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Industry's biggest People’s Leasing Plc yesterday announced plans to raise $ 150 million (nearly Rs. 20 billion) via senior unsecured notes and to list same on the Singapore Bourse. The notes will be offered and sold outside the US as per regulations under the US Securities Act as well as outside Sri Lanka. The company ...
Multi Finance PLC (MF PLC), a fast-growing Central Bank-licensed finance company and a listed company on the Colombo Stock Exchange, has announced its first successful private offering of an asset-backed securities issue of Rs. 350 million. The core objective of this issue was to finance its new lease and hire purchase portfolio as part of ...
NDB Investment Bank Limited (NDBIB) was adjudged the ‘Best Investment Bank in Sri Lanka’ recently at the Awards for Excellence 2012 by Euromoney, the world’s premier financial markets magazine. This is a historical achievement for NDBIB as well as the country since it is the first time Euromoney has ever recognised an investment bank in ...
YTD net foreign inflow of Rs. 24 b only silver lining The granting of greater flexibility on broker credit to clients failed to bolster a credible rebound in the Colombo Bourse as it got back to over 20% mark in year to date negative return mark. The benchmark ASI lost 27.07 points to close at ...
Reuters: The rupee weakened on Tuesday on importer dollar demand, but prospects for a $ 1 billion 10-year sovereign bond to bring in greenbacks lent stability. The rupee closed at 133.85/90 against the dollar, weaker from Monday’s close of 133.80/85. “We saw some inflows of around $200 million through a foreign bank, but 90 percent ...
Sri Lanka’s $ 1 billion10-year sovereign bond launched on Tuesday saw strong demand, being oversubscribed by more than 10 times before the order book was closed, Reuters said, quoting unnamed sources close to the deal. “As of now it has been oversubscribed by more than 10 times and we see strong demand for the ...
Rajeeva Bandaranaike, a well known professional in the financial services industry joined Orient Finance as CEO recently. He brings with him over 20 years of experience in the financial services sector in which he has held several senior managerial positions. Orient Finance is licensed by the Central Bank of Sri Lanka under the Finance Business ...
The keynote address delivered by Dr. Kalpana Kochar, the World Bank’s Chief Economist for South Asia, at the recently-concluded CCC Economic Summit, highlighted three fundamental flaws in Sri Lanka’s growth model. It will not be possible to achieve sustained growth of 8% without addressing these effectively. The Pathfinder Foundation, and others, has emphasised the need ...
A SWISS-based company has emerged to negotiate a disputed payment deal the UAE-based Fujairah Petroleum Company had signed with the Ceylon Petroleum Corporation (CPC) to supply up to 160,000 tons of low sulphur oil. The blatant lack of transparency of this deal has raised new questions over the governance of CPC and why repeated transgressions ...
Wimbledon is special to me not because I played the tennis circuit during my schooling days but for the insights that I get into life and business in general. The 2012 edition in particular was unique, given that a Brit was in the finals of the men’s singles game, that was happening after 74 years. ...
Commenting on Sri Lankaandrsquo;s balance of payment situation and economic fundamentals a leading global banking giant said, Sri Lankaandrsquo;s BoP position came under stress in H2-2011 when FX reserves depleted by US$ 2.7 billion (30% lower than its peak in July 2011) and FX reserve coverage fell to 3.4 months of imports.
Standard Chartered Bank has revised Sri Lanka’s credit outlook to stable from positive and is advising bond investors to await the conclusion of Sri Lanka’s $ 1 billion Sovereign issue prior to getting involved in the country’s debt market opportunities. This advise is contained in SCB’s latest Asian sovereign credit coverage. “While we believe that ...
REUTERS: Little more than a dozen years after the region’s crippling financial crisis, Southeast Asia is looking more a safe haven than a risky bet, with foreign investors souring on China and India and pouring money into markets proving resilient to the global gloom. Short-term investors in Southeast Asian stocks and bonds are being overtaken ...
The Sri Lanka Economic Association or SLEA, the long-standing professional body of economists of Sri Lanka, has published some selected papers presented at its Annual Sessions in October 2011 in a volume titled ‘Achieving Economic Goals in the Midst of Global Challenges,’ the theme of the sessions. The volume, edited by two veteran economists – ...
Laugfs Gas PLC and its subsidiaries having recorded a profit after Tax of Rs. 942 million as per the un-audited financial statements for the year ended 31 March 2012, yesterday announced a payment of first and final dividend of Rs. 1.50 per share for both Ordinary Voting and Non- Voting shares held. Chairman Laugfs Gas ...
South Asia expected to grow 6.2% in 2012 and 6.9% in 2013BANGKOK, THAILAND: Europe’s worsening financial and banking crisis and a sluggish recovery in the United States are weighing on developing Asia’s growth prospects, according to figures released yesterday from the Asian Development Outlook Supplement (ADOS), published by the Asian Development Bank (ADB). “Economic growth ...
Addresses IAACA Anti-Corruption Seminar in Dalian, ChinaNihal Sri Ameresekere, who is in the forefront agitating against fraud and corruption in the highest echelons of society, made a presentation on the UN Convention Against Corruption (UNCAC) at the Annual Seminar of the International Association of Anti-Corruption Authorities (IAACA) held recently in Dalian, China. Nihal’s presentation h...
Reuters: The stock market edged up on Thursday from a one-month low, but concerns over rising interest rates and exchange rate volatility trimmed the trading volume. Colombo Stock Exchange’s main index gained 0.08% or 3.67 points up at 4,872.06, from its lowest since 13 June. “The market is just going without a direction,” said one ...
Opposition MPs warn post-war gains will be wasted unless Govt. puts house in order Insist on better policies, respect for law and order Call for common agenda for clear and consistent regulations By Uditha Jayasinghe Opposition politicians joined the private sector yesterday in calling for the Government to work on law and order and consistent ...
Multi Finance Plc has raised Rs. 350 million via a private issue of asset-backed securities. “The core objective of this issue is to finance new lease and hire purchase portfolio as part of the Company’s growth strategy,” Multi Finance said in a Stock Exchange filing. “The Company firmly believes that this process provides effective medium ...
By Cassandra Mascarenhas The third and final day of the Sri Lanka Economic Summit 2012 organised by the Ceylon Chamber of Commerce commenced with a plenary session titled ‘Skills and Productivity to Compete in the Global Market,’ which discussed the initiatives that are underway and aimed to identify additional steps required to improve the quality ...
Reuters: Asian shares slid on Thursday as a surprise rate cut from South Korea and an unexpected slump in Australian employment deepened worries about global economic growth. The news weighed on sentiment already hurt after minutes from a Federal Reserve meeting in June showed conditions may need to worsen before policymakers possibly buy more bonds ...
Addresses IAACA Anti-Corruption Seminar in Dalian, China Nihal Sri Ameresekere, who is in the forefront agitating against fraud and corruption in the highest echelons of society, made a presentation on the UN Convention Against Corruption (UNCAC) at the Annual Seminar of the International Association of Anti-Corruption Authorities (IAACA) held recently in Dalian, China. Nihal’s ...
CONSISTENT policies have always been a challenge for Sri Lanka, but its importance has been brought to the forefront yet again by the Sri Lanka Economic Summit that wrapped up on Thursday. Right from the onset, it was clear that the oft-repeated but rarely-listened-to issues were to dominate the three-day conference with economists, politicians and ...
South Asia expected to grow 6.2% in 2012 and 6.9% in 2013 BANGKOK, THAILAND: Europe’s worsening financial and banking crisis and a sluggish recovery in the United States are weighing on developing Asia’s growth prospects, according to figures released yesterday from the Asian Development Outlook Supplement (ADOS), published by the Asian Development Bank (ADB). “Economic ...
Maintaining that the Government was on the right course, Treasury Secretary Dr. P.B. Jayasundera yesterday urged the private sector to adapt as well as tap unprecedented growth potential, harnessing supportive policies and other measures. Delivering the keynote at the first plenary session of the Ceylon Chamber of Commerce Sri Lanka Economic Summit, Dr. Jayasundera in ...
The Central Bank yesterday kept policy rates unchanged for the third consecutive month, largely on the confidence that recent measures taken have had desired stabilising effect so far. In its statement following Tuesday’s July Monetary Policy Review, the Central Bank said inflation, as measured by the year-on-year change in the Colombo Consumers’ Price Index, increased ...
Reuters: The stock market fell for the third straight session on Wednesday to approach a one-month low on concerns about the risk of higher interest rates, though the Central Bank kept its policy rates unchanged earlier in the day. The Colombo Stock Exchange’s main index fell 0.76 per cent or 37.21 points to 4,868.39, its ...
The Central Bank yesterday announced that those who have multiple foreign currency accounts will be required to unify all to a newly-directed single account named ‘Foreign Exchange Earners’ Account’ or FEEA. With effect from yesterday all exporters, indirect exporters, suppliers of inputs, professional services providers, entrepot traders, gem and jewellery dealers, insurers, ins...
SINGAPORE/LONDON (Reuters): The London Stock Exchange has signed an agreement with its Singapore counterpart to allow the pair’s largest stocks to be traded on both bourses, increasing access for investors and boosting liquidity. Under the agreement, LSE members will be able to trade shares of the top 36 companies listed on the Singapore Exchange. In ...