting […]
Sri Lanka launches dollar mutual fund to draw foreign investors
July 30, 2014 (LBO) – Ceylon Asset Management (CAM) has launched a dollar denominated mutual fund that will invest in sovereign debt and securities issued by rated banks and firms in Sri Lanka.CAM Managing Director Dulindra Fernando said the fund expects to draw foreign investors with a target return of over 4 percent a year. […]
US calls for protection to Sri Lanka journalists
COLOMBO, July 28, 2014 (AFP) – The United States on Monday urged Sri Lanka to crack down on harassment of journalists and protect their rights after organisers of a US-funded media workshop for Tamils received death threats.The US embassy in Colombo said it had raised the issue with the Sri Lankan administration after pro-government protesters […]
Cricket: Spinners bowled their hearts out, says Mathews
COLOMBO, July 28, 2014 (AFP) – Sri Lanka captain Angelo Mathews on Monday lavished praise on his ace spinners for nearly winning his team the second Test against South Africa with a lion-hearted effort.The hosts were agonisingly close to victory, having taken eight wickets in the second innings, but South Africa’s tailenders hung on to […]