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Sri Lanka stocks down 0.57 percent
May 24, 2012 (LBO) – Sri Lanka’s tiny bourse extended losses on Thursday on sustained selling pressure, despite buying interest in selected counters, brokers said. The broader All Share Price Index lost 28.99 points or 0.57 percent to end at 5,019.12, while the liquid Milanka Price Index fell 22. 83 points or 0.49 percent to […]
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May 24, 2012 (LBO)- Fitch Ratings agency on Thursday cut Sri Lanka’s National Development Bank’s credit outlook to negative, from stable, but its underlying rating was confirmed at ‘AA(lka)’. NDB’s subordinated debentures were also confirmed at ‘AA-(lka)’. Fitch said the cut reflects NDB’s increased risk profile in terms of its decreasing capitalisation alongside aggressive loan […]
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May 24, 2012 (LBO) – Sri Lanka’s securities watchdog has suspended the chief executive of Taprobane Securities Private Limited, pending a probe related to a controversial share transaction between a stat bank and a troubled finance company. In a directive to the chairman and board of directors of Taprobane Securities on May 23, the Securities […]
Sri Lanka ships, plucks less tea in April
May 24, 2012 (LBO) – Sri Lanka, one of the world™s biggest tea exporters, produced and shipped less of the brew for the four months to April this year, due to poor weather and unrest in key markets, official figures showed. Tea, which grows across the island™s central hillside regions and in the south, saw […]
’s Aviva may exit Sri Lanka, South Korea: report
May 24, 2012 (LBO) – British insurer Aviva plc, plans to sell-off its Sri Lankan and South Korean businesses, as part of a broader retreat from sub-scale Asian markets, a report said Thursday, valuing the deal at around 150 million dollars. Aviva, Britain’s second-biggest insurer, announced plans last week to sell underperforming businesses globally, a […]
Sri Lanka Cricket recall Mendis, Fernando for Pakistan series
May 24, 2012 (LBO) – Sri Lanka on Thursday recalled seamer Dilhara Fernando, all-rounder Jeevan Mendis and fast bowler Nuwan Pradeep to the one-day squad for next month’s home series against Pakistan. Twenty20 squad: Mahela Jayawardene, Tillakaratne Dilshan, Kumar Sangakkara, Dinesh Chandimal, Angelo Mathews, Lahiru Thirimanne, Kaushal Lokuarachchi, Thisara Perera, Nuwan Kulasekera, Sachithra Senanayake, Lasith […]
Sri Lanka commercial banks to finance road
May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south for 1. 98 billion rupees with credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. Both loans will be covered by Treasury guarantees. The road from Matara to Hakmana will connect to a planned expressway […]
Sri Lanka commercial banks finance road
May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south with 1.98 billion rupees in commercial bank credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. The road from Matara to Hakmana will connect to a planned expressway running to Hambantota, he said. The road […]
Sri Lanka to upgrade blood bank
May 24, 2012 (LBO) – Sri Lanka will spend 32 million US dollars to upgrade the country’s state-run blood bank with financial assistance from The Netherlands, minister Lakshman Abeywardene said. Sri Lanka’s national blood transfusion service will get new freezing facilities which can keep blood and components up to 10 years, he said. The national […]
Sri Lanka capital facelift gets US$213 from World Bank
May 24, 2012 (LBO) – A plan to give a facelift to Sri Lanka’s capital Colombo by sprucing up key roadsides rehabilitating lakes and wetlands and reducing flooding will be backed by a 213 million US dollar World Bank loan, the finance ministry said. The ‘Metro Colombo Urban Development Project’ covers metropolitan area of the […]
Sri Lanka investment, structural shifts backed by World Bank
May 24, 2012 (LBO) – Sri Lanka’s aims of improving investment, supporting structural shifts and improving living standards as a middle income country will be the focus of a new 4-year program, multilateral lender, the World Bank said. Sri Lanka already had ‘well articulated’ vision for development, it said. “The road ahead in achieving the […]
Sri Lanka Treasuries yields fall across maturities
May 23, 2012 (LBO) – Sri Lanka’s Treasuries yields fell across maturities at Wednesday’s auction with the 3-month yield slipping 41 basis points to reach 11. 58 percent, around the levels seen in the secondary market over several days. The 6 month yield fell 8 basis points to 12. 32 percent and the 12 month […]