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Sri Lanka lending rates to ease with lower state borrowing: Central Bank
June 7, 2013 (LBO) – Sri Lanka’s bank lending rates are expected to ease in the second half of 2013 with reduced bank borrowings by the state, the Central Bank said holding policy rates in June, after a cut last month. In May the monetary authority cut its policy rate corridor by 50 basis points. […]
Europe looking to take control of Libor: FT
LONDON, June 6, 2013 (AFP) – European Commission officials have drafted plans to take the scandal-hit key interest rate Libor from its current London base, the Financial Times reported on Thursday.It is calculated daily, using estimates from banks of their own interbank rates, and affects the pricing of more than 0-trillion of contracts across the […]
Saudi Connection
June 6, 2013 (LBO) – Sri Lanka Ports Authority inked a deal for a 44 million US dollar yatch and shipbuilding facility, Thursday with Saudi Arabia based Hadi Hamad Al-Hammam Group’s Seagulf Shipyard (Pvt) Ltd, the state port agency said. Chairman of SLPA, Priyath Wickrama, Hadi Hamad Al-Hammam, president, Hadi Hamad Al-Hammam Group and Nazeer […]
Road Finance
June 6, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will finance 48.2 kilometre road at a cost of 3,915 million rupees, the state information office said.The cabinet of ministers had given the nod for the proposal by the ministry of finance to enter into a loan agreement with the bank. The road will […]
”’ guests
June 6, 2013 (LBO) – Cinnamon Lakeside, a unit of Sri Lanka’s John Keells group said it saw more ’emerging market’ guests in the past year, while facing competition from luxury apartments. The company said in the past year occupancy had risen to a average of 60 percent from 55 percent and room rates had […]
Sri Lanka Tea Smallholder Factories expands leaf suppliers
June 06, 2013 (LBO) – Sri Lanka’s Tea Smallholder Factories Ltd, a unit of John Keells Holdings, which produces tea from green leaf bought from independent growers said it had expanded suppliers during the past year. The company runs a network of eight factories. Last year it had increased suppliers by 2,714 to 11,532 direct […]
Retail Challenge
June 06, 2013 (LBO) – Profits at Sri Lanka’s Cargills (Ceylon) Plc, fell 58 percent to 123 million rupees partly due to a retail tax and higher interest costs on new investments but the group said it was taking counter measures.Cargills reported earnings 55 cents per share for the quarter, in accounts filed with the […]
Favored Nations
June 05, 2013 (LBO) – Sri Lanka has been included in a list of exempt countries released by the United States on sanctions imposed on crude oil purchases from Iran, a media report said. The US administration ruled that the economies concerned had taken steps to reduce imports of Iranian oil, so their financial institutions […]
‘s Treasuries yields ease
June 05, 2013 (LBO) – Sri Lanka’s Treasuries yields eased at Wednesday’s auction with the 6-month yield falling as much as 09 basis points to 9.81 percent, data from the state debt office showed.The 3-month yields fell 03 basis points to 8.70 percent and the 12-month yield fell 01 basis point to 10.85 percent. The […]
‘s Sri Lanka unit to target China and India: JV partner
June 5, 2013 (LBO) – A luxury hotel with Australian casino magnate James Packer’s Crown group targeting Indian and Chinese high rollers may need an investment of up to 400 million US dollars, its Sri Lanka partner said. He said the hotel will have a shopping mall and restaurants with specialist chefs. Wijeratne’s Rank Entertainment […]
’s Cantaloupe Aqua feted by Agoda.com and TripAdvisor
June 05, 2013 (LBO) – Cantaloupe Aqua, a private resort in Thalpe, in Sri Lanka’s Southern coast said it had been recognized by Trip Advisor, a travel review site and Agoda.com, an online booking system for two years running based on user responses. The resort had received a ‘gold circle’ award from Agoda.com and a […]
Sri Lanka tourism destination marketing critical: leisure groups
Jun 05, 2013 (LBO) – Sri Lanka’s transport infrastructure is being built but the country is badly in need of destination marketing, a top leisure groups have said as higher end hotel saw lower occupancy.In December 2012, occupancy at Sri Lanka’s 5-star rated hotels dropped to 81.9 percent from 95.7 percent and at 4-star hotels […]