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Sri Lanka awards another construction deal to China
Apr 20, 2012 (LBO) – China’s Sinohydro Corp. has won a 252 million US dollar contract to build a dam providing water and hydropower in north-central Sri Lanka. A statement said the decision to award the contract to build the headworks of Moragahakanda Reservoir to the Chinese state-owned hydropower engineering and construction company was made […]
Sri Lanka tea prices still lower than last year in dollar terms
April 20, 2012 (LBO) – Sri Lankan tea prices rose again at this week’s auction after rising in the previous sale but remain below last year’s levels in US dollar terms after a sharp rupee depreciation. “Medium and low grown teas have shown a growth year-on-year in rupee terms,” Forbes & Walker tea brokers said. […]
Sri Lanka prematurely commended for avoiding trade sanctions
Apr 20, 2012 (LBO) – The International Monetary Fund has prematurely commended Sri Lanka for not imposing trade sanctions on itself, in a bid to end a balance of payment crisis brought by loose monetary policy, newly released documents show. Trade sanctions can reduce economic activity and deprive tax revenues for rulers to keep spending. […]
Sri Lanka IMF program staff report released
Apr 20, 2012 (LBO) – In perhaps a new shift to transparency Sri Lanka has released an International Monetary Fund staff report prepared to support the 7th review under its program, after suppressing them for years. Sri Lanka ended up in a balance of payments crisis by trying to defend an exchange rate without tightening […]
Sri Lanka bank debt sale hit by racing rates
April 19, 2012 (LBO) – Sri Lanka’s listed Commercial Bank of Ceylon, the island’s largest privately owned bank, said there were no takers for a five-year bond offered at a fixed rate, as interest rates rose sharply. The five-year debt, rated AA- by Fitch Ratings Lanka opened for subscription on March 27 offering a fixed […]
Sri Lanka shares end up 2-pct
April 19, 2012 (LBO) – Sri Lankan shares closed sharply higher Thursday after regulators lifted price restrictions imposed to curb speculation, brokers said. SMB Leasing non-voting shares were the top gainer closing at 50 cents, up 10 cents with over 1. 2 million shares done. Kuruwita Textile Mills was the next highest gainer, ending at […]
Asian Award
Apr 19, 2012 (LBO) – Vajira Kulatilaka, chief executive of NDB Group Investment Banking Cluster, was recently awarded the Asian Institute of Technology Alumni Association Distinguished Alumni Award for business and professional achievements. He is a Fellow Member of the Chartered Institute of Management Accountants UK (FCMA) and a CFA Charter holder. “He was awarded […]
Cash Torrent
Apr 19, 2012 (LBO) – Commercial Bank said Sri Lankans planning to celebrate the traditional new year last week had withdrawn a record amount of cash from its automated teller machines. Its ATMs dispensed 7.6 billion rupees in the week preceding the new year on April 14 with an all-time single-day high of 1.6 billion […]
Felicitation
Apr 19, 2012 (LBO) – Vajira Kulatilaka, head of investment banking at Sri Lanka’s NDB group has been given an award by the Asian Institute of Technology Alumni Association (AITAA), the bank said. NDB said Kulatilaka has led teams that completed breaking deals, which propelled NDB Investment Bank to a top position and he also […]
Sri Lanka poultry industry margins to narrow
Apr 19, 2012 (LBO) – Margins in Sri Lanka’s poultry industry would narrow amid higher capacity but per person chicken consumption would continue to grow, a top poultry firm in the island has said. Three acre farms, a unit of Ceylon Grain Elevators, which is Sri Lanka’s largest day old chick producer said per capita […]
Sri Lanka Treasuries yields rise again
Apr 18, 2012 (LBO) – Sri Lanka’s Treasury bill yields rose again across maturities at Wednesday’s auction following an increase of more than 50 basis points last week, data from the debt office showed. The auction was oversubscribed with bids amounting to 22,776 million rupees being received. The 3-month yield rose 11 basis points to […]
Sri Lanka shares end down
April 18, 2012 (LBO) – Sri Lankan shares closed weaker Wednesday with trading remaining lacklustre following a holiday for the traditional new year last week, brokers said. The main All Share Price Index fell 0. 09 percent (4.97 points) to 5,407.47, while the more liquid Milanka index fell 0.06 percent (3.17) to close at 4,907.15. […]