Category: Industry
Patriotic Rates
Feb.03 (LBO) — Sri Lanka Friday announced plans to issue US0 million-worth of sovereign bonds with the first US million tranche going on sale next Monday, officials said.Treasury Secretary P B Jayasundera said the securities dubbed, “Sri Lanka Nation Building Bonds,” give expatriate countrymen a chance to take part in the island’s development activities. “We […]
Union Rating
Feb.01 (LBO) – Fitch Ratings assigned a ‘BB+ (sri)’ national rating to the Implied Long-term Unsecured Senior Debt of Union Bank of Colombo on Wednesday. The rating points to possible credit risks developing, particularly as a result of adverse economic change over time. Fitch however, said business or financial alternatives may be available to meet […]
Billion Bond
Feb. 02 (LBO) – Citibank is likely to get the mandate to raise a billion dollars for the Sri Lanka government through sovereign bonds this year, Lanka Business Online learns.The seven year bonds, would carry a six-month floating rate, based on the London Inter Bank Offered Rate (LIBOR). Last December, Citibank raised US$ 100 million […]
Going Soft
Feb 03 (LBO) – Sri Lanka’s key international donors put off their Friday meeting with Tamil Tiger rebels, following protests by Marxists and Buddhist monks. The stop over is a part of a global road show that began in November 2005 to launch the three applications. Soft Corner SQL Server 2005 is Microsoft’s next-generation […]
What a Stink
Feb. 01 (LBO) – The Colombo Municipal Council (CMC) says it will clear Colombo™s garbage pileup by end of the week. We have cleared most of the garbage by now. By this weekend we can clear up almost all of it, said Lalith Wickramaratne, Director Engineering, Solid Waste Management, CMC. The heavy rains and the […]
Soaring Eagle
Feb. 01 (LBO) – Aviva, UK’s largest insurance giant’s, picked up controlling stake in Eagle Insurance Ltd for £15 million or Rs. 2.7 billion, the firm said Wednesday. At present ranked the world’s sixth largest insurance group based on gross worldwide premiums, Aviva said 51 percent also came with a partnership with Eagle’s parent NDB […]
Patriotic Bonds
Feb. 01 (LBO) – Sri Lanka plans to issue a US$ 25 million sovereign bond to expatriate countrymen this week, to fund the island’s rebuilding efforts, officials said Wednesday. The small issue will not use the country’s credit rating as a marketing tool, but the government is keen to accept any extra bids over an […]
Raising Stakes
Jan 31 (LBO) – Aitken Spence upped its stake in Ace Power Embilipitiya (Private) Ltd.from 50 percent to 74 percent, the Colombo Stock Exchange said Tuesday. Jan 31 (LBO) – Aitken Spence upped its stake in Ace Power Embilipitiya (Private) Ltd. from 50 percent to 74 percent, the Colombo Stock Exchange said Tuesday. Ace Power […]
Big Step
Jan. 31 (LBO) ? Sri Lanka’s leasing industry is asking authorities to allow them to raise public deposits in return for infusing higher capital into the business, industry officials said.Jan. 31 (LBO) ? Sri Lanka’s leasing industry is asking authorities to allow them to raise public deposits in return for infusing higher capital into the […]
Quick Exit
Jan 30(LBO) -Sri Lanka’s Department of Immigration and Emigration is trying to reduce the queue up for passports. Jan 30(LBO) -Sri Lanka’s Department of Immigration and Emigration is trying to reduce the queue up for passports. The national body issuing passports for Sri Lankans to legally leave the island said on Monday, that it will […]
Indian Presence
Jan. 29 (LBO) – Mumbai based UTI Bank has sought a license to set up a commercial bank in Sri Lanka, soon after ICICI bank was given the go ahead to start operations by the Central Bank of Sri Lanka.Pending the license, UTI Bank has tied with Asia Capital, the parent company of Asia Securities, […]
Big Mama
Jan. 30 (LBO) ? Sri Lanka’s state-run Bank of Ceylon said Monday, that a generally upbeat sentiment in business helped its profits swell by 13 percent for the past year.Jan. 30 (LBO) ? Sri Lanka’s state-run Bank of Ceylon said Monday, that a generally upbeat sentiment in business helped its profits swell by 13 percent […]