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Portfolio Expansion
Oct 16, 2013 (LBO) – International Finance Corporation, a unit of World Bank said it had invested 136 million US dollars in private firms in Sri Lanka over the past year, doubling its portfolio to 280 million US dollars. It had also invested in Cargills Bank, a start-up. IFC’s invested 25 million US dollars i […]
Sri Lanka, US look to boost trade ties
Oct 15, 2013 (LBO) – Sri Lanka and the US, the top buyer of island’s exports has further room to grow, officials had said following a visit by business delegation. Though nationalists are trying to bring curbs, US imports of off-shoring services also raises living standards of residents and makes exports more competitive. Exports (and […]
Sri Lanka stocks close 0.16-pct higher, rupee weaker
Oct 15, 2013 (LBO) – Sri Lanka stocks closed 0.16 percent with foreign buying surging, mainly into the rights issue of John Keells Holdings and the rupee weakened, brokers and dealers said. John Keells Hotels closed 30 cents lower at 11.00 rupees. The rupee weakened slightly to 131.05/15 against the US dollar in late trading […]
Efficiency Gains
Oct 15, 2013 (LBO) – Sri Lanka’s Aitken Spence group said efficiency at Fiji’s Suva and Lautoka ports were up 35 percent two months after it took over operations.Minister for public enterprises in Fiji, Aiyaz Sayed-Khaiyum was quoted as saying in the statement that the country was looking forward to incorporating Aitken Spence’s management systems […]
Sri Lanka think tank releases policy report
Oct 15, 2013 (LBO) – Sri Lanka’s Institute of Policy Studies has released its annual ‘State of the Economy’ policy report. This year’s report ‘Sri Lanka’s Transition to a Middle Income Economy.’ The report covers areas of international trade, exports, state investments and spending and other policy issues. A full statement on the report released […]
Sri Lanka opposition says will reverse casino tax holidays
Oct 15, 2013 (LBO) – Sri Lanka stands to lose about 120 billion rupees a year from gaming revenues from planned casinos and taxes will be imposed if the opposition comes to power, a legislator said.John Keells Holdings has not asked for a tax holiday for gaming revenues, he said. De Silva said even if […]
Sri Lanka values state fixed assets
Oct 15, 2013 (LBO) – Sri Lanka is valuing fixed state assets as part of efforts to move into accrual accounting and about 75 percent of land and buildings have been valued so far, an official said.State agencies do not have proper documentation such as survey plans, which makes valuation difficult, he said. The Valuations […]
Sri Lanka Treasuries yield ease
Oct 14, 2013 (LBO) – Sri Lanka’s Treasuries yields eased across maturities at an auction Monday, data from the state debt office showed. The 3-month yield fell 02 basis points to 8.56 percent, the 6-months yield fell 01 basis point to 9.60 percent and the 12-month yield fell 01 basis point to 10.49 percent. The […]
‘s Bank of Ceylon offers up to 10-year bonds
Oct 14, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon is offering listed debentures of up to 10 years paying tax free interest up to 13.75 percent, its offer document said. The bank is offering 4.0 billion rupees in bond with an option of a further 4.0 billion rupees. The subscription opens on October […]
Thousands homeless after killer Indian cyclone
GOPALPUR, October 13, 2013 (AFP) – Tens of thousands of people who fled India’s strongest cyclone in 14 years returned to discover their homes and livelihoods destroyed Monday, as a massive relief operation kicked into gear.One million people were forced to seek refuge in shelters and government buildings after the terrifying cyclone struck eastern India […]