Category:
Ship Call
Jan 08, 2013 (LBO) – A call by a car carrier belonging to Japan’s K-Line, at Sri Lanka’s Colombo port this week is expected to lead to further business in transshipment from the shipping line, officials said.Wickrama had said 200 million dollars had been spent in upgrading container handling facilities in Colombo to boost productivity […]
Deposit Target
Jan 08, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon, the country’s largest commercial bank by assets is aiming for a trillion rupees in deposits, newly appointed general manager D M Gunasekara said.Gunasekara had been with the Bank of Ceylon for 29 years and had worked in corporate, retail, international and off-shore operations of […]
Court Decision
Jan 08, 2013 (LBO) – Sri Lanka’s court of appeal has quashed the findings of a parliamentary committee against Chief Justice Shirani Bandaranayake where lawyers said she was not accorded due process and principles of natural justice. Sri Lanka’s Supreme Court has earlier said the parliamentary committee was unconstitutional. Sri Lanka’s Parliament is due to […]
Sri Lanka Ceylease on upgrade track: Fitch
Jan 07, 2013 (LBO) – Sri Lanka’s Ceylease Ltd rated ‘BB+(lka)’ has been put on positive rating watch pending a merger with MCSL Financial Services Limited, which is rated a notch higher at ‘BBB(lka)’. “Fitch will upgrade CL’s rating to align with MFSL’s rating upon the conclusion of the merger,” the rating agency said in […]
Sri Lanka foreign holder ceiling on gilts to stay: CB Governor
Jan 07, 2013 (LBO) – Sri Lanka is keeping a ceiling on foreign holdings of Treasuries at 12.5 percent of outstanding for 2013, Central Bank Governor Nivard Cabraal said.Rupee bonds sold in the secondary market are cleared through the domestic monetary base, putting pressure on the domestic credit and through that on the exchange rate […]
Sri Lanka wants exports before steep currency appreciation: Treasury Secretary
Jan 07, 2013 (LBO) – Sri Lanka would like to see stronger exports, and less imports before an “un-necessarily” appreciation of the exchange rate, Treasury Secretary P B Jayasundera said.Sri Lanka’s rupee has depreciated ever since a money printing central bank capable to sterilizing foreign exchange sales and monetizing debt generally was built in 1951 […]
Funding Line
Jan 07, 2013 (LBO) – Sri Lanka’s LOLC Micro Credit Ltd, said it had syndicated a 55.5 million US dollar from a number of foreign development agencies. FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), of the Netherlands had lead arranged the deal. FMO is a 20 percent shareholder of LOLC Micro Credit. FMO (Nederlandse Financierings-Maatschappij voor […]
Sri Lanka parliament to vote on chief justice impeachment
Jan 07, 2013 (LBO) – Sri Lanka’s parliament will vote on the impeachment of chief justice Shirani Bandaranayake on January 11 after a two day debate, the state information office said, despite a court order nullifying the findings of a parliamentary committee.The parliamentary committee from which the opposition out had not accorded due process to […]
Sri Lanka citizens group calls for changes to upcoming bill
Jan 06, 2012 (LBO) – Friday Forum, a Sri Lankan citizens group has called for changes to an upcoming bill on a new agency called Divineguma Development Department and has called upon parliament not to impose it on the Northern Province with a two thirds majority. The full statement is reproduced below Friday Forum on […]
Gas Tariff
Jan 06, 2012 (LBO) – Sri Lanka’s consumer affairs office has raised the price of liquefied petroleum gas by 150 rupees per 13.5 kilogram cylinder to 2,396 rupees under a regulated pricing formula.Prices of both state-run Litro Gas and Laugfs will go up, reports said. Domestic LP Gas prices are regulated by the CAA with […]
Sri Lanka to get US$290mn soft loan from Korea
Jan 05, 2013 (LBO) – Sri Lanka will get up to 290 million US dollars from Korea for renewable energy and infrastructure under a framework agreement signed last week, the Korean embassy in Colombo said.The Government of Korea had recently given 70 million US dollars to the Sri Lankan Government as grants from KOICA assistance […]
Sri Lanka entering 2013 with better prospects: Treasury Secretary
Jan 05, 2013 (LBO) – Sri Lanka is entering 2013 with an improving external environment, a stable exchange rate and favourable weather for agriculture, compared to last year, Treasury Secretary P B Jayasundera said.“Though there have been severe floods, the damage has been minimal as far as production activities are concerned,” Jayasundera told reporters. “All […]