Author: lbostgadmin
Budget2014
Nov 21, 2013 (LBO) – Sri Lanka finance companies with subsidiary finance companies as well as banks having subsidiary finance companies will be asked to merge, President Mahinda Rajapaksa said.“¦I propose that any finance company which is a subsidiary company owned by a main company be absorbed by the main company to consolidate their operations,” […]
Sri Lanka to raise US$1.5bn through international bonds in 2014
Nov 21, 2013 (LBO) – Sri Lanka is evaluating lead managers to sell international bonds in 2014 who will advise on the timing and mix of the program, Central Bank Governor Nivard Cabraal said. The government planned to build 50,000 high quality houses in estates to replace existing “poor quality” houses, he said. Bids to […]
Sri Lanka has to guard against external risks: IMF
Nov 20, 2013 (LBO) – Sri Lanka has expressed a commitment to keep the budget deficit down next year, but the country has to guard against external risks and boost its business climate, a top International Monetary Fund official said. Meanwhile Shinohara said a lower deficit would also reduce the need for future foreign borrowings. […]
Sri Lanka state revenues down in first half, current expenses flat
Nov 20, 2013 (LBO) – Sri Lanka’s state revenues were down 7.6 percent to 481.7 billion rupees in the first half of 2013 with tax revenues down 5.1 percent to 458.7 billion rupees, official data showed.“The only result is that the producers’ money is confiscated for the benefit of a bureaucracy that adds insult to […]
Sri Lanka weak state revenue raises queries on taxless growth: legislator
Nov 20, 2013 (LBO) – Sri Lanka’s weak revenue collections in the first half of the year raised questions about the accuracy of gross domestic product estimates, an opposition legislator who is also an economist has said. Sri Lanka is recovering from a balance of payments crisis largely driven by credit taken by state enterprises […]
Sri Lanka port leases tanks to Litro Gas
Nov 20, 2013 (LBO) – State-run Sri Lanka Ports Authority said it had leased liquefied petroleum gas tanks in a facility at newly built Hambantota port to another state run firm.The LPG distribution firm was acquired by the state when Shell sold out. Three tanks with a capacity of 6,000 cubic metres each had been […]
Bangladesh cracks down on unions after wage unrest
DHAKA, November 20, 2013 (AFP) – Bangladesh police have arrested three union leaders over deadly protests against a new minimum wage for garment workers that have forced hundreds of factories to shut, an officer said Wednesday. Police arrested the trio over their roles in the protests which have left two people dead in key industrial […]
Sri Lanka stocks 0.2-pct lower
Nov 20, 2013 (LBO) – Sri Lanka stocks closed lower with telco and diversified stocks losing ground amid foreign selling, brokers said. Distilleries closed flat at 187.00 rupees and Touchwood Investments closed 10 cents lower at 2.80 rupees. The Colombo benchmark All Share Price Index closed 15.62 points lower at 5,793.53, down 0.27 percent. The […]
Sri Lanka tourist arrivals up 27-pct in October
Nov 19, 2013 (LBO) – Sri Lanka’s tourist arrivals rose 27.9 percent to 102,805 in October 2013 from a year earlier, helped by surging arrivals from China, Maldives, India and Russia, official data showed. Middle Eastern arrivals were up 45.7 percent to 7,624, with visitors up to October up 12 percent to 49,250. East Asian […]
Sri Lanka stocks close down 0.2-pct
Nov 19, 2013 (LBO) – Sri Lanka stocks closed lower with tobacco and plantation stocks losing ground despite strong foreign buying, brokers said. Carson Cumberbatch closed 10 cents higher at 380.10 rupees and Sampath Bank closed 10 cents higher at 166.00 rupees. Dialog closed flat at 9.00 rupees and Ceylinco Insurance closed flat at 1,300.00 […]
”’ by RAM
Nov 19, 2013 (LBO) – RAM Ratings Lanka said it has given a ‘BBB+’ rating to a proposed 2.0 billion subordinated debt issue by LB Finance, a notch below its ‘A-‘ domestic entity rating. As such the Company’s funding composition remained dominated by deposits increasing to 76.71% as at end-August 2013. In line with the […]
‘s LB Finance Rs2.0bn debt oversubscribed
Nov 19, 2013 (LBO) – A 2.0 billion rupee debt sale by Sri Lanka’s LB Finance has been oversubscribed and close on its opening day, an official said.The offer is managed by Merchant Bank of Sri Lanka. LB Finance, a registered finance company offered debt paying 14 percent monthly ( annual effective rate of 14.93 […]