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Sri Lanka’s HNB to raise Rs6bn from listed debenture
Oct 19, 2016 (LBO) – Sri Lanka’s Hatton National Bank is to raise 6.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue rated, subordinated, unsecured, redeemable debentures worth 5.0 billion rupees with an option to go up to 6.0 billion rupees. NDB […]
Fitch rates DFCC Bank subordinate debentures final A+(lka)
Fitch Ratings has assigned DFCC Bank PLC’s (DFCC; AA-(lka)/Negative) Basel II-compliant subordinated debentures of up to LKR7bn a final National Long-Term Rating of ‘A+(lka)’. The final rating is the same as the expected rating assigned on 27 September 2016 and follows the receipt of documents conforming to information already received. The debentures, with tenors of […]
RIU Investor roadshow London 2016 holds session at the High Commission
(PRESS RELEASE) – The RIU (Research Intelligence Unit) Investor Forum, geared towards facilitating cross border investment between Sri Lanka and the United Kingdom was held at the Sri Lanka High Commission in Hyde Park Gardens, London on Friday the 7th October. The special focus of this event being on real estate and related investment facilitation […]
Sri Lanka Central Bank resolves four insolvent institutions
Oct 19, 2016 (LBO) – Sri Lanka’s Monetary Board says it has approved repayments to depositors and investors in four insolvent financial institutions. The Monetary Board approved repayment of depositors of three finance companies, The Standard Credit Finance Ltd., City Finance Corporation Ltd. and Central Investments and Finance PLC, and legitimate investors in government securities-linked […]
Asian shares manage muted cheer for China growth
SYDNEY, Oct 19 (Reuters) – Asian shares held early gains on Wednesday as a barrage of Chinese data confirm the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount. The initial reaction was muted with few fireworks in the figures and Shanghai […]
‘s power users to be compensated for damages: PUCSL
Oct 19, 2016 (LBO) – Sri Lanka’s electricity consumers will be compensated for the damages to equipment due to abnormal voltages and phase reversals in the distribution systems from 13th January 2017, the power regulator said. The implementation of the regulation will be completed in three stages over three years from the day the regulations […]
Opinion: Perpetual and the problem of unfettered capitalism
By Chamath Ariyadasa Questions about rampant capitalism are raised not just in Sri Lanka but in all developed financial markets. Hence, calls for a more subdued, socially conscious process reverberate here as well, and these arguments are important. Once we set the rules, the private sector steps in to maximise profit — acting within the […]
SriLankan Airlines bans Samsung Note 7 on all aircraft
Oct 18, 2016 (LBO) – Sri Lanka’s national carrier, SriLankan Airlines has imposed a total ban on the carriage and usage of ‘Samsung Note 7’ on board the SriLankan and Mihin Lanka aircraft with immediate effect. The ban comes into effect subsequent to the series of incident reported on explosions of the device when connected […]
‘s criticism
(Reuters) – The head of Sri Lanka’s anti-corruption body resigned on Monday, government officials said, days after President Maithripala Sirisena implied her agency was favoring the rival party of his prime minister. Dilrukshi Wickramasinghe has headed probes into alleged corruption involving top officials in the former government of ex-president Mahinda Rajapaksa, including his brothers, son […]
Sri Lankan rupee falls on importer dollar demand
COLOMBO, Oct 18 (Reuters) – The Sri Lankan rupee fell on Tuesday on importer dollar demand in the absence of central bank intervention, said dealers. Rupee forwards were active, with the spot-next at 147.20/30 per dollar as of 0752 GMT, compared with its previous close of 147.00/05. The spot rupee was quoted at 146.90/95 per […]
Finance Minister obtains proposals for budget from Ceylon Chamber
Oct 18, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake recently met with the committee members of the Ceylon Chamber of Commerce to obtain their views on the upcoming Budget presentation. The discussion was chaired by Chairman of the Chamber Samantha Ranatunga and each committee member was given an opportunity to express their views […]
European Council President pledges to support Sri Lanka GSP+
Oct 18, 2016 (LBO) – European Council President has pledged to Prime Minister Ranil Wickremesinghe the fullest support to regain the GSP+ concessions for Sri Lanka. The support came after Premier Wickremesinghe yesterday met Donald Tusk who has been President of the European Council since December 2014. Tusk who was previously the Prime Minister of […]