Author: lbostgadmin
Sri Lanka says stand by loan a test of IMF objectivity
July 1, 2009 (LBO) – A decision on a loan from the International Monetary Fund (IMF) for Sri Lanka expected in “four or five weeks” will be a test of the objectivity of the organization, a government minister said. In March, Sri Lanka floated the rupee, as a prior action for the loan ending a […]
Sri Lanka Treasuries yields fall
July 1, 2009 (LBO) – Sri Lanka’s three and six month Treasury bill yields edged lower while the 12-month yield stayed flat at Wednesdays auction, the government’s debt office said.The 3-month yield fell 12 basis points to 11.29 percent and the 6-month yield fell 9 basis points to 11.94 percent. The 12-month yield stayed flat […]
Sri Lanka recovery to be driven by domestic factors: economist
June 30, 2009 (LBO) – Sri Lanka’s economic recovery will be driven largely by domestic reconstruction flowing from an end of a three decade long war with some support from an external pick up, a regional economist said.“A lot of domestic factors, the end of war, rehabilitation, re-construction and improvement from agriculture will drive growth,” […]
Sri Lanka June inflation at 0.9-pct
June 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 0.9 percent in June from a year earlier, down from 3.3 in May, while prices during the month moved up 1.3 percent, the government’s statistics office said. So far this year Sri Lanka’s central bank has technically ‘loosened’ monetary policy, cutting policy […]
Sri Lanka creates economic zone for Chinese investors
June 30, 2009 (LBO) – Sri Lanka’s investment promotion agency, the Board of Investment, said it signed a deal with China’s Huichen Investment to manage a special economic zone dedicated to Chinese investors.Industries earmarked for the zone include manufacture of machinery and equipment, electric motorcycles, buses, ambulances and agricultural machinery, and light vehicle assembly. Yapa […]
Gas Pricing
June 30, 2009 (LBO) – The Sri Lankan unit of multinational Shell has reduced the price of its liquid petroleum gas while local group Laugfs has hiked its prices, the consumer affairs authority said.The price of a 12.5 kilo Shell gas cylinder will be reduced by 53 rupees to 1,447 rupees from midnight Tuesday, while […]
Sri Lanka gets Chinese loan for coal power expansion
June 30, 2009 (LBO) – Sri Lanka has got Chinese financing to add 600 Mega Watts of coal powered capacity to a generation complex where the first stage is scheduled to be completed next year, a government minister said. The loan will carry an interest rate of only two percent and is repayable over 20 […]
Finance Issue
June 30, 2009 (LBO) – A new word that has been added to Sri Lanka’s vernacular usage recently has been ‘sakvithi’. This word has so far not got into lexicographers’ lexicon in its new sense. Literarily, it means the ‘Chief God of Heavens’. But, the contemporary media have used it in a different sense, drawing […]
Sri Lankan shares becalmed, investors wary
June 30, 2009 (LBO) – Sri Lankan stocks closed almost flat Tuesday as retail investors took defensive positions on mid cap shares and some selected blue chip counters, brokers said. The benchmark Colombo All Share Price Index closed down 0.32 percent (7.72 points) to end at 2,432.15, while the Milanka index of liquid stocks gained […]
‘s Mahindra Holidays aims for 57 mln dlr IPO
MUMBAI, June 29, 2009 (AFP) – India’s Mahindra Holidays and Resorts Monday said it hoped to raise almost 60 million dollars when it becomes the first firm to float on the country’s capital markets in more than a year. The firm, a subsidiary of the Mahindra group, said it will sell 9.26 million shares through […]
One Entity
June 29, 2009 (LBO) – Sri Lanka’s Sampath Bank said it was merging a fully owned subsidiary dealing in government securities. Samapth Surakum Limited is a primary dealer in government securities licensed by the Central Bank. A series of separate primary dealers were set up a few years ago under a Central Bank to intensify […]
Bank Bailout
June 29, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC) may take up the bulk of risk capital in bailing out Seylan Bank, while state-run Bank of Ceylon and National Savings Bank (NSB) may take smaller stakes, a media report said.SLIC was recently returned to state ownership and management following a court order, and a […]