Fitch rates DFCC Vardhana Bank’s sub debt ‘A+’
Fitch Ratings Lanka said yesterday it has assigned DFCC Vardhana Bank Limited’s (DVB) proposed subordinated debentures of up to Rs. 1 b a National rating of ‘A+(lka)’. The agency has simultaneously affirmed DVB’s National Long-Term rating at ‘AA-(lka)’ with a Stable Outlook.
The proposed debt issue has tenures ranging from five to seven years, and will have both fixed and floating coupon rates. Capital will be re-paid on maturity. The proposed debenture will be utilised to finance loan growth and will also help strengthen the bank’s tier 2 capital. It is expected to be listed on the Colombo Stock Exchange and is DVB’s initial step in fulfilling the regulatory listing requirements for Licensed Commercial Banks (LCB).
People’s Bank readies for gala 50th anniversary celebrations
President to preside over main event, plans commemorative volume, stamp and coin, donates 50 houses for resettled families in Mannar (strap)
People’s Bank is readying to celebrate its 50th anniversary in style with several programmes planned countrywide. The main programme will be held at Temple Trees on Friday (1) presided over by President Mahinda Rajapaksa.
Celebrating the services rendered to the nation by the bank the postal department will release a special stamp along with a commemorative book on the anniversary day. There will also be a commemorative coin launched on the occasion. The theme of the stamp will centre on the services rendered by the bank to small and medium enterprises in Sri Lanka.
Softlogic Finance shifts into high gear with Daihatsu
High-riding Softlogic Finance Plc has heralded the arrival of the spectacular new 2011 Terios range from Daihatsu on which it is offering an equally prodigious range of flexible leasing packages to those customers eager for a piece of the action.
The Terios has been crafted with special technologies in order to achieve compactness without reducing factors such as comfort, convenience and environmental performance. Customers can trade in their old vehicle and drive away the entry model for Rs. 29,900 per month.
HNB Leasing – Your most trusted partner in leasing
Having started leasing services in 1991, HNB was the first private commercial bank to move into the leasing sector. Continuously experiencing a very progressive and steady growth over the years, today HNB stands at the forefront of leasing in the banking sector and has won an enviable reputation in the leasing arena by providing customers with the very best with regard to leasing deals.
HNB Leasing offers customers a range of attractive options and flexibility, thereby ensuring that the individual needs of customers are met at all times. The Daily FT spoke to Chief Manager of Leasing at HNB Keerthi Wijeratne to find out more about what they have to offer.
Long road to RTI Act
The road to a Right to Information (RTI) Act that would promote transparency and accountability for good governance just got longer with the President’s statements to media heads on Tuesday. At a meeting with heads of print and electronic media President Mahinda Rajapaksa insisted that journalists did not require the RTI Act since they could ask what questions they wish and that they would be given access as long as the details did not concern national security or be covered by the Official Secrecy Act.
It’s free and we are proud of it!
Making an iconic public university system
I have stated before that within the general establishment in Sri Lanka, a prevalent view is that if everyone speaks in English and if private universities are started, our education system can take off, the country will prosper and paradise is within reach.
Education and especially tertiary education is too serious an endeavour to simplify like that. Am I daydreaming in penning this title? Currently the public university system is not functioning and has been in this comatose state for more than seven weeks. The situation has worsened with even academic staff getting onto the roads for street demonstrations to highlight their grievances.
I empathise with them, but more pity the environment that had led to this type of situation to evolve.
They came from Jaffna to see us and we became friends for life
The Peace Secretariat, US AID and Rotary Club organised to bring nine students and three teachers from Jaffna to the deep south of Sri Lanka (Hambantota, Kiula, Lunama, Bata Atha) to give them an opportunity to interact with their brethren in the south.
They arrived on 22 June and stayed with us until 29 June, hosted by the Rotary Club of Hambantota. They had many exciting events and activities and also visited Kataragama.
World Bank trade strategy
The World Bank has come out with a Trade Strategy Report for the first time, which was released on 16 June. Although trade has been an important component of the economic growth agenda and country assistance strategies included trade or trade-related activities, no formal strategy with the main focus on trade has been prepared in the past.
With the changing global economic landscape where developing economies have become global economic leaders, the World Bank group has acknowledged the need for such a strategy.
US cost of wars will top $ 4 trillion
Reuters: The final bill will for the United States’ wars in Iraq and Afghanistan will run into at least $ 3.7 trillion and could reach as high as $ 4.4 trillion, according to a study.
In the 10 years since US troops went into Afghanistan to root out the Al Qaeda leaders behind the 11 September 2001 attacks, spending on the conflicts totalled $ 2.3 trillion to $ 2.7 trillion, said the research project ‘Costs of War’ by Brown University’s Watson Institute for International Studies.
CIMA Business Leaders Summit 2011
The CIMA Business Leaders Summit 2011, the two-day flagship event of the professional body held last week which featured several international industry leaders, kicked off with the inauguration held at the Cinnamon Grand and was well attended by many professionals from various industries
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