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Sri Lanka to end power rationing, coal plant fixed
July 26, 2012 (LBO) – Sri Lanka has repaired an breakdown-prone Chinese built 300 MegaWatt coal plant allowing the state-run Ceylon Electricity Board end to power cuts, the power ministry said. The CEB has provided continuous power with no official power cut for more than 10 years until the Chinese plant went down. The power […]
‘s business climate and free trade can soften Eurozone effect: envoy
July 26, 2012 (LBO)- Sri Lanka can further improve its business climate to propel growth, attract more investors while freeing trade could ease also soften the impact of a Eurozone crisis, a diplomat has said. British high commissioner (ambassador) John Rankin, told an annual meeting of Sri Lanka’s Ceylon Chamber of Commerce that greater protectionism […]
Sri Lanka short term Treasuries yields ease
July 25, 2012 (LBO) – Sri Lanka’s Treasuries yields edged lower across maturities at Wednesday’s auction, with the six month yield falling most data from the state debt office showed, though longer term bond prices remained steady. The 3-month yield fell 01 basis point to 11.35 percent, the 6-month yield fell 06 basis points to […]
Regional Rating
July 25, 2012 (LBO) – Fitch Ratings has confirmed a ‘BBB+(lka)’ rating of Sri Lanka’s state-run Regional Rural Development Banks with a stable outlook. “RDB’s rating derives support from its 100 percent state ownership,” the rating agency said. “The Stable Outlook reflects Fitch’s expectations of continued moderate state support in the event of stress. “The […]
Sri Lanka buys US water supply system with US$64.9mn ex-im finance
July 25, 2012 (LBO) – Sri Lanka has bought a 64. 9 million US dollar water supply system from Tetra Tech, a California based firm with financing from the Export-Import Bank of United States. The 12-year credit, the first since 2008, will finance a water supply system for Badulla, Haliela and Ella areas on Sri […]
Sri Lanka exports fall 15-pct in May, imports shrink
July 25, 2012 (LBO) – Sri Lanka external trade continued to contract in May with exports falling 15. 1 percent to 710.1 million US dollars and imports easing 6.4 percent to 1,575 million dollars, official data showed. The Central Bank said industrial exports fell 16. 2 percent to 636 million US dollars with apparel falling […]
‘s war torn image still hurting economic prospects: diplomat
July 25, 2012 (LBO) – Sri Lanka needs to improve its image overseas and promote a stable macroeconomic environment to help build bilateral trade links and attract more foreign investors, a Dutch diplomat said. Bas Van Noordenne, Netherland’s deputy head of mission in Sri Lanka told a business forum that people still associate Sri Lanka […]
Sri Lanka gets US$437mn in FDI up to May: Central Bank
July 25, 2012 (LBO) – Sri Lanka is estimated to have received about 437 million US dollars in foreign direct investments up to May 2012, while 187 million US dollars have flowed into stocks in the first half of the year, the Central Bank said. FDI is equity, loans from parents and re-investment by foreign […]
” call difficult: IMF rep
July 24, 2012 (LBO) – It is difficult to say whether Sri Lanka’s rupee is ‘overvalued’ and any specific level no longer matters because the exchange rate is now flexible, an International Monetary Fund’s official said. “There are models economists run to measure overvaluation of a currency,” IMF’s resident representative Koshy Mathai said. “Those models […]
Sri Lanka stock stocks fall 0.1-pct, rupee steady
July 24, 2012 (LBO) – Sri Lanka’s stocks fell 0.1 percent Tuesday with index heavy stocks losing ground but the rupee was steady in foreign exchange brokers and dealers said. The Colombo All Share Price Index closed at 4,874.36, -7.41pts and the S&P20 Index of large cap stocks fell 0.98 percent to close at 2,769 […]