Colombo Port City work commences

Published : 12:16 am  September 18, 2014  |  Category: Front Page  |  Leave a Comment  |  1,387 views  |  

President Xi and President Rajapaksa flag off construction work of city that will change Colombo skyline The Colombo Port City project, the largest foreign-funded investment on record in Sri Lanka, commenced yesterday with the commissioning of construction of Phase 1 by Chinese President Xi Jinping and President Mahinda Rajapaksa. The Chinese-financed $ 1.4 billion Colombo Port City project is its largest foreign-funded investment on record. The Port City will be built by a unit of state-controlled China Communications Construction Co. on 233 hectares of reclaimed land, an area slightly larger than Monaco. The offices, hotels, apartments and shopping centres will draw as much as $ 20 billion... 

Port City in Presidential spotlight

Published : 12:15 am  September 18, 2014  |  Category: Front Page, MAIN IMAGE  |  5 Comments  |  1,644 views  |  
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President Mahinda Rajapaksa and Chinese President Xi Jinping inspecting the model structure of the Colombo Port City project at the official commissioning ceremony yesterday. The China-financed project will cost $ 1.4 billion – Pic by Sudath Silva       Read More →

Pope approves Vaz as Lanka’s first saint

Published : 12:14 am  September 18, 2014  |  Category: Front Page  |  Leave a Comment  |  580 views  |  
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Pope Francis has approved Blessed Joseph Vaz (1651-1711) as Sri Lanka’s first saint, reports from the Vatican said yesterday. Reports said that the Pope had bent Vatican rules to bypass confirmation of a miracle in order to approve Blessed Joseph Vaz as a saint. Francis will now canonise Joseph Vaz, a 17th century missionary, during his visit to Sri Lanka in January. Vaz was born in India in 1651 but chose to work in Sri Lanka amid persecution of Catholics by Dutch colonial rulers, who were Calvinists. He is credited with having revived the Catholic faith in the country. The Vatican said Wednesday that Francis approved the decision by the Vatican’s saint-making office to canonise Vaz. The... 

Balance of Payments surplus tops $ 2 b

Published : 12:10 am  September 18, 2014  |  Category: Front Page, TOP STORY  |  Leave a Comment  |  1,456 views  |  

Gross official reserves at $ 9.2 b by end August The Central Bank said yesterday that the Balance of Payments (BOP) surplus in the first seven months is estimated to be $ 2.015 billion as against a deficit of $ 180 million a year earlier. The estimate was disclosed in the release of July external trade data yesterday. “The improved BOP position strengthened the international reserves and stabilized the exchange rate further,” the Central Bank added. It said as at end July 2014, Sri Lanka’s gross official reserves amounted to $ 9 billion, while the same is estimated to have increased to $ 9.2 billion by end August. Total foreign assets, which include foreign assets of the banking sector,... 

Citi delighted with success of NSB’s $ 250 m Bond Issue

Published : 12:06 am  September 18, 2014  |  Category: Front Page  |  1 Comment  |  835 views  |  

American banking giant’s Sri Lanka branch acts as Joint bookrunner and Joint Lead Manager Citi has expressed its delight over the recent success of the National Savings Bank’s (NSB) US$ 250 million Bond Issurance. Citi acted as Joint Bookrunner and Joint Lead Manager for this transaction that represented the lowest yield outside of the sovereign itself. NSB raised $ 250 million from the international debt market via a five-year bond. NSB is a policy bank wholly-owned by the Government of Sri Lanka. The transaction had over $ 2 billion in orders, underlining the strength of demand for NSB and strong investor interest in Sri Lanka. The coupon of 5.15% represented the lowest coupon by a Sri... 

BOC’s Rs. 8 b debenture issue oversubscribed

Published : 12:06 am  September 18, 2014  |  Category: Front Page  |  Leave a Comment  |  512 views  |  

By Shabiya Ali Ahlam The Bank of Ceylon’s (BOC) first debenture issue for the year worth Rs. 8 billion was oversubscribed on its official opening day on Tuesday following an oversubscription. “The issue took place just as expected. With BOC having a strong position in the market, we were confident the debenture would be oversubscribed on the opening day itself,” BOC Senior Deputy General Manager International, Treasury and Investment P. A. Lionel told the Daily FT. He said the first trench of Rs. 4 billion was reached within an hour of opening and was oversubscribed by 2 p.m. the same day. The exact number of applications for the issue which comprised five and eight year tenure, and the... 

Bourse ends steady; energy price cut boosts sentiment

Published : 12:05 am  September 18, 2014  |  Category: Front Page  |  Leave a Comment  |  704 views  |  

Reuters: Stocks ended little changed on Wednesday as gains in mid-cap shares were offset by profit-taking in some large-caps amid heavy retail participation on positive sentiment after the Government reduced energy prices. The main stock index edged up 0.04%, or 3.10 points, to 7,179.20. The Bourse hit its highest close since 10 June 2011 of 7,218.68 on Friday. “There is heavy retail participation as the energy price reduction is seen as a positive development. But there was profit-taking in over-valued large-cap shares,” said Dimantha Mathew, Manager Research at First Capital Equities Ltd. President Mahinda Rajapaksa cut energy prices across the board on Tuesday after officially opening... 

Sri Lanka salutes China

Published : 1:32 am  September 17, 2014  |  Category: Front Page, TOP STORY  |  10 Comments  |  2,789 views  |  

President Rajapaksa commends China’s contribution to SL economic growth as “unprecedented”; Pledges support for China’s Silk Road proposal FTA negotiations start today Bilateral ties elevated to Strategic Cooperative Partnership; Plan of Action signed for greater  cooperation Biggest-ever FDI project $ 1.5 b Port City to be launched by two leaders today Chinese President Xi Jinping (L) and President Mahinda Rajapaksa applaud each other during their bilateral meeting at the Presidential Secretariat in Colombo yesterday – Reuters/Dinuka Liyanawatte Sri Lanka yesterday hailed economic superpower China for its unwavering support as the two countries took key steps to further strengthen... 

Fonseka vows to join UNP, JVP to form Uva PC

Published : 1:26 am  September 17, 2014  |  Category: Front Page, MAIN IMAGE  |  10 Comments  |  3,234 views  |  
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Former Army Chief says Opposition parties joined by common goal to defeat Rajapaksa regime Fonseka’s exploded car makes appearance at Bandarawela election rally Govt. recommences distribution of drought relief stipend stalled by Polls Chief after SC approval By Dharisha Bastians in Bandarawela Former Army Chief Sarath Fonseka upped the ante in the Uva battle, by confirming his Democratic Party would assist the main Opposition parties to form a provincial government, if Saturday’s polls battle ended in a dead heat. Speaking to the Daily FT following an election rally in Bandarawela Town yesterday, Fonseka said the Opposition parties had ‘common goals.’ “Definitely, the UNP, JVP and... 

President announces reduction in fuel, electricity prices

Published : 1:23 am  September 17, 2014  |  Category: Front Page  |  4 Comments  |  1,207 views  |  

The Government slashed fuel and energy prices in a surprise move last evening, days ahead of a decisive election. President Mahinda Rajapaksa announced reductions in diesel, petrol and kerosene and a 25% reduction in electricity tariffs at the inauguration of Unit II of the Norochcholai Power Plant, together with visiting Chinese President Xi Jinping. “In appreciation of your Excellency’s visit and enormous contribution to reduce cost of electricity and energy, I now announce that electricity bills of the people will be reduced by 25 percent with effect from today. I also announce that price of kerosene will be reduced by Rs. 20 per litre, price of petrol  by Rs. 5 per litre and price of... 

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