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”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 […]
Energy View
PARIS, September 12, 2013 (AFP) – An increase in output should help cushion oil markets seized by tension over a possible conflict in the Middle East, the IEA said Thursday, with emerging market nations facing difficulties due to their falling currencies.The slow pace of the global economy led the International Energy Agency to keep its […]
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Sept 11, 2013 (LBO) – Sri Lanka and China is committed to its bi-lateral relationship which was elevated to ‘strategic co-operation’ level earlier this year, the government said following a visit by a senior Beijing official to Colombo.Liu Yunshan, one of seven members of the central secretariat of the Communist Party of China visited Sri […]
‘s Lanka Ventures invests in Bangladesh power
Sept 11, 2013 (LBO) – Lanka Ventures Plc, a unit of Sri Lanka’s Acuity Partners, group said it had invested 2.0 million US dollars in a 52.2 MegaWatt heavy fuel power plant in Bangladesh.Acuity Partners is owned by Sri Lanka’s DFCC and HNB banking groups. Raj Lanka Power Company Ltd, promoted by Sri Lanka based […]
Multinationals to get equal treatment in China: premier
DALIAN, September 11, 2013 (AFP) – China’s premier promised equal treatment for multinational companies operating in the country, as he opened a meeting of the World Economic Forum on Wednesday.China will continue to encourage foreign companies to invest and do business in China, and ensure that all companies have equal access …and equal treatment,” Li […]
‘s Ceylease rating upgraded and withdrawn: Fitch
Sept 10, 2013 (LBO) – Fitch Ratings said it had upgraded and Sri Lanka-based Ceylease Ltd’s rating to ‘BBB(lka)’ from BB+(lka)’ and withdrawn it following the firm’s merger with MCSL Financial Services. Both are units of state-run Bank of Ceylon. Fitch Upgrades and Withdraws Ceylease’s Rating; Affirms MCSL Financial Services Fitch Ratings-Colombo-09 September 2013: Fitch […]
”’ by RAM
Sept 10, 2013 (LBO) – Sri Lanka’s EAP Broadcasting Company Ltd (EAPB), has been rated ‘BBB’ by RAM Ratings which said the firm was planning a billion rupee listed debenture sale.“The ratings are upheld by the Company’s notable presence in TV industry,” RAM Ratings said. “EAPB has one of the largest television networks in Sri […]
Bank Report
Sept 10, 2013 (LBO) – Bad loans rose across Sri Lanka’s listed banks as economic conditions weakened and defaults in gold loans took their toll, but capital remained strong, and loan to deposit ratios were narrowing, an equities research report said.A report by CAL Research said gross NPL ratios of banks had risen 72 basis […]