Massive Rs. 20 b demand for People’s Leasing Rs. 3 b debentures

Published : 12:00 am  September 22, 2014  |  Category: Front Page  |  Leave a Comment  |  514 views  |  

The People’s Leasing and Finance Plc’s Rs. 3 billion debenture issue had drawn a massive Rs. 20 billion demand reflecting over six times oversubscription. Releasing final figures on the issue which closed early last week, PLC said there had been 117 applications requesting for debentures worth Rs. 19.99 billion. The Company, the largest Non Bank Financial Institution, issued 15 million listed, rated, senior, unsecured redeemable debentures of Rs. 100 each with an option to offer an equal amount in the event of an oversubscription of the original figure. Rated by AA- Fitch Ratings, the public issue was attractively structured giving investors the opportunity to select between two types of... 

First Crafts Map of Sri Lanka copy presented to President

Published : 12:20 am  September 20, 2014  |  Category: Front Page, MAIN IMAGE  |  Leave a Comment  |  956 views  |  
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President Mahinda Rajapaksa was presented with the first copy of a Crafts Map of Sri Lanka at a ceremony organised at Temple Trees on Thursday. The Crafts Map that was published with the assistance of the India-Sri Lanka Foundation was presented to the President by National Crafts Council Chairman Buddhi Keerthisena in the presence of High Commissioner of India to Sri Lanka Y.K. Sinha and Minister of Traditional Industries and Small Enterprise Development Douglas Devananda. National Crafts Council Chairman Buddhi Keerthisena (left) and High Commissioner of India to Sri Lanka Y.K. Sinha showing the first Crafts Map of Sri Lanka copy to President Mahinda Rajapaksa Published with the guidance of... 

SriLankan and Pilots’ Guild sign three-year collective deal

Published : 12:18 am  September 20, 2014  |  Category: Front Page  |  Leave a Comment  |  1,393 views  |  
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SriLankan Airlines and the Pilots’ Guild entered into a new three-year collective deal last week to work together for the betterment of the national carrier. President Pilots’ Guild Capt. Chaminda De Soysa (third from left) and SriLankan Airlines CEO exchanging the agreement while (from left) Pilots’ Guild Secretary Capt. Suneth Fernando, Capt. Suneth Fernando Vice President Capt. Marlon Perera, (third from right) SriLankan Airlines Head of Human Resources Pradeepa Kekulawala, SriLankan Airlines COO Capt. Druvi Perera and SriLankan Airlines Manager Group Legal Affairs Mayuka A. Ranasinghe look on The management of SriLankan Airlines and the Pilots’ Guild signed on 12 September a new... 

IMF says Sri Lanka’s poor tax administration could cut economic growth

Published : 12:09 am  September 20, 2014  |  Category: Front Page  |  Leave a Comment  |  838 views  |  

Reuters: Sri Lanka’s continuing failure to strengthen its tax administration could force the its Government to spend less, which would hit economic growth, the International Monetary Fund (IMF) said on Friday. Since the Fund extended a $2.6 billion loan in 2009, it has regularly called for the Government to raise more revenue by broadening the tax base and reducing tax exemptions. However, tax revenue as a percentage of gross domestic product has been declining. It hit 11.6% last year, from 13.3% in 2008. In its annual report on Sri Lanka, the IMF said achieving Colombo’s 2014 budget deficit target of 5.2% of GDP will be “challenging”. The global lender said a failure to increase tax... 

Court of Appeal to take up Wanathamulla eviction case as urgent matter

Published : 12:08 am  September 20, 2014  |  Category: Front Page  |  2 Comments  |  1,094 views  |  

The Court of Appeal has decided to take up the case of residents from 34 Watta in Wanathamulla as an urgent matter after the UDA attempted to demolish homes in the area on Thursday despite the pending court case. In the case filed by four residents from 34 Watta in Wanathamulla (CA Writ 283/2014) against the Urban Development Authority and other actors challenging the directive issued by the UDA ordering them to move from their homes to an alternative location, the Court of Appeal yesterday heard the matter and listed it to be taken up on Monday (22) as an urgent matter. Notices have been served on respondents and the Court of Appeal has also instructed papers to be served on the Attorney General’s... 

India, China sign 5-year trade, economic deal

Published : 12:08 am  September 20, 2014  |  Category: Front Page  |  2 Comments  |  512 views  |  

Xi Jinping pledges $ 20 b investments and give India greater access in China Reuters: India and China have signed a five-year trade and economic cooperation pact, an Indian Government official said on Thursday during a visit by the Chinese President Xi Jinping to meet Indian Prime Minister Narendra Modi in New Delhi. The two nations also signed a railway cooperation pact, the official said. Chinese President Xi Jinping pledged on Thursday to invest $20 billion in India and give its companies greater access to key Chinese markets following talks with Prime Minister Narendra Modi in New Delhi. The world’s two most populous nations used the summit to sign agreements to boost their commercial... 

Sri Lanka to set up joint trade commission with Russia

Published : 12:07 am  September 20, 2014  |  Category: Front Page  |  Leave a Comment  |  674 views  |  

Cabinet has given its approval to establish a joint commission with the Russian Federation to enhance bilateral trade ties. Meeting on Wednesday, the Cabinet approved a proposal made by the Ministry of Industry and Commerce Rishad Bathiudeen to enter into an agreement on establishment of the ‘Inter-governmental Commission on Trade, Economic, Scientific and Technical Cooperation’ with Russia to enhance cooperation between the two countries in those fields. According to the Government, the bilateral trade between Sri Lanka and Russia has been increasing over the years. Sri Lanka’s exports to Russia have increased from $ 11.6 million in 2001 to $ 279.91 million in 2013 while Sri Lanka’s... 

Hard-fought polls for Uva today

Published : 12:00 am  September 20, 2014  |  Category: Front Page, TOP STORY  |  5 Comments  |  1,713 views  |  

Nearly a million people are eligible to vote in an unexpectedly hard-fought electoral contest that will take place in the Uva Province today. Following a furious provincial polls campaign to secure the two Districts of Badulla and Moneragala over the past six weeks, the ruling party will try to retain its big margins of victory while the Opposition seeks to gain ground, particularly in the Badulla District. The decision by UNP MP Harin Fernando to quit Parliament and contest as his party’s chief minister in Uva breathed fire into the provincial election, which until then the UPFA was expected to comfortably secure. The UPFA, UNP, JVP, Democratic Party and several other political parties are... 

Sri Lanka starts work on global consumer compliance

Published : 12:21 am  September 19, 2014  |  Category: Front Page  |  Leave a Comment  |  705 views  |  
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First international phytosanitary program in Colombo NTBs a significant challenge for exports: Secretary Anura Two top WTO experts in town Important session: DoC’s Kumararatne Jan-July exports at $ 6.4 billion               Sri Lanka has begun compliance work on the global consumer end of its exports basket on 18 September and no less than two top experts from Geneva’s WTO are in town to facilitate the pioneering effort. “Today, more countries around the world continue to reduce their border tariffs, either unilaterally or through an increasing number of free trade agreements, called as RTAs – Regional Trade Agreements. Non-tariff barriers such as... 

Union Bank gets shareholder support for TPG investment

Published : 12:18 am  September 19, 2014  |  Category: Front Page  |  Leave a Comment  |  771 views  |  
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Union Bank of Colombo PLC (UBC) held its Extraordinary General Meeting on 17 September, facilitating shareholder approval for the conclusion of its landmark investment agreement of $ 117 m with TPG, a leading global investment firm. Union Bank Chairman Alex Lovell stated that the bank received an overwhelming endorsement from shareholders for the TPG investment. As per the circular to shareholders issued by UBC, the resolutions passed in summery included (1) the issue of 742,156,249 ordinary voting shares of the company for Rs. 15.30 each to Culture Financial Holdings Ltd. (CFHL) by way of a private placement; (2) The issue of 218,281,250 warrants to CFHL for Rs. 0.30 per warrant conferring the... 

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