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Sri Lanka NSB raises 750mn at 8.875-pct
Sept 13, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank has raised 750 million US dollars at 8.875 percent, international capital market sources said. Price guidance for the bond was initially set at 9.25 percent amid volatile global conditions but narrowed to 8.875 percent amid stronger orders. The bank went to the market for […]
Chinese Links
Sept 13, 2013 (LBO) – A top delegation from Sri Lanka’s banking sector headed by Central Bank Governor Nivard Cabraal had talks with key Chinese banks which are among the largest in the world. “We are establishing links with Chinese banks,” Cabraal told LBO in a telephone interview. “There has been a very good interaction. […]
Top Rating
Sept 13, 2013 (LBO) – A ‘AAA(lka)’ rating of Sri Lanka’s Dialog Axiata has been confirmed by Fitch Ratings with a stable outlook.“Dialog’s rating reflects Fitch’s expectations that its 83 percent-parent, Axiata Group Berhad of Malaysia (Axiata), is likely to provide support if required, given operational and strategic linkages between the companies,” the rating agency […]
Sri Lanka police find explosives in seized truck after 17 years
COLOMBO, September 13, 2013 (AFP) – Police in Sri Lanka have discovered 100 kilos (220 pounds) of TNT on a truck impounded at a Colombo police station for the past 17 years, officials said Friday.The vehicle had been seized in February 1996, during the country’s civil war, less than two weeks after a truck bomb […]
Pressure on Sri Lanka finances shown by high bond yield: opposition
Sept 14, 2013 (LBO) – Sri Lanka’s willingness to go as high as 9.00 percent a year to raise dollars from international markets shows the fiscal pressure brought on by high spending, an opposition legislator has said. Harsha de Silva, an economist said, dollar loan rates of around 9.00 percent was too high for people […]
Sri Lanka casino resort tax breaks firmed
Sept 13, 2013 (LBO) – Tax breaks for two casino resorts including one by Australia’s Crown group have been firmed with the cabinet of ministers giving the nod for tax breaks previously announced for large investments.Sri Lanka is pushing a casino strategy to draw high spending tourists, which can fill city five star hotel rooms […]
Sri Lanka economics book released
Sept 12, 2013 (LBO) – The Central Bank said it released a new book, ;An Introduction to Principles of Economics – Part 1′ It was written by C P A Karunatilake, Director, Centre for Banking Studies, the training arm of the Central Bank of Sri Lanka. He is a graduate of Colombo University and has […]
”s US$500mn bond launched: report
Sept 12, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank has started selling a 5-year 500 million US dollar bond, a report said. A dollar denominated bond by state-run Bank of Ceylon maturing in 2018 was quoted at 7.90/8.14 percent levels Thursday. A 2020 sovereign bond was quoted around 7.32/55 percent levels bond dealers […]
Debt Sale
Sept 12, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will sell 8.0 billion rupees of junior debt to boost regulatory capital. Fitch Ratings said it had given the debt an ‘AA(lka)’ expected rating. The bond is rated one notch below Bank of Ceylon’s national rating of ‘AA+(lka)’ because as regulatory Tier II debt […]
‘s Horana Plantations moves into oil palm
Sep 12, 2013 (LBO) – Sri Lanka’s Horana Plantations Plc, said it was moving into oil palm cultivation by initially planting 300 hectares of the crop, while also adding cinnamon and forestry to the mix. Some plantations have also grown trees to fire tea dryers but face restrictions. Corrected. Opening para/headline. Sri Lanka’s Horana Plantations […]
Sri Lanka port expansion with UltraTech cement
Sept 12, 2013 (LBO) – UltraTech Cement Lanka (Pvt) Ltd, a unit of India’s Aditya Birla group said it had provided 90 percent of the cement for Sr Lanka’s Colombo South Harbhour expansion.It had supplied 160,000 metric tonnes for the project over two years, the firm said in a statement. Kiran Redkar, chief exective UltraTech […]
Sri Lanka frees 736 convicts on prison day
COLOMBO, September 12, 2013 (AFP) – Sri Lanka on Thursday released 736 convicts after they were given a presidential pardon to mark the country’s prisoner day, officials said. Convicts serving time for minor offences were granted the amnesty and walked free from 22 jails across the country, prisons department spokesman Gamini Kulatunga said. “The president […]