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Riding High
DFCC Bank on Thursday secured a SL AA national rating from Fitch Ratings for its implied long-term unsecured senior debt. SL AA long-term rating denotes a very low expectation of credit risk. The rating indicates a very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events, Fitch […]
Crossfire
Rising tension in the Middle East is buing holes in the Sri Lankan tea industry as prices plummet and stocks accumulate at auctions. Low grown teas are seeing the brunt of the Middle Easte crisis, with prices on average dropping by Rs. 20.00 in two weeks. In addition, a backlog over 15 million kilos of […]
Wrong Number
Policy makers agreed to come forth with a revised date plan to issue external gateway licences, decided at a stakeholder meeting on Wednesday. rnrnTelecom operators on January 24, united to lobby against the draft External Gateway Operator (EGO) licence citing shortcomings including the lack of access tariffs. rn rnA lack of an interconnection framework also […]
Structural Support
Sri Lanka is to receive up to US$ 400 mn, which amounts to 100 percent of its SDR quotas, under the International Monetary Fund quote s Poverty Reduction and Growth Facility.rn rnThe long-term loan package is linked to the government quote s three-year economic reform programme spelt out in the Regaining Sri Lanka paper and […]
Timber Scams
Local regulators are taking a hard look at a rise timber investment companies to prevent the public from depositing funds in unlicenced institutions.The move comes after Central Bank on Tuesday for the first time in history, named 27 companies for mobilising public funds without regulatory approval.rn rnAmong the warning list were a few companies that […]
Four Musketeers
A deal finalised on Wednesday will transfer Rohan Pereras 54 percent holding in Pramuka Merchant to a four-man consortium.The paperwork is being processed, say the new shareholders, who plan to hold an emergency meeting in early February.rn rnSources estimate that the consortium put in over Rs. 5 million for the stake and expect a name […]
Rich Dividends
The NAMAL Income Fund (NIF) has declared its second dividend of Rs. 0.75 per unit for the six months ending Dec.31, 2002.With this distribution investors have enjoyed a gross dividend of Rs 1.50 per unit for 2002. The fund paid Rs 0.75 per unit in July 2002, NAMAL said in a statement Wednesday.rn rnDuring the […]
Milk Money
The LTTE and government meetings are drawing up strategies to milk the world donor community to the maximum at the June donor conference.rn rnThe Cabinet spokesperson Prof. G L Peiris refused to put a quantum, but the government is looking at raising around US$ 600 million in medium term funds for national development projects.rn rnProf. […]
Longer View
The Central Bank said Tuesday it was extending its yield curve further by issuing a 15-year bond this week.The maiden Rs. 1.5 bn issue carries a 8.5 percent coupon rate as opposed to the quarterly and half-yearly coupons offered on present treasury bonds.rn rnA further Rs. 1 bn will be raised through a 10-year bond.The […]
Breaking Boundaries
Seylan Bank on Tuesday tied up with Australias Tyndall Investment Management to launch Sri Lankas first ever international bond fund.Initially, the new fixed-income Seylan International Bond Fund will manage US$ 16 mn of Seylan Banks foreign currency assets of over US$ 50 mn.rn rnWith over A$ 9 bn under its management, Tyndall is a member […]