Category: Industry
New Bank
Starting Up June 30, 2014 (LBO) – Cargills Bank Plc, Sri Lanka’s newest commercial bank promoted by listed Cargills (Ceylon) Plc and CT Holdings opened for business Monday. The bank was issued a provisional license shortly before the Central Bank started a process to consolidate the banking sector. Central Bank Governor Nivard Cabraal said as […]
Sri Lanka finds better alternative to Iranian crude: minister
June 27, 2014 (LBO) – Sri Lanka has found a better alternative to Iranian oil to feed its ageing refinery which was not able to get high yield of light distillates from processing other types of crude, Petroleum Minister Anura Yapa said.Yapa denied that Sri Lanka has imported Iranian crude through third parties, though reports […]
Sri Lanka looking for alternative ways to unload crude: minister
June 26, 2014 (LBO) – Sri Lanka is looking for a small vessel to unload crude mid-sea from tankers and bring oil to a refinery after a hose in an offshore mooring buoy burst, petroleum minister Anura Yapa said. He said if necessary refined products could be imported. Already two thirds of the fuel to […]
Education Hub
June 25, 2014 (LBO) – Villa College, a Maldives-based higher education institute, is setting up an arm in Sri Lanka which will be developed into a residential campus, the state investment promotion agency said.The BOI which gives tax breaks and investment approvals had signed an agreement with Ahmed Anwar, Rector of Villa College and Chief […]
Cricket: Sri Lanka seal thrilling England series win
LEEDS, June 24, 2014 (AFP) – Sri Lanka beat England with just one ball to spare to win the second Test at Headingley by 100 runs on Tuesday and take the two-match series 1-0.It was a desperately close call but the former Australia seamer ruled in Sri Lanka’s favour. After tea, left-arm spinner Herath, who […]
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LEEDS, June 25, 2014 (AFP) – Sri Lanka captain Angelo Mathews had the ideal response to criticism from former England skipper Michael Vaughan regarding the Islanders’ “county” attack after the tourists completed a dramatic Test series win at Headingley.Mathews’s men won the second Test by 100 runs after paceman Shaminda Eranga dismissed England No 11 […]
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LEEDS, June 23, 2014 (AFP) – Sri Lanka great Mahela Jayawardene questioned England’s tactics, their ability to handle pressure and the wisdom of home captain Alastair Cook’s pre-match spat with Shane Warne as the tourists moved to the brink of a memorable Test series win at Headingley. Sri Lanka seized control of the second and […]
Cricket: Four-star Prasad puts Sri Lanka on the brink of victory
LEEDS, June 23, 2014 (AFP) – Dhammika Prasad’s dramatic four-wicket burst following a Test-best 160 from skipper Angelo Mathews left Sri Lanka on the brink of victory in the second Test against England at Headingley on Monday. Sri Lanka resumed Monday on 214 for four, a lead of 106, with Jayawardene 55 not out and […]
SriLankan raises US$175mn; Asian investors take up 60-pct: report
June 24, 2014 (LBO) – State-run SriLankan Airlines had sold 175 million US dollars of 5-year bonds to yield 5.3 percent with Asia based investors taking up 60 percent of the securities, a media report said.Bloomberg Newswires said European investors took up 25 percent and Middle Eastern investors 15 percent. About 85 percent were banks […]
Debt Sale
June 24, 2014 (LBO) – Sri Lanka’s DFCC Bank is to sell 5.0 billion rupees in debt with the lender’s long term domestic rating confirmed at ‘AA(lka)’ with a stable outlook. Its international rating was also confirmed at ‘B+’ with a stable outlook. Fitch said it had given a ‘AA-(lka)(EXP)’ rating to a proposed 5.0 […]
Bank Rating
June 24, 2014 (LBO) – Fitch Ratings said a ‘B+’ rating of Sri Lanka’s National Development Bank has been confirmed with a ‘stable’ outlook. Fitch also confirmed its foreign currency rating of ‘B+/Stable’ and withdrew a ‘B+(EXP)’ rating given to a proposed dollar bond sale which has since been abandoned. NDB is in merger discussions […]
Foreign Funding
June 24, 2014 (LBO) – Sri Lanka’s National Bank Plc raised 75 million US dollars with backed by the International Finance Corporation adding to 125 million dollars raised in March, officials said. The proceeds will be used to finance up to 50,000 micro and small scale enterprises. The IFC itself gave 20 million US dollars […]