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Sri Lanka calls investments for capital city urban development
Mar 18, 2010 (LBO) – Sri Lanka is inviting investments for a high-rise complex proposed for prime land in the congested city that will be cleared of slums as part of an urban renewal project, officials said. The ‘Panchikawatte Triangle’ re-development project will provide 26 acres of land in the heart of the city for […]
Sri Lanka policy rates frozen amid rising inflation, excess liquidity
Mar 18, 2010 (LBO) – Sri Lanka held policy rates frozen in March as inflation accelerated, central bank financing of the budget deficit increased to new highs amid frantic attempts to mop excess liquidity. The International Monetary Fund has already suspended a deal after the 2009 budget deficit went off the rails to 10.3 percent […]
Sri Lanka short term Treasuries barely changed
Mar 17, 2010 (LBO) – Sri Lanka Treasuries yields were barely changed at Wednesday’s auction though the short end moved up 02 basis points, the government’s debt office said. The central bank has been frantically trying to mop up liquidity generated from deficit financing. The central bank’s Treasury bill stock shot up to 58 billion […]
Sri Lanka bonds yields slide on foreign buying hopes
Mar 17, 2010 (LBO) – Sri Lanka’s bond yields fell Wednesday after authorities told banks to find foreign buyers for 2. 5 billion rupees (24 million US dollars) worth Treasury bonds, dealers said. Yields of a bond maturing in 15.04.2012 fell to 10.50/55 percent from 10.75/85 a day earlier, while yields of 3-year bond maturing […]
Sri Lankan stocks close 0.45-pct down on retail profit taking
Mar 17, 2010 (LBO) – Sri Lankan shares closed lower almost across the board Wednesday as retail investors took profits, while a large deal on Lighthouse Hotel boosted turnover, brokers said. Environmental Resources Investments ordinary voting shares closed at 258.50 rupees, up 1.00. Its 0000 warrants closed at 158.50 rupees, up 2.00, and 0001 warrants […]
Bike Ride
Mar 17, 2010 (LBO) – Sri Lanka’s Singer unit said its sales of motor cycles and bicycles picked up speed in 2009, with demand from former war-torn areas, while its consumer durables sales in the rest of the island plunged. Singer Sri Lanka said sales of bicycles and motor cycles grew 26 percent to 757 […]
Sri Lanka hotels dress up for post-war rush
March 17, 2010 (AFP) – Sri Lanka’s hotel owners are racing to refurbish and add thousands more rooms as foreign holidaymakers pour into the country after the end of nearly four decades of ethnic bloodshed. Leading hotel groups plan to spend millions of dollars on new decor and facilities for the influx of tourists drawn […]
Cold Chain
Mar 17, 2010 (LBO) – Sri Lanka’s Finlays Colombo group said it is considering expanding its cold storage business into a network with profitability improving and the unit getting more customers last year. Use of the Finlays cold store eliminates the need for customers to invest in their own expensive storage facilities. It also enables […]
Sri Lanka trial of ex-army chief adjourned
March 17, 2010 (AFP) – The court martial of Sri Lanka’s former army chief was adjourned on Wednesday after judges said they could not hear both of the separate sets of charges against him, officials said. Sarath Fonseka, who led the military to victory over the Tamil Tiger rebels last year, fell out with President […]
Sri Lanka risk rating seen covering factors outside war
Mar 17, 2010 (LBO) – Getting Sri Lanka a more favourable insurance risk rating involves not just the absence of war but other factors like media freedom and corporate governance, officials and analysts said. Altogether, 48 ‘risk factors’ are covered in Aegis’ rating model which also considers criminal risk like corruption, crime, law enforcement and […]