Category:
Sri Lanka built foreign reserves to use during tough times: CB Governor
De 02, 2011 (LBO) – Sri Lanka built up foreign reserves as a buffer to be used during tough times, Central Bank Governor Nivard Cabraal said, as reserves came off record highs seen in August 2011. “We have thought through carefully and built up are reserves carefully in order to ensure that we are able […]
Sri Lanka US$750mn sea reclamation to China Harbour
Dec 02, 2011 (LBO) – Sri Lanka is in talks with China Harbour Engineering Company (CHEC) to reclaim 500 acres from the sea next to Colombo Port for a 750 million dollar project, an official said. Sri Lanka has said five acres of land in Colombo’s Galle Face beachfront, which is near the port, will […]
Sri Lanka state port agency to sell $500mn bond
Dec 01, 2011 (LBO) – State-run Sri Lanka Ports Authority will sell a 500 million dollar bond to settle loans from Japan which are causing losses due to the appreciation of the yen, an official said. He said SLPA had taken yen loans to the value of 46 billion rupees from mid 1980s, repaid a […]
Sri Lanka stocks end up 0.9-pct
Dec 01, 2011 (LBO) – Sri Lankan stocks closed higher Thursday with turnover pushed up by a bank deal amid news that the chairperson of the regulatory body was quitting just weeks after powerful investors forced out its director general. The main All Share Price Index rose 0.94 percent (57.27 points) to 6,144.67, while the […]
Future Flows
Dec 01, 2011 (LBO) – The International Finance Corporation (IFC), part of the World Bank Group, has given a seven-year, 65 million US dollars financing facility to Sri Lanka’s Commercial Bank to expand its lending to Small and Medium Enterprises (SMEs). IFC said it believes that the future flow structure employed in the transaction with […]
Bank Stake
Dec 01, 2011 (LBO) – Sri Lanka’s DFCC Bank bought a 9. 9 percent stake in Nations Trust Bank for 1. 3 billion rupees Thursday, a source close to the deal said. DFCC Bank bought 22,865,356 shares at 57. 80 rupees each in three crossings or off-market private deals. The deals helped push up turnover […]
‘s to get US$300mn Sheraton hotel
Dec 01, 2011 (LBO) – India’s ITC Ltd, franchisee for US-based Sheraton leisure group will invest 300 million US dollars in Sri Lanka’s on a beachfront in Sri Lanka’s capital Colombo, minister Keheliya Rambukwelle said. But the firm has now been offered alternative land, reports said. The mixed development project will be built on five […]
Sri Lanka on arrival visa extended till March: report
Dec 01, 2011 (LBO) – An on-arrival visa facility for many countries will continue till March 2012 and will not be discontinued by the end of December 2011, due to teething problems in an electronic approval system, a media report said. Citizens of South Asian nations will be able to get the visa for 10 […]
Resigned
Dec 01, 2011 (LBO) – Sri Lanka’s Securities and Exchange Commission chief Indrani Sugathadasa has resigned, within weeks of the watchdog’s director general being removed by the cabinet of ministers. Sugathadasa is a retired public official who has been in many senior positions in government service. Sugathadasa said she had tendered her resignation “having considered […]
Sri Lanka National Insurance Trust retains AAA rating
Dec 01, 2011 (LBO) – RAM Ratings Lanka has confirmed National Insurance Trust Fund’s (NITF) long- and short- term claims-paying ability ratings at AAA and P1, with the long-term rating having a stable outlook. “NITF’s ratings reflect its status as a statutory body of the government of Sri Lanka and the Fund’s systemic importance as […]
Sri Lanka child care project gets Japanese support
Dec 01, 2011 (LBO) – The Japanese government has provided almost 60 million rupees worth of aid for an early childhood care and development project in the eastern Trincomalee district, part of the former war zone. “It is expected that more than 1,000 families and their community members will benefit from the project,” the statement […]
Sri Lanka Treasuries yields up
Nov 30, 2011 (LBO) – Sri Lanka’s Treasuries yields rose across maturities with 12-month yields rising 49 basis points to 8.99 percent at Wednesday’s auction, data from the state debt office showed. The peg came under pressure as interest rates did not keep pace with credit growth earlier in the year. The 3-month yield rose […]