Author: lbostgadmin
Sri Lanka must control aid flow to halt currency rise, IMF Says
Sri Lanka must slow the flow of overseas aid into the country to prevent its currency from further rising against the dollar and the yen, said Raghuram Rajan, chief economist at the International Monetary Fund.Sri Lanka must slow the flow of overseas aid into the country to prevent its currency from further rising against the […]
Central Bank leaves its short-term interest rates intact, though warns of possible downside economic risk following the recent tsunami
Sri Lanka’s Central Bank opted not to tinker with its short-term interest rates for the second consecutive month, though there may be some downside risks on economic performance this year due to the recent tsunami. The bank said its overnight repurchase (repo) and reverse repurchase (reverse repo) rates will remain at 7.5 percent and 9.0 […]
Bad Line
Fitch Ratings International put incumbent network operator Sri Lanka Telecom’s senior unsecured local currency ‘BB’ rating on Rating Watch Negative, on account of possible bad debts accumulated on account of its overseas calling card unit. Fitch Ratings International put incumbent network operator Sri Lanka Telecom’s senior unsecured local currency ‘BB’ rating on Rating Watch Negative, […]
Land Grab
Battered victims of Sri Lanka’s tsunami, are facing another blow as the government draws up plans to grab their only remaining asset, the piece of valuable coastal land where they used to live.Battered victims of Sri Lanka’s tsunami, are facing another blow as the government draws up plans to grab their only remaining asset, the […]
Tour packages combining sightseeing and aid work ruffles no local feathers.
Tour packages to Sri Lanka combining holidaying and aid work hasn’t ruffled many feathers, with tourism officials saying it can pay in the longer term.Tour packages to Sri Lanka combining holidaying and aid work hasn’t ruffled many feathers, with tourism officials saying it can pay in the longer term. New Zealand tour operator World Discovery […]
Euro Homes
Nations Trust Bank picked up a Rs.655 mn subordinated loan from a Dutch financial institution to give its fledgling housing loan portfolio a leg up.Nations Trust Bank picked up a Rs. 655 mn subordinated loan from a Dutch financial institution to give its fledgling housing loan portfolio a leg up. The rupee denominated loan (equivalent […]
Tsunami Tax Cut
The Tax Cluster will look at providing tax concessions for tsunami-donations and for reconstruction activity, says the Inland Revenue.The Tax Cluster will look at providing tax concessions for tsunami-donations and for reconstruction activity, says the Inland Revenue. “We have got requests for tax concessions on donations and for imports for reconstruction. We will discuss these […]
Steady Beat
Sri Lanka Insurance Corp. got its AA- (sri) rating re-affirmed by Fitch Ratings International, with a rating outlook of stable. Sri Lanka Insurance Corp. got its AA- (sri) rating re-affirmed by Fitch Ratings International, with a rating outlook of stable. Sri Lanka’s largest insurance company also offers policies in the Maldives and the coastal belts […]
Powell Power
US Secretary of State Colin Powell said Sri Lanka should review its submissions for key US government aid and pledged a long-term troop presence to help recovery.US Secretary of State Colin Powell said Sri Lanka should review its submissions for key US government aid and pledged a long-term troop presence to help recovery. Secretary Powell […]
Watch Out
Sri Lanka’s tsunami-battered shores are in danger of being hit by a cyclone which is building off its east coast, the meteorological department has warned.Sri Lanka’s tsunami-battered shores are in danger of being hit by a cyclone which is building off its east coast, the meteorological department has warned. “It is not a cyclone at […]
One of the hardest hit sectors that are bouncing back strongly is the tourism sector
One of the hardest hit sectors that are bouncing back strongly is the tourism sector. One of the hardest hit sectors that are bouncing back strongly is the tourism sector. Many of the hotels that suffered minor damage are getting ready to take in tourists. Hotels elsewhere are also pushing hard to keep up. The […]
Litmus Test
The coming week will show how much of the Jakarta pledges will materialise into hard cash, says visiting UN Chief Kofi Annan wrapping up a two day old tour of Sri Lanka’s tsunami ravaged southern and eastern coastal belts.The coming week will show how much of the Jakarta pledges will materialise into hard cash, says […]