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Central Bank launches US$ 650 million International Sovereign Bond Issue

The Central Bank of Sri Lanka (CBSL) launched and priced a US$ 650 million 10-year International Sovereign Bond (Issue) at a yield of 6.125 per cent per annum. The Issue represents the eighth US Dollar benchmark offering in the international bond markets by Sri Lanka since 2007. Citigroup Global Markets Inc., Deutsche Bank, The Hong…

(0)Comments | May 29, 2015 10:49 am

Sri Lanka cannot be a China or Vietnam: An Economic Science lesson to political liars

Sri Lanka is currently stuck in a position while being unable to compete against countries with lower labor costs or labor productivity. If to emerge from this trap, Sri Lanka has to go for reforms immediately, warns an economic academic. Dr. Indrajit Coomaraswamy points out that Sri Lanka is unable to compete with countries like…

(0)Comments | May 29, 2015 10:36 am

ADB, Government sign $107 million loan agreement for roads

Asian Development Bank (ADB) and the Government of Sri Lanka signed the $107 million second tranche loan agreement of an $800 million multi-tranche financing facility to upgrade roads. “Providing all-weather road access will help link rural communities to socio-economic centres in Sri Lanka, thereby enabling rural communities to reap and enjoy the fruit of economic…

(0)Comments | May 29, 2015 10:30 am

Sri Lanka marketing 10-yr dollar bond to yield 6.375%

The Democratic Socialist Republic of Sri Lanka is marketing 10-year US dollar bonds to yield around 6.375%. Citigroup, Deutsche Bank, HSBC and Standard Chartered are arranging the offering, which is expected to raise at least $500 million. The island nation last issued offshore bonds in April last year, pricing a $500 million five-year bond to…

(0)Comments | May 28, 2015 3:12 pm

SriLankan’s latest batch of Cadet Pilots earn their Wings

SriLankan Airlines latest batch of cadet pilots were awarded their “Wings’ when they passed out as Junior First Officers at a Wings Ceremony which was held at the Airline Centre recently. A total of two batches graduated at the ceremony having undergone a stringent one-year training programme before qualifying to fly with the national carrier…

(0)Comments | May 28, 2015 11:15 am

Sri Lanka has tremendous opportunities in carbon reduction

Reducing the carbon footprint in organizations and companies will have long-lasting environmental and economic benefits not only to individual organizations but to the nation at large, one of country’s pioneering carbon reduction consultancy firms – Somaratna Consultants announced. “The announcement by the Ministry of Power and Energy to reduce the carbon footprint of the energy…

(0)Comments | May 28, 2015 10:16 am

Serene Pavilions Wadduwa stakeholders reach settlement

The stakeholders of Serene Pavilions Hotel in Wadduwa have succeeded in reaching a settlement over the hotel’s shareholdings issue. Accordingly, Anura Lokuhetti who owned 30 per cent shares in this hotel sold all his shareholdings to two other shareholders, Sumith Guruge and Jit Warnakulasuriya, said Sumith Guruge. Sumith Guruge further added that following this sale…

(0)Comments | May 27, 2015 3:42 pm

Hyundai offers Google Android Auto system in cars

South Korea’s Hyundai has become the first carmaker to offer Google’s Android Auto system in its Sonata model. Android smartphone users with a 2015 Sonata sedan can now ask car dealers to download the system for free if they have a vehicle with navigation. It connects to the driver’s smartphone and allows them to access…

(0)Comments | May 27, 2015 2:16 pm

Sun Siyam developing over water villa resort in Kalpitiya

The Chairman and Managing Director of Sun Siyam, Mr Ahmed Siyam Mohamed, recently announced bold new plans to expand his luxury hospitality brand in the Maldives and beyond. In aspeech at the HICIO conference in Colombo, Sri Lanka that focussed on the challenges and opportunities for developing in the Maldives and taking Maldivian brands abroad,…

(0)Comments | May 27, 2015 2:01 pm

Trade industry bodies meet to review progress of ‘Customs 24×7 operation’

The Import Section of the Ceylon Chamber of Commerce is planning to line up relevant associations heads and industry experts engaged in the ‘trade’ to review the progress of ‘Customs 24×7 Operation’ and discuss ways and means of making maximum usage of the available facilities to ensure an efficient operation. Accordingly, a forum will be…

(0)Comments | May 26, 2015 7:57 pm