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Sri Lanka economic forum to fast track investment, growth
June 24, 2011 (LBO) – An economic forum next month organized by Sri Lanka’s largest business chamber hopes to come up with initiatives to boost actual investments and growth after the end of a 30-year war, officials said. Set on a theme of ‘Driving growth through fast track implementation’ this years’ two day forum will […]
Sri Lanka defence expenses upped
June 24, 2011 (LBO) – Sri Lanka has asked parliament permission to increase the money allocated for defence expenses for 2011 by 20 billion rupees to build a new headquarters for the military, a media report said. Some military facilities on prime land in Sri Lanka’s capital Colombo had been cleared for commercial development with […]
Sri Lanka appoints four foreign banks to manage bond issue
June 23, 2011 (LBO) – Sri Lanka’s Central Bank has appointed Bank of America Merrill Lynch, Barclays Capital, Hongkong and Shanghai Banking Corp, and Royal Bank of Scotland as joint lead managers to advise and handle a future international sovereign bond issue. “There is no doubt in anyone’s mind about Sri Lanka’s performance so we […]
Sri Lanka stocks end down 0.8-pct
June 23, 2011 (LBO) – Sri Lankan stocks closed 0. 81 percent lower Thursday with heavy trading in Blue Diamonds Jewellery Worldwide on news of buying by Sri Lanka Insurance-General fund, brokers said. Brokers said investors are now moving away from high market capitalization, low return shares to low market capitalization but high return penny […]
Rest Insurance
June 23, 2011 (LBO) – State-run Sri Lanka Insurance Corporation will develop and run rest areas on a tolled expressway running from the capital Colombo to Galle in the south of the island, a government minister said. The completed highway will run to Matara at the southern tip of the island. Minister Anura Yapa said […]
Trucking Delays
June 23, 2011 (LBO) – Lengthy delays in entering Colombo port are making Sri Lankan truckers providing services to move cargo containers unprofitable, an official said. “The question to us is why the present infrastructure is not being used. It is a serious issue. If well-managed, we will be able to cut down cost by […]
State Banking
June 23, 2011 (LBO) – Sri Lanka’s state run Lankaputhra Development Bank’s bad loans had increased to 66. 4 percent of gross loans from 55.9 percent a year earlier, though the bank had become more selective in new lending, a finance ministry report said. It had received capital injections from people’s tax money earlier. The […]
Sri Lanka Orient Garments 11-month net up 9.7-pct to Rs96.7mn
June 23, 2011 (LBO) – Orient Garments that is to list on Colombo Stock Exchange’s second board made a net profit of 96.7 million rupees in the 11 months to February 28, 2011, up 9.7 percent from a year ago. Orient Garments is to list 54,916,656 shares through a process of ‘introduction’ where a formal […]
Sri Lanka to get US1.5bn from China bank
June 23, 2011 (LBO) – China Development Bank Corporation has agreed to finance infrastructure projects in Sri Lanka amounting 1.5 billion US dollars over the next three years, minister Anura Yapa said. China is becoming a key financier of Sri Lanka displacing traditional donors, Japan and the Asian Development Bank. “The financial assistance will be […]
Sri Lanka Treasuries yields steady
June 22, 2011 (LBO) – Sri Lankan Treasury bill yields were steady at this week’s auction with only the six-month bills edging up slightly, the government’s debt office, which is a unit of the central bank, said. The 3-month yield held steady at 7. 12 percent, while the 6-month yield rose one basis point to […]
Sri Lanka stocks end down 1.0-pct
June 22, 2011 (LBO) – Sri Lankan stocks closed almost 01 percent lower Wednesday with continuous forced selling of client portfolios where the margin provided is in excess of 50 percent, brokers said. The Colombo Fort Land closed at 78.50 rupees down 40 cents or 0.51 percent with a solitary crossing of 250,000 shares at […]
Expanding Reach
June 22, 2011 (LBO) – Sri Lanka’s state-run Regional Development Bank has established a presence in the island’s former northern war zone by opening its first branch in Vavuniya. It aims to accelerate economic activity in the region focusing on the small and medium enterprises, agriculture sector and tourism. We are mainly looking at providing […]