Category:
Bond Sale
Feb 06, 2013 (LBO) – Sri Lanka’s Seylan Bank said it will sell up to 2.0 billion rupees in 5-year debt unsecured debt yielding as much as 15.5 percent a year, which will be free of withholding tax under new budget proposals. The bank is selling unsecured, subordinated debt which can be used to boost […]
Appointments
Feb 06, 2013 (LBO) – HSBC has appointed Patrick Gallagher as chief executive for Sri Lanka and Maldives replacing Nick Nicolaou. The new appointment will take effect from April 30, 2013, subject to regulatory approval, the firm said in a statement. Martin Tricaud, currently managing director, global head of multinationals, global banking and markets, will […]
Sri Lanka hotel lose Rs349mn during refurbishment
Feb 06, 2013 (LBO) – Hotel Services (Ceylon) Plc, the oldest five star rated hotel in Sri Lanka’s capital Colombo, which has been given a colonial-style make-over and re-named ‘The Kingsbury’ has lost 341 million rupees in the past nine months.Hotel Services (Ceylon) Plc, which is now controlled by Sri Lanka’s Hayleys group went through […]
‘s Bogawantalawa tea estate profits surge
Feb 06, 2013 (LBO) – Profits at Sri Lanka’s Bogawantalawa Tea Estates Plc, surged to 146 million rupees from a loss of 28 million rupees a year earlier, helped by stronger tea prices, interim accounts show. The firm reported earnings of 1.75 rupees per share during the quarter.In the nine months to December it reported […]
Retail Trend
Feb 06, 2013 (LBO) – Sri Lanka’s Odel Plc, a unit of Parkson Retail Asia Limited, Malaysia said profits in the December 2012 quarter rose 50 percent to 81 million rupees, while warning about the effects of a value added tax imposed from January.The company is sitting on 2.0 billion rupee cash reserve after the […]
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Feb 06, 2013 (LBO) – Sri Lanka’s Deccan Aviation Lanka said it had been re-named Millenium Airlines Ltd, and will operate under the brand ‘Simplifly’.The firm operates a Bell Jet Ranger helicopter, a GippsAero GA8 Airvan, a Cessna 206 amphibian and says it plans to bring in a Bell 407 VIP transport. The firm was […]
‘s Janashakthi Insurance launches pension product
Feb 06, 2013 (LBO) – Janashakthi Insurance has launched a pension market with a retirement product, as the island’s population ages rapidly, officials said. The money will be locked in for a minimum of 5 years. “Or you can tailor this policy for a variety of needs other than retirement, such as education needs of […]
Sri Lanka visit by US trade mission
Feb 06, 2013 (LBO) – The first American trade mission to Sri Lanka since the end of a three decades war in 2009 will visit the country from February 7 to 9, the US embassy in Colombo said.The multi-sector trade mission which is arriving after visiting South India will have firms in education, food, healthcare, […]
Former US envoy to Sri Lanka passes away
Feb 06, 2013 (LBO) – Former ambassador to Sri Lanka and the Maldives Christopher Van Hollen had passed away on January 30, in Washington, the US embassy in Colombo said.He was a career member of the US Foreign Service, and his son Chris Van Hollen Jr, represents Maryland in Congress. He was 90 years old. […]
Sri Lanka reduces sudden hike in tea export tax
Feb 06, 2013 (LBO) – Sri Lanka’s rulers have reduced a near doubling of an export tax on tea imposed without consultation of the affected parties on a retroactive basis, following protests from the industry.Sri Lanka’s tea industry found late last week that a higher tax on tea exports had been imposed with effect from […]
Capital Boost
Feb 05, 2013 (LBO) – International Finance Corporation, a unit of the World Bank has injected 75 million US dollars (9.6 billion rupees) as a subordinated loan to Commercial Bank of Ceylon which will boost its debt capital. The money will come as a 10 year loan from IFC Capitalization Fund, an asset management company […]
Sri Lanka expects 27 cruise calls this year
Feb 05, 2013 (LBO) – Sri Lanka is expecting 27 cruise calls in 2013 with ocean liner Queen May 02 leading the way, docking at Colombo on February 04, the island’s tourism promotion office said. Sri Lanka’s tourism promotion office said the liner canned 2,300 tourists from the US, UK, Australia, New Zealand, South Africa […]