Category:
‘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 […]
Sri Lanka inflation accelerates to 3.6-pct in July
July 31, 2014 (LBO) – Sri Lanka’s consumer prices rose 3.6 percent in the 12 months to July 2014, with inflation accelerating from 2.8 percent in June, official data showed.The International Monetary Fund said yesterday credit has been slow, but inflation has to be watched and the Central Bank should be prepared to raise rates […]
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. […]
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 […]
”’ 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 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 […]
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 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 […]
New Chair
July 29, 2014 (LBO) – Dharma Dheerasinghe, has been appointed Chairman of Commercial Bank of Ceylon, with the retirement of Dinesh Weerakkoddy. Preethi Jayawardene has been appointed Deputy Chairman. Dheerasinghe who was earlier Deputy Chairman was a Deputy Governor of Sri Lanka’s central bank. Jayawardene had been in the Board of Commercial Bank since December […]
Sri Lanka eco-friendly hotel in Sigiriya
July 29, 2014 (LBO) – A 650 million rupees eco-friendly hotel will be build in Sigiriya in central Sri Lanka by Union Resorts and Spa Ltd, the state investment promotion agency said. The hotel branded Water Gardens will have 30 luxury villas will us renewable resources and be eco-friendly, with a reduced ‘carbon footprint’ the […]
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 […]
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 […]