Category: Economy and Markets
Sri Lanka to see focus change in future Japan aid
Mar 20, 2013 (LBO) – Japan may gradually shift its aid to Sri Lanka from basic infrastructure to areas such as disaster management, health and education and per capita income rises in the future, officials said.Japanese aid has been concentrated so far in providing basic infrastructure including roads and bridges, but Sri Lanka’s per capita […]
Sri Lanka Sampath Bank raises US$100mn from syndicated loan
Mar 20, 2013 (LBO) – Sri Lanka’s Sampath Bank Plc, said it had raised 100 million US dollars from loan syndicated by HSBC, with Middle Eastern lenders being among top subscribers.Sampath chief executive Aravinda Perera said lenders mainly came from the Middle Eastern, followed by India and some EU banks. The current loan which was […]
Sri Lanka to start residency scheme for foreign nationals
Mar 20, 2013 (LBO) – Sri Lanka will introduce a residency scheme for foreign nationals who want to work or start businesses in the island as part of a revamp of a dual citizenship scheme, defence secretary Gothabya Rajapaksa said.He said the draft laws to change Sri Lanka’s dual citizenship process are with the legal […]
Sri Lanka Treasuries yields up
Mar 20, 2013 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction with the 6-month yield rising 10 basis points to 10.25 percent, data from the state debt office said.The 3-month yield rose 6-basis points to 9.22 percent and the 12-month yield rose 6-basis points to 11.26 percent. The debt office which […]
” rating confirmed
Mar 19, 2013 (LBO) – Fitch Ratings said it has confirmed the ‘B+(lka)’ rating of Sri Lanka’s Multi Finance Plc, a registered finance company, but has cut its outlook to ‘negative’ from ‘stable. “The revision of the Outlook reflects MFP’s weakening liquidity profile and net losses due to higher borrowing costs and increased operating expenses […]
”s Leasing wraps up largest listed bond issue
Mar 19, 2013 (LBO) – Sri Lanka’s People’s Leasing and Finance Plc, the country’s largest non-bank lender said it had sold 6.0 billion rupees in bonds, which a joint manager said was the largest listed debenture sale so far. The company said the oversubscribed issue was closing today and the basis of allocation would be […]
Sri Lanka sells US$129mn in floating rate bonds
Mar 19, 2013 (LBO) – Sri Lanka has sold 129 million US dollars in 3-year dollar denominated bond at an average yield of 400 basis points above the London interbank offered rate, the public debt office said.Styled ‘Sri Lanka Development Bonds’, the dollar denominated instruments are sold to banks and other domestic investors who are […]
Sri Lanka planned land rights legislation queried
Mar 19, 2013 (LBO) – A law to apparently improve people’s absolute property rights while another declared policy is aimed at taking away existing liberties has raised queries whether the moves are intended to benefit interest persons, a legislator has said. Under feudal rule, land was mostly owned by the king. Citizens held and used […]
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Mar 16, 2013 (LBO) – Retaining the confidence of external portfolio investors in key to maintaining stability in the exchange rate and balance of payments, Mood’s Investors Services has said. In 2012 central bank also transferred its year-end profit to the Treasury not as rupee liquidity but as a book entry against maturing Treasuries, again […]
Sri Lanka offers tax-free zone at new airport
MATTALA, Sri Lanka (AFP) – Sri Lanka is turning its newest international airport opening Monday into a tax-free zone to attract aviation-related industries, a top official said.Mattala was initially planned as an expansion of the small Wirawila military airstrip, but Wickremasuriya said they shifted the location 25 kilometres (16 miles) away to ensure no disruption […]
Sri Lanka casino tax cut under fire
Mar 16, 2013 (LBO) – A proposal to lift a series of taxes from casinos and impose only a five percent tax has drawn fire from Sri Lanka’s main opposition, as basic goods including foods are taxed at much higher rates.Such firms get income tax holidays, relief from economic services charge, port and airport levy […]
Sri Lanka legislative change would promote fiscal irresponsibility: legislator
Mar 15, 2013 (LBO) – Proposed changes to law aimed at restraining excessive spending by Sri Lanka’s rulers will promote fiscal irresponsibility and also understate the actual budget deficit, a legislator has warned. Disclosures made under the fiscal responsibility law showed that 83 billion rupees in new guarantees or about 1.1 percent of GDP had […]