Author: lbostgadmin
Sri Lanka to grow at 8-pct in 2012, new deal with IMF: CB Governor
Jan 03, 2012 (LBO) – Sri Lanka’s economy is projected to grow at 8.0 percent in 2012 with a new deal in the offing with the International Monetary Fund, Central Bank governor Nivard Cabraal said. The island economy had grown at about 8. 3 percent in 2011, he said. In 2012 Sri Lanka is targeting […]
” program: CB Governor
Jan 03, 2012 (LBO) – Sri Lanka will negotiate a “follow up or surveillance” program with the International Monetary Fund with a standby facility ending in December 2011, Central Bank Governor Nivard Cabraal said. Sri Lanka had a 2.6 billion US dollar stand by deal with the International Monetary Fund from May 2009 after the […]
Petro Facility
Jan 03, 2012 (LBO) – Sri Lanka is negotiating a billion dollar facility from an international bank to defray payments for petroleum imports by made state-run Ceylon Petroleum Corporation in 2012, officials said. By October 2011 Sri Lanka had spent 3.6 billion dollars on petroleum imports up 48. 5 percent from a year earlier. A […]
‘s Religare Finvest to sell 5-pct stake to PE firm
NEW DELHI, Jan 3 (AsiaPulse) – Private equity firm Jacob Ballas may acquire a five per cent stake in India-based Religare Finvest, a non-banking financial services arm of Religare Enterprises, for about Rs 200 crore (US$37 million). The deal would value the company, an NBFC focussed on the MSME segment, at close to Rs 4,000 […]
India urged to allow foreign investment in pensions sector
NEW DELHI, Jan 3 Asia Pulse – The Indian government should allow FDI in the pension sector as this will increase the volume of assets which can be used to develop the country’s infrastructure, an industry study has said. “FDI in pension funds will further increase the volume of assets that can be invested into […]
Sri Lanka LOLC buys Dickwella Resort for a billion rupees
Jan 03, 2012 (LBO) – Sri Lanka’s LOLC group has acquired control of a beach resort catering to up-market European tourists at a cost of just over a billion rupees, a stock exchange filing said. “The hotel which is much sought after by an exclusive clientele of European tourists has potential for even further expansion,” […]
Sri Lanka stocks close 0.7-pct weaker
Jan 03, 2012 (LBO) – Sri Lankan stocks closed weaker Tuesday in very thin turnover with two newly listed hotels among the most actively traded shares, brokers said. Both companies are part of the Citrus Leisure group and raised funds to build 150 room luxury beach resorts. John Keells Holdings was also heavily traded, closing […]
Sri Lanka to negotiate US$500mn in central bank swaps
Jan 03, 2012 (LBO) – Sri Lanka is planning to negotiate up to 500 million dollars in swaps with other central banks to bolster the island’s external position, Central Bank Governor Nivard Cabraal said. From August the Central Bank started to sterilize forex sales as interbank markets ran out of liquidity. “All the swaps will […]
Sri Lanka expects stronger links with ASEAN: foreign minister
Jan 02, 2012 (LBO) – Sri Lanka is looking for stronger economic ties with countries in the Association of South East Asian Nations, foreign minister Gamini Lakshman Peiris said in Colombo. Sri Lanka has also started participating in the ASEAN Region Forum (ARF) to promote security in the region. ASEAN bloc has broken trade barriers […]
Export Barriers
Jan 02, 2012 (LBO) – Sri Lanka’s fast-growing information communications technology (ICT) industry faces difficulties in hiring skilled staff, finding good office space and accessing fast Internet links, a survey has found. “Poor country visibility as an IT destination, absence of up-to-date technology, and time consuming procedures to obtain services from institution such as the […]
Mobile Momentum
Jan 02, 2011 (LBO) – Household access to telephones is on par with electricity, television, and radio in Sri Lanka mainly because of the boom in mobile phones, and are set to overtake TV and radio, a new study said. “The key economic benefit of phones is reducing travel,” it said, noting that there was […]
Sri Lanka among top destinations for 2012: Conde Nast Traveller
Jan 02, 2012 (LBO) – Sri Lanka has been named among the top destinations for 2012 by Conde Nast Traveller, a popular travel magazine after former war-torn areas were opened to tourists. Sri Lanka’s West Coast resorts are popular during the European Winter season when the Eastern coast is hit by a monsoon season. The […]