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Sri Lanka IMF loan; IC views to be taken up at executive board
July 17, 2009 (LBO) – A recent IMF mission to Sri Lanka had “good discussions” with the authorities, but the views of the international community on a loan would still be considered at an executive board meeting, an official said. A ‘staff level’ deal also had to be reached. “Because the first thing that happens […]
Sri Lanka on road show to stir up debt buyers
July 16, 2009 (LBO) – Investors who met a Sri Lanka government team who are on a road show ahead of a possible debt deal are bullish on the country’s prospects after the end of a 30-year war, a top official said. “Many investors are interested in the Sri Lanka situation and are quite bullish […]
Sri Lankan stocks close down 0.2-pct
July 16, 2009 (LBO) – Sri Lankan shares closed down on Thursday, as retail investors took profits on mid cap stocks and index heavy blue chips, brokers said. The benchmark Colombo All Share Price Index closed down 0.27 percent (6.30 points) to end at 2,366.74, while the Milanka index of liquid stocks gained 0.61 percent […]
Permit Fever
July 16, 2009 (LBO) – Private bus operators in Sri Lanka are clamouring for permits to ply the northern Jaffna route with the end of a drawn out civil conflict, Amal Kumarage, chairman of the island’s National Transport Commission said. Government forces defeated the Tamil Tiger rebels in May after a lengthy military campaign and […]
Liquid Option
July 16, 2009 (LBO) – Depositors of a collapsed Sri Lankan financial firm should seek its liquidation under civil law to realize assets while criminal proceedings may put pressure on directors surrender other assets, a senior lawyer has said. “But in my view there is a limit to what could be realized and in my […]
Sri Lanka calls for debt relief, non-aligned emergency lender
July 16, 2009 (LBO) – Developing countries need debt relief to overcome a global economic slump, and a non-aligned emergency bailout fund, Sri Lanka’s president Mahinda Rajapaksa has said.“The world is today confronted by a crisis that is essentially the creation of the financial markets of certain developed countries,” President Rajapaksa said in the published […]
Fed sees end to recession, eyes exit strategy
WASHINGTON, July 16, 2009 (AFP) – The Federal Reserve signaled Wednesday it sees an end this year to the brutal recession and hinted that it was preparing an “exit strategy” for its unprecedented stimulus efforts.The central bank raised its outlook for 2009 and 2010 economic output, projecting a rebound in the second half of 2009 […]
Sri Lankan Treasuries yields fall
July 15, 2009 (LBO) – The 3-month Treasury bill yield fell 23 basis points to 11.05 percent at Wednesday’s auction, amid record excess liquidity in the banking system of 28 billion rupees. The government sold 2.5 billion rupees of 3-month bills, 3.1 billion rupees of 6-month bills and 4.8 billion rupees of 12-month bills. The […]
Sri Lankan shares volumes lifted by Com Bank deal
July 15, 2009 (LBO) – Sri Lankan stocks closed up on Wednesday as foreign interest on blue chip Commercial Bank boosted trade volumes, brokers said. National Development Bank closed at 155.75 rupees, down 1.25, while Hatton National Bank closed at 117.25 rupees, up 1.25. Hulangamuwa said the return of institutional and foreign investors would depend […]
Virgin Market
July 15, 2009 (LBO) – Sri Lanka’s National Development Bank (NDB) said it has launched its Bangladesh joint venture investment bank, NDB Capital Limited, positioning the group to be able to expand in a bigger market. “It’s a virgin market where professional investment banking services are currently not available,” Vajira Kulatilaka, chief executive of NDB […]