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Sri Lankan capital among cheapest cities: survey
SYDNEY, July 7, 2011 (AFP) – The soaring Australian dollar has turned the country’s four biggest cities into some of the most expensive locations in the world, according to a new global survey published Thursday. Sydney and Melbourne are now the sixth and seventh most expensive cities on the planet, the Economist Intelligence Unit’s biennial […]
China tops Sri Lanka loan commitments
July 07, 2011 (LBO) – China has committed 760 million US dollars of new loans in the first four month of 2011, topping Japan’s 413 million dollars in the same period, to reach top spot, official data showed. Sri Lanka’s total capital budget is financed from loans, as the country runs a deficit on the […]
Sri Lanka one year Treasuries slip
July 05, 2011 (LBO) – Sri Lanka’s 12-month Treasury bill yield slipped 10 basis points to 7.25 percent at Wednesday’s auction, where 10 billion rupees of Treasuries were offered for sale, the government’s debt office said. The 3-month yield eased 01 basis point to 7. 11 percent and the 6-month yield fell 02 basis points […]
Sri Lanka stocks end up 0.3-pct
July 06, 2011 (LBO) – Sri Lankan stocks closed higher for the second day running although turnover remained lower than usual with no big deals done, brokers said. The main All Share Price Index closed at 6,884.06, up 0.31 percent (21.27 points) while the more liquid Milanka index rose 0.28 percent (18.23 points) to close […]
Port Prospects
July 06, 2011 (LBO) – A new deep-water terminal in Colombo port will help Sri Lanka take advantage of increasing Indian cargo volumes, said the head of a local firm doing the project in a joint venture with a Chinese company. Parakrama Dissanayake, chairman of Aitken Spence Maritime, said Indian efforts to modernise its own […]
Lending Risk
SINGAPORE, July 6, 2011 (AFP) – The Asian Development Bank (ADB) and reinsurer Swiss Re announced an agreement Wednesday to boost regional trade by guaranteeing financing risks for exporters and importer in poor countries. The guarantee means banks can be more comfortable lending to these companies, which need short-term funds to pay for their import-export […]
Sri Lank, India ferry opens new route for people, vehicles
July 06, 2011 (LBO) – A new ferry service between India and Sri Lanka offers a cheaper alternative to airlines for tourists, traders and pilgrims and even the ability to drive across, the head of the company running the service said. “Our aim was to keep the price much less than that of airlines which […]
Legal Status
July 6, 2011 (LBO) – Sri Lanka’s recent state land sales to investors have procedural flaws that could result in the contracts being challenged in courts and deemed illegal, opposition lawmakers warned at an economic forum. Sri Lanka had sold two blocks of state land to CATIC, a Chinese defence contractor, and Shangri La, a […]
Sri Lankan shippers warned against forged trade documents
July 06, 2011 (LBO) – Documents used for international trade such as bills of lading are easily forged, a maritime fraud expert has warned Sri Lankan shippers, saying physical verification of cargoes would help reduce risk. “They don’t get resolved quickly and can take years – many banks have been caught in that position. ” […]
Sri Lanka Pakistan CEPA talks in August: report
July 6, 2011 (LBO) – Sri Lanka and Pakistan will have talks on a comprehensive economic partnership agreement (CEPA) to broaden economic links in August in Colombo, a media report in the wake of annual trade talks in Islamabad said. Sri Lanka’s commerce minister Rishad Bathiudeen and Pakistan’s state minister for foreign and economic affairs […]