Category:
Port Pursuit
Dec 14, 2011 (LBO) – An Indian conglomerate is keen to acquire a stake in ports in Sri Lanka given its location and growth potential, an investment advisor from PricewaterhouseCoopers India told an investor forum in Colombo. Rapid infrastructure modernisation will be critical to achieve high levels of economic growth, he told the forum. Much […]
Tele Buy
Dec 14, 2011 (LBO) – Sri Lanka’s Dialog Axiata, said it will buy Suntel, a fixed access unit of Sweden’s Overseas Telecom AB for a little over 34 million US dollars to expand its fixed wireless business. Dialog Broadband had posted revenues of 1. 8 billion rupees for the nine months ending September 2011. Suntel, […]
Visual Contact
Dec 14, 2011 (LBO) – Sri Lanka’s Dialog Axiata mobile phone operator is offering a ‘concierge-type’ video conferencing service to corporate customers that it says will reduce business travel costs and raise sales management efficiency. Rithesh Bhargava, Cable & Wireless Worldwide’s Head of Solutions India and South Asia, said the service using Web-based cloud computing […]
‘s Tata Power signs up US$68mn for solar power
NEW DELHI, Dec 14 (AsiaPulse) – Tata Power (BSE:500400) said it has tied up funds for its 25-MW solar project in Gujarat, which is to see an investment of about Rs 365 crore (US$68.7 million). Tata Power has inked a Power Purchase Agreement (PPA) for the project with Gujarat Urja Vikas Nigam Ltd. (PTI) cg […]
Sri Lanka identifies sites for wave energy
Dec 14, 2011 (LBO) – Sri Lanka has identified 14 sites along its coastline to build power plants using energy from ocean waves as part of a move to shift to renewable energy sources and reduce reliance on costly fossil fuel. The island’s energy deficit is increasing as rapid economic growth generates higher demand for […]
Sri Lanka reconciliation must ensure sustainable peace: Australia lawmakers
Dec 14, 2011 (LBO) – A visiting Australian parliamentary delegation has said Sri Lanka’s reconciliation efforts after the end of its 30-year ethnic war must ensure sustainable peace and progress. Five Australian-members of parliament have gained a “first-hand insight” into Sri Lanka’s current political, economic and social situation during a week-long visit to the country,” […]
Sri Lanka crate law stirs protest
Dec 14, 2011 (LBO) – Sri Lanka’s fresh produce trade including farmers and collectors rioted in several parts of the country amid police tear-gas after authorities started arresting citizens for transporting vegetables without plastic crates. The protests also underline deep flaws in the country’s policy and lawmaking, critics say. On Wednesday vegetable shops in the […]
Sri Lanka sovereign bond deal gets accolade
Dec 13, 2011 (LBO) – A billion dollar 10-year sovereign bond for Sri Lanka has won praise from a specialist regional financial publication, saying the deal brought the country closer to seasoned Asian borrowers like Philippines and Indonesia. “Few other contenders can stand up against the sovereign, which has continued to lead the way,” FinanceAsia […]
Sri Lanka relaxes foreign investment in company debt
Dec 13, 2011 (LBO) – Sri Lanka’s central bank said it had lifted a foreign borrowing limit by companies to 50 million US dollars from 20 million, lifted a rate cap on debentures and also slashed the tenor to two years from five. Before 1950 a currency board arrangement (hard peg) placed a hard budget […]
Sri Lanka stocks end up 0.5-pct
Dec 13, 2011 (LBO) – Sri Lankan stocks closed firmer Tuesday in thin trading with turnover falling to one of the lowest in recent times, brokers said. The main All Share Price Index rose 0.50 percent (29.66 points) to 5,994.66, while the more liquid Milanka index rose 0.75 percent (39.34 points) to close at 5,267.74. […]
Funding Deal
Dec 13, 2011 (LBO) – Sri Lanka’s state-owned Bank of Ceylon (BOC) has signed a deal with Dubai’s Mashreq Bank for a 140 million US dollar syndicated loan facility, a statement said. Mashreq, one of the top financial institutions in the United Arab Emirates, has a strong franchise in loan syndication anchoring the transaction with […]
Finance Rating
Dec 13, 2011 (LBO) – Fitch Ratings said a ‘BB+(lka)’ rating of Sri Lanka’s Trade Finance and Investment (TFI), a registered finance company, has been confirmed with a stable outlook. “The rating factors in TFI’s strong asset quality, capitalization, and profitability metrics for a small-sized registered finance company (RFC),” Fitch said. “The rating is, however, […]