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China’s Xi Jinping signs landmark deals during India visit

India and China have signed 12 agreements in Delhi, one of which will see China investing $20bn (£12.2bn) in India’s infrastructure over five years. At a news conference with Chinese President Xi Jinping, India’s PM Narendra Modi said “peace on the border” was important for progress. Talks came as India accused China of fresh territorial…

(0)Comments | September 19, 2014 12:59 pm

Cabinet nod for Greater Colombo Waste Water Management Project

The Cabinet has approved a proposal by Minister of Local Government and Provincial Councils A.L.M. Athaullah to award the additional consultancy work of the Asian Development Bank funded Greater Colombo Waste Water Management Project as recommended by the Cabinet Appointed Consultancy Procurement Committee. The government has received a loan of USD 116.63 million from the…

(0)Comments | September 18, 2014 9:35 pm

Stock Market Review – 18th Sep 2014

Colombo bourse extended the gains on Thursday as both indices ended in positive territory. Benchmark All share price index gained 27.70 points (+0.39%) to close at 7,206.90 while S&P SL 20 index gained 12.79 points (+0.32%) to close at 3,989.60. The gains were mainly led by the price incline in primary blue chips such as…

(0)Comments | September 18, 2014 6:43 pm

Outer circular expressway jumps final hurdle

There are still no possibilities for motorists to enter the Katunayake expressway using the outer circular interchange at Kottawa due to the second and third phases of the section not being completed. Though the second phase from Kaduwela to Kadawatha had begun the construction work on the third phase from Kadawatha to Kerawalapitiya had not…

(0)Comments | September 18, 2014 11:14 am

Southern Expressway preparing for next turn

China has agreed to provide the funds for the third phase of the Southern Expressway. An agreement for a Chinese loan was signed in Colombo between Sri Lanka Treasury Secretary Dr. P.B. Jayasundere and Chairman of China Import Export Bank Chairman Li Ruogu for the construction of the stretch from Mattala to Hambantota under the…

(0)Comments | September 17, 2014 6:22 pm

CB Governor on Yuan instead of USD agreement

The currency swap bilateral agreement entered into between the Central Bank of Sri Lanka and the People’s Bank of China aims at promoting the exchange of the Chinese Yuan and Sri Lankan Rupee between the countries for trade and other agreed purposes. This would benefit the trade links between the countries, said the Governor of…

(0)Comments | September 17, 2014 6:01 pm

Bank of Ceylon debenture issue oversubscribed

The Bank of Ceylon debenture issue was oversubscribed by Rs 08 billion and was closed last evening (16 September) at 4.30, says the bank. The BoC debenture issues was initially to raise Rs 04 billion in the first phase and to proceed on the next phase and raise an additional Rs. 04 billion in the…

(0)Comments | September 17, 2014 5:34 pm

Stock Market Review – 17th Sep 2014

Colombo stock market witnessed marginal returns on Wednesday amid notable foreign participation. Core index gained 3.10 index points or 0.04% to end at 7,179.20 while 20-scrip S&P SL index bagged 0.05 points to close at 3,976.81. Price appreciations in counters such as Lion Brewery (closed at LKR 635.00, +3.2%), Sri Lanka Telecom (closed at LKR…

(0)Comments | September 17, 2014 5:16 pm

Fitch Rates Hatton National Bank’s Senior Debt ‘AA-(lka)(EXP)’

Fitch Ratings Lanka has assigned Hatton National Bank PLC’s (HNB; AA-(lka)/Stable) proposed senior debentures of up to LKR6bn an expected National Long-Term Rating of ‘AA-(lka)(EXP)’. The debentures, which are to have tenors of three, five and 10 years and carry fixed coupons, are to be listed on the Colombo Stock Exchange. HNB expects to use…

(0)Comments | September 17, 2014 5:10 pm

Sri Lanka and China Sign Agreements for Cooperation in a Number of Sectors

Sri Lanka and China signed the following agreements to further cooperation between the two nations: 1. Plan of Action of the Democratic Socialist Republic of Sri Lanka and the People’s Republic of China to Deepen the Strategic Cooperative Partnership Signed for Sri Lanka: Prof. G.L. Peiris, Minister of External Affairs Signed for China: Mr. Wang…

(0)Comments | September 17, 2014 4:00 pm