Secondary market bond yields pick up once again following auction announcement

Published : 12:13 am  March 24, 2015  |  Category: Financial Services  |  Leave a Comment  |  250 views  |  

By Wealth Trust Securities In secondary bond markets yesterday, yields were seen increasing once again reversing a downward trend witnessed towards the latter part of last week following the announcement of two Treasury bond auctions scheduled for 26March, totalling Rs. 30 billion. In thin trade, activity centred the two 2018s (i.e. 1 April 2018 and 1 June 2018), the 15 September 2019, the 1 August 2021 and the 1 September 2023 within the range of 8.30% to 8.40%, 8.55% to 8.60%, 8.80% to 8.90%, 9.05% to 9.12% and 9.60% to 9.70% respectively. The two bond auctions will consist of Rs. 10 billion of the 15 September 2019 and Rs. 20 billion of the 1 September 2023 maturities. In money markets, the... 

Useful lessons from Vietnam agriculture success for SL: President

Published : 12:12 am  March 24, 2015  |  Category: News  |  Leave a Comment  |  286 views  |  
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President Maithripala Sirisena said Vietnam’s rapid agricultural and industrial growth is a good example for other developing countries such as Sri Lanka to emulate. He said that Sri Lanka would like to follow the successful Vietnamese methods of utilisation of modern technology to enhance agricultural growth.   The President made these observations when the Vietnamese Ambassador Phan Kieu Thu paid a courtesy call at the Presidential Secretariat last week. Ambassador Thu conveyed the Vietnamese Government’s congratulations to President Sirisena on his Presidential election victory. She also expressed deep appreciation of the successful implementation of the good governance program. Thu... 

Bourse slips in thin trade; political woes weigh

Published : 12:12 am  March 24, 2015  |  Category: Financial Services  |  1 Comment  |  231 views  |  

Reuters: Shares ended a tad weaker on Monday in thin volume led by select shares such as Access Engineering Plc, while investors awaited cues on interest rates. The main stock index ended 0.17%, or 12.28 points, weaker at 7,042.3, hovering near its lowest close since 2 February hit on Wednesday. It had lost 3.74% in the last 13 sessions through Wednesday. “It seems like people are staying out of the market,” said Dimantha Mathew, research manager at First Capital Equities (Pvt) Ltd. Infrastructure firm Access Engineering was down 5.56%, a day after it fell 10% after the new Government cancelled an $ 85 million airport runway project awarded by the previous Government. Analysts expect the... 

Vallibel Finance announces Rs. 1 b debenture issue

Published : 12:12 am  March 24, 2015  |  Category: Financial Services  |  Leave a Comment  |  207 views  |  

Vallibel Finance PLC, the name-bearer of the Vallibel Group, announced the issuance of five year (2015-2020) rated, guaranteed (capital and two interest instalments) subordinated, redeemable debentures for a principal value of Rs. 750 million with an option to increase up to one billion rupees (Rs. 1,000,000,000) in the event of an oversubscription. The debentures will carry an interest of 10.25% (AER – 10.51%) per annum payable semi-annually and will open for subscription on 26 March. The debentures will be priced at a face value of Rs. 100 each. Vallibel Finance Managing Director Jayantha Rangamuwa stated that the company’s latest debenture issue will enhance the capital adequacy ratio... 

Pakistan military holds first Republic Day parade in seven years

Published : 12:11 am  March 24, 2015  |  Category: News  |  Leave a Comment  |  86 views  |  
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Reuters: Pakistan held its first Republic Day parade in seven years on Monday, full of flag-waving pomp and aerial military expertise, a symbolic show of strength in the war against the Taliban months after a militant attack on a school killed 132 children. The Pakistan Day parade, complete with a 31-gun dawn salute, was held amid tight security. Cellular phone networks were blocked as a precaution to thwart militants, who have often used mobile phone signals to trigger bombs.   No parades had been held since 2008, following an escalation in the military’s conflict with the Pakistani Taliban. But the military, which has ruled Pakistan for more than half its history, says the militants... 

Rupee forwards end slightly weaker on importer dollar demand

Published : 12:11 am  March 24, 2015  |  Category: Financial Services  |  Leave a Comment  |  201 views  |  

Reuters: Rupee forwards ended slightly weaker on Monday due to mild importer dollar demand in thin trade, with the market awaiting cues on the direction of interest rates, dealers said. Actively traded two-week rupee forwards ended at 133.87/95 per dollar, compared with Friday’s close of 133.80/90. “It’s a dull day. There was mild importer (dollar) demand,” said a currency dealer on condition of anonymity. The Central Bank, however, prevented a fall in the spot rupee and one-week forwards at 132.90/133.20 and 133.60/75, respectively, within the limits set by it. Central Bank officials were not available for comment. Dealers said the market was awaiting cues on the direction on interest... 

Greece worries leave Europe subdued, Asia makes gains

Published : 12:11 am  March 24, 2015  |  Category: Financial Services  |  Leave a Comment  |  93 views  |  

LONDON (Reuters): Caution about Greece ahead of a meeting between its Prime Minister and Germany’s Angela Merkel prompted a nervy start to the week for European markets on Monday. Shares and currencies in Asia, in contrast, had rallied on easy monetary policy hopes and another tick down in oil prices. The euro and Europe’s main share markets fell in early trading, giving back some of the gains made at the end of last week after the US Federal Reserve eased fears of an aggressive rise in its interest rates. The benchmark FTSEurofirst share index dropped 0.6%, pulling back from a seven-year high, while the euro dipped back to $ 1.0780 as southern euro zone bonds also saw some selling despite... 

The 73rd birth anniversary….

Published : 12:10 am  March 24, 2015  |  Category: News  |  Leave a Comment  |  86 views  |  
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The 73rd birth anniversary of the late Gamini Dissanayake was commemorated at Ananda Coomaraswamy Mawatha in Colombo on Sunday. Minister Karu Jayasuriya, the late Minister’s son Navin Dissanayake and several others participated in the event – Pix by Kithsiri De Mel    Read More →

Chinese firm to buy Pirelli in $7.7 b deal

Published : 12:09 am  March 24, 2015  |  Category: Motor  |  Leave a Comment  |  523 views  |  

REUTERS: China National Chemical Corp (ChemChina) is to buy Pirelli, the world’s fifth-largest tire maker, in a 7.1 billion euro ($ 7.7 billion) deal that will place one of the symbols of Italy’s manufacturing industry in Chinese hands. The deal agreed with Pirelli shareholders on Sunday is the latest in a string of takeovers in Italy by cash-rich Chinese buyers, who can take advantage of a weak euro just as signs emerge that Europe is coming out of economic stagnation.   It will give state-owned ChemChina, led by acquisitive chairman Ren Jianxin, access to technology to make premium tires, which can be sold at higher margins, and give the Italian firm a boost in the huge Chinese market. The... 

Dalai Lama of Tibet meets Sri Lankan monks for dialogue

Published : 12:09 am  March 24, 2015  |  Category: News  |  Leave a Comment  |  102 views  |  
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Thursday morning the spiritual leader of Tibet the Dalai Lama met with a delegation of Sri Lankan Theros, senior monks, for discussions that would include Vinaya or monastic discipline. Having warmly welcomed them, he declared: “We are all followers of the same Buddha. At a time when scientific minded people are expressing some doubts about religion, many of them are expressing an interest in aspects of the Buddha’s teachings.”   The Sri Lankan monks gathered represented the three principal traditions of Sri Lankan Buddhism: the Ramanya, Shiyam and Amarapura Nikayas, in addition to members of the Asgiri Chapter and the President of the Mahabodhi Society. “Yesterday we discussed... 

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