Category: Industry
Colombo’s Cleanup
Feb 08 (LBO) – The Social Service Ministry hopes to put-up Colombo’s estimated 1523 homeless in transitional housing by end 2006. Secretary to the Ministry V. Jegarasasingham said that poverty, the war and domestic abuse among other reasons has led over 1523 Sri Lankan men, women and children to take shelter on Colombo’s streets. Not […]
Now or Never
Feb 07 (LBO) – Sri Lanka Ports Authority (SLPA) chief warned Tuesday that the island would suffer irreversible costs if the south port project does not take off before next year. SLPA Chairman Dileepa Wijesundara told LBO that construction work on Colombo’s South Harbour project would not be delayed, with funding options expected to be […]
Out of the house
Feb 07 (LBO) – The State Mortgage and Investment Bank (SMIB) plans to change their governing act to get more freedom to lend and change its name as part of a complete make-over, a top official said. SMIB Chairman Chandima Weerakkody said proposed amendments have been submitted to the subject minister Wijedasa Rajapakse, who is […]
Fine Tuning
Feb 07 (LBO) – Sri Lanka’s telecom watchdog says it has started to crack down on errant state and private sector frequency users to collect overdue fees. The crackdown is part of a programme to clean up Sri Lanka’s commercial important spectrum, which is currently near full capacity. Already, the regulator is seeing a crunch […]
Sailing Offshore
Feb. 06 (LBO)-Sri Lanka’s only commercial ship building and repair firm Colombo Dockyards Limited (CDL) plans to invest over Rs.660 million to upgrade infrastructure in order to lure new business and face up to competition from India. The investment spread over 2005 and 2006 is expected to improve CDL’s profitability, especially from its shipbuilding operation, […]
Plan B
Feb. 06 (BLO) Sri Lanka’s key information technology communication agency, ICT Agency, plans to opt for a consortium built fibre optic internet backbone or data only licenses instead of the disputed regional telecom network licenses. Sri Lanka’s three-fixed line and four cellular network operators took the state ICT policy implementing body to courts in early […]
Trimmed Changers
Feb 04 (LVP) – Five moneychangers have lost their license after they failed to comply with new capital requirements set by the regulator. Moneychangers operate as a supplement to commercial banks, and can buy foreign exchange from the public in return for domestic currency. Most operate in Colombo’s Fort area. Sri Lanka’s Central Bank, which […]
Patriotic Rates
Feb.03 (LBO) — Sri Lanka Friday announced plans to issue US0 million-worth of sovereign bonds with the first US million tranche going on sale next Monday, officials said.Treasury Secretary P B Jayasundera said the securities dubbed, “Sri Lanka Nation Building Bonds,” give expatriate countrymen a chance to take part in the island’s development activities. “We […]
Bond Show
Feb. 3 (LBO) – Sri Lanka will shortly start selling a billion dollars in government bonds with the help of Citibank, Treasury Secretary P B Jayasundara said Friday.“Citibank has been appointed and we will finalise the process within the next two weeks,” Jayasundara told reporters. Jayasundara said the structure of the billion-dollar issue is being […]
Tsunami Line
Feb 03 (LBO) – Sri Lanka’s DFCC Bank is in line to pick up over €70million worth of concessionary funding lines this year, as it looks for ways to expand its loan book, a top official said Thursday. Germany’s flagship public development bank Kreditanstalt für Wideraufbau (KfW), is leading the way, with a €5.45 million […]
Union Rating
Feb.01 (LBO) – Fitch Ratings assigned a ‘BB+ (sri)’ national rating to the Implied Long-term Unsecured Senior Debt of Union Bank of Colombo on Wednesday. The rating points to possible credit risks developing, particularly as a result of adverse economic change over time. Fitch however, said business or financial alternatives may be available to meet […]
Billion Bond
Feb. 02 (LBO) – Citibank is likely to get the mandate to raise a billion dollars for the Sri Lanka government through sovereign bonds this year, Lanka Business Online learns.The seven year bonds, would carry a six-month floating rate, based on the London Inter Bank Offered Rate (LIBOR). Last December, Citibank raised US$ 100 million […]