Author: lbostgadmin
Bank Chief
Dec 02, 2013 (LBO) – Sunil Wijesinghe, an accountant and senior executive who had managed and chaired a number of private and public organizations has been appointed chairman of National Development Bank.Wijesinghe replaces Hemaka Amarasuriya. He is currently chairman of the Employers’ Federation of Ceylon, President National Chamber of Commerce and President of Sri Lanka […]
Sri Lanka stocks close lower
Dec 02, 2013 (LBO) – Sri Lanka stocks closed lower with telco and diversified stocks losing ground amid foreign selling, brokers said. The Colombo benchmark All Share Price Index closed 0.99 points lower at 5,774.10, down 0.02 percent. The S&P SL20 closed 8.75 points lower at 3,165.88, down 0.28 percent. Turnover was 835.08 million rupees, […]
Sri Lanka seeks manager for central counterparty project
Dec 02, 2013 (LBO) – Sri Lanka is seeking a manager and consultant to establish a central counterparty for financial transactions, which is expected to minimize credit risks in settling financial transactions.At the moment listed private securities and government debt are cleared and settled through independent mechanisms. An expression of interest was jointly called by […]
‘s Ratan Tata sees brighter future for upmarket Nano
NEW DELHI, November 30, 2013 (AFP) – India’s struggling Tata Nano, billed as the world’s cheapest car, could still have a strong future with a more upmarket image, says Tata group tycoon Ratan Tata, as the company looks to give the hatchback a new start. Tata told US business channel CNBC late Friday he still […]
Disability Network
Nov 29, 2013 (LBO) – Members of Sri Lanka’s Employers Federation of Ceylon, an association of large businesses has expanded a welcome to disabled in the island’s former war zones.Disabled already working in participating companies had also related their experiences at the workshops. EFC and member firms had held workshops in Sri Lanka’s north and […]
FastPay
Nov 29, 2013 (LBO) – LankaClear, Sri Lanka’s interbank clearing house, said a new backbone is being developed to integrate multiple networks, which will speed up transactions and allow mobile-enabled payments.The firm recently launched LankaPay a switch that connected automated teller machines of different banks. “LankaPay CAS is a precursor to the launch of the […]
Overdraft
Nov 29, 2013 (LBO) – Sri Lanka’s finance ministry had run an overdraft of 120.9 billion rupees at banks by September 2013 which was about 1.2 percent of gross domestic product, official data showed. Though the gap was higher than the 98.1 billion rupees deficit in September 2012 it was lower than 144.5 billion rupee […]
Price Trend
Nov 29, 2013 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 5.6 percent in the 12-months to December from a year earlier, slowing from 6.7 percent a month earlier, with the index climbing 0.2 percent during the month. Under Sri Lanka’s so-called flexible exchange rate, where the Central Bank buys all capital inflows […]
‘s MCSL to sell Rs500mn subordinated debt
Nov 29, 2013 (LBO) – Sri Lanka’s MCSL Financial Services is planning a 500 million rupee subordinated debt issue, which has been rated ‘BBB-(lka)’ Fitch ratings said. MFSL’s National Long-Term Rating could be revised in the event of a change in the willingness and/or ability of BOC to support the company. This would include any […]
Sri Lanka foreign lenders led by China, export credits up
Nov 28, 2013 (LBO) – Sri Lanka has 1.9 billion US dollars of new bilateral and multilateral commitments up to September 2013 led by China with export credit from other countries also showing increases, a finance ministry report showed. The Exim Bank of China has given 283 million US dollars for railway track, 155.4 million […]
Sri Lanka begins war tally after international pressure
COLOMBO, November 27, 2013 (AFP) – Sri Lanka was to begin compiling a death toll from its ethnic conflict Thursday as it seeks to fend off growing pressure over allegations of mass killings at the end of the war.While Jaffna held its first provincial elections since the war in September, with the main Tamil party […]
Lube Control
Nov 28, 2013 (LBO) – Sri Lanka’s Colombo Dockyard, a ship repair and building firm, found its competitiveness hurt by import restrictions on specialist lubricants.Sri Lanka requires a ‘no objection’ letter from the government to import lubricants as it is a licensed business on which the state has placed import restrictions. A Dockyard official told […]