Category:
Sri Lanka eastern villages lit up by China
Nov 18, 2011 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board will light up 268 villages in the former war zones in the island’s East with Chinese funding, a senior minister said. The expansion will cover villages in Batticaloa and Trincomalee which emerged from a 30 year war. The project will have a domestic finance […]
” for Aussies as South Africa collapse
JOHANNESBURG, November 17, 2011 (AFP) – Teenage debutant Pat Cummins celebrated a “brilliant day” after Australia sent South Africa tumbling to 266 all out on the first day of the second and final Test at the Wanderers on Thursday. Cummins only took one wicket but generated impressive pace after becoming the second youngest Australian to […]
Sri Lanka ex-army chief jailed for three years
November 18, 2011 (AFP) – A Sri Lankan High Court sentenced former army chief Sarath Fonseka to three years in jail on Friday after finding him guilty of making a false allegation against the president’s brother. Fonseka, who ran against President Mahinda Rajapakse in 2010 elections, is already serving a 30-month prison term after a […]
Sri Lanka business chamber urges consistent tax, investor policies
Nov 18, 2011 (LBO) – The Ceylon Chamber of Commerce said it hopes the Sri Lankan government’s forthcoming budget for 2012 would maintain consistency in investor and tax policies. The Chamber last week had called on the government to defer a controversial expropriation law passed by parliament that rating agencies have warned would deter investors […]
” rating
Nov 17, 2011 (LBO) – Fitch Ratings Lanka has assigned Commercial Bank’s (CB) proposed subordinated debentures of up to a billion rupees a national long-term rating of ‘AA-(lka)’. “The proposed debentures are rated one notch below CB’s National Long-Term rating to reflect their debt-like features,” a statement said. The debentures will have a maturity of […]
Sri Lanka stocks end up 1.2-pct
Nov 17, 2011 (LBO) – Sri Lankan shares ended higher Thursday after several days of losses with gains in most shares albeit in thin trading, brokers said. The main All Share Price Index rose 1.16 percent (69.68 points) to 6,092.56, while the more liquid Milanka index rose 2.72 percent (37.86 points) to close at 5,310.85, […]
Highway Hopes
Nov 17, 2011 (LBO) – Sri Lanka’s first high-speed expressway that is to be opened this month lacks adequate roadside space to park vehicles during emergency stops, journalists taken on a tour were able to observe. The southern expressway also has lights only on bridges and at intersections with ramps connecting the highway with other […]
Tar Imports
Nov 17, 2011 (LBO) – Sri Lanka has allowed the state Road Development Agency to directly import bitumen for road building in addition to buying from state-run Ceylon Petroleum Corporation, minister Keheliya Rambukwelle said. Delays could results in contractor’s machinery lying idle resulting in losses which can escalate project costs. He said the cabinet of […]
Leasing Appetite
Nov 17, 2011 (LBO) – An initial public offer of 390 million shares by Sri Lanka’s People’s Leasing Company at 18 rupees each has seen lower than expected demand in most investor categories. The IPO by the island’s largest leasing company to raise 7. 0 billion rupees was oversubscribed by 1.3 times, drawing 9,843 applications […]
Asset Play
Nov 17, 2011 (LBO) – Asia Asset Finance Limited (AAFL), a Sri Lankan registered finance company that is part of the Asia Capital group, plans to go public with an initial public offer of 120 million shares at 2. 50 rupees each. The issue opens on November 28, 2011 with the shares to be listed […]
Tele Outlook
Nov 17, 2011 (LBO) – Sri Lanka telecom operators are likely continue spend on fiber optics and network upgrades next year to meet post-war demand, though the sector is facing tighter margins and regulatory risk, Fitch Ratings said. Fitch said large operators would be stable but the outlook for smaller operators was negative and regulatory […]
Sri Lanka seized assets re-offered to private managers: minister
Nov 17, 2010 (LBO) – Former owners of expropriated assets may be given a chance to manage the companies again if a competent authority appointed by the state finds them acceptable, a minister said. Cabinet spokesman and information minister Keheliya Rambukwelle said the government will shortly appoint competent authorities to the seized firms and they […]