All Blogs
IMF warns of debt menace as recovery slows
WASHINGTON, September 10, 2010 (AFP) – High levels of national debt and a still shaky financial sector threaten to derail the global economic recovery, the IMF warned on Friday. The Washington-based body warned of a funding bottleneck as European nations try to extend their borrowing by rolling over bonds. “Sovereign debt maturing in vulnerable euro […]
Sri Lanka opens state agency debt to foreign buyers
Sept 10, 2010 (LBO) – Sri Lanka’s Urban Development Authority (UDA), a state agency, has launched a 5-year bond to raise 10 billion rupees and 30 percent of the issue is open to foreign investors, officials said. Gotabhaya Rajapaksa, secretary to Sri Lanka’s defence ministry, under which the agency operates, said the money would be […]
Implied Support
Sept 10, 2010 (LBO) – Fitch Ratings Lanka has confirmed Merchant Credit of Sri Lanka Ltd’s (MCSL) National Long-term rating at ‘BBB(lka)’ with a stable outlook, a statement said. The affirmation reflects the implied support from MCSL’s main shareholder and Sri Lanka’s largest bank – state-owned Bank of Ceylon, rated ‘AA(lka)’/Stable, it said. “Fitch believes […]
Sri Lanka tea trade told to liberalise, tap stock market
Sept 10, 2010 (LBO) – Sri Lanka should consider liberalising tea imports to encourage blending and value addition while plantations companies could use the current stock market bull run to raise funds, a report said. “Given the current buoyancy of the equity market, however, it is opportune for such companies to start tapping the stock […]
Taxpayer Pressure
Sept 10, 2010 (LBO) – The United States aid agency has suspended a programme to train youth in Sri Lanka’s former northern war zone for jobs in the outsourcing industry, an American lawmaker who opposed the project said. Congressman Tim Bishop said he hailed the suspension of the 10 million US dollar training project by […]
‘ worth of gold to Bangladesh
WASHINGTON, September 9, 2010 (AFP) – The International Monetary Fund on Thursday announced it would sell 10 metric tons of gold to Bangladesh, worth around 403 million dollars. “This transaction is part of the total sales of 403.3 metric tons approved by the executive board,” the IMF said in a statement. That decision was taken […]
Sri Lanka stocks top 6,000-pts
Sept 09, 2010 (LBO) – Sri Lanka’s benchmark index topped 6,000 points Thursday, with high value stocks like John Keells Holdings (JKH) and Distilleries Company shares also helping push turnover up brokers said. The All Share Price Index closed at 6,026.99, up 1.08 percent (64.37 points) while the Milanka Index of more liquid stocks rose […]
Rural Credit
Sept 09, 2010 (LBO) – Branches of state banks in Sri Lanka’s war-torn northern and eastern areas topped the lists for giving loans under central bank supported credit schemes for rural agriculture development. Central Banks in high inflation countries including Zimbabwe have engaged in such quasi-fiscal activities starting many agriculture credit schemes. Central Bank ‘re-finance’ […]
Sri Lanka to get weekly tourist flights from Brussels
Sept 09, 2010 (LBO) – Weekly charter flights are to be launched between Brussels and Sri Lanka bringing Belgian and other European tourists from October 31, Jean Deboutte, Ambassador of Belgium to Sri Lanka said. Sri Lanka’s Ambassador to Belgium Ravinatha Aryasinha told the meeting the weekly charter flights will be by Jetair, a leading […]
Knowledge Forum
Sept 09, 2010 (LBO) – Academics and officials in Sri Lanka’s northern Jaffna peninsular has debated ways to transform the agrarian and fisheries area to a knowledge-based economy with better education, a think has said. He had said that that though Jaffna (North in general) is endowed with limited natural resources (‘moola valam)’ it is […]