Author: lbostgadmin
Low Leaf
Asia Siyaka Commodity Brokers said that buyers at the Colombo Tea Auction are concerned by the quality of future low grown teas on offer, driven by the surge in production associated with Sri Lankas famous long holidays. “Many traders seem to have taken the position that they would need to stock up on the superior […]
Road Blocks
The ADB is to help package road development into a shelf of projects complete with backward clearances in place, making it easier for investors to step in. A US$ 15 mn Asian Development Bank technical assistance grant is in the works to change over from ad-hoc development to a more planned project lending process.rn rnldblquote […]
Reality Check
Treasury Bond yields touched 8.06 percent at this weeks auction for paper maturing in 316 days.The yield is slightly above one-year treasury bill notes which slipped to 7.71 percent at Wednesdays auction.rn rnThe Central Bank said it accepted bids for Rs. 1.5 bn though receiving offers for Rs. 3,160 mn.rn rnThursdays short-term issue carries a […]
Comrade Minister
Officials in Kumaratungas Freedom Alliance said four members of the Marxist JVP, or Peoples Liberation Front took their oaths while another four were sworn in as deputy ministers. rn rnThe inductions raised to 35 the number of ministers in the cabinet. rn The JVP said they accepted a compromise offered by Kumaratunga to end a […]
Shooting Stars
The economy, politics and human life itself is in for harder times predict astrologers, as a lunar eclipse, two meteor sightings and a meteor shower coincide. The unique astro combination was last seen in 1911, set off the World War I. This year, it takes place next Monday. Sri Lanka has a front seat view […]
Mixed Signals
The Asian Development Bank revised growth targets downwards to 5 percent this year and 5.5 percent in 2005, providing also that politics does not derail economic reform.rnrn A persistent drought, reliance on expensive thermal power and a slowdown in economic and key legislative reforms due to the elections were largely to blame, ADB said in […]
Comeback Call
The Norwegian government will send a high level team on Saturday to explore possibilities of reviving the stalled peace process.The delegation will include Deputy Foreign Minister Vidar Helgesen and Special Envoy Erik Solheim, the Norwegian Embassy said Wednesday.rn rnDuring their stay, the team will meet President Chandrika Kumaratunga and S P Thamilselvan the Political Wing […]
Foreign Call
The investment bank picked for the job will initiate the book building exercise for the funds rising, while the telco giant obtains State approval for its expansion plans that include using wireless technologies to connect rural areas.rn rnSLT say it has not finalised its borrowing options, but could settle for a bond issue or a […]
Return Ticket
The new government will continue with plans to put in place a Tourism Development Bill and restructure the Tourist Board on priority basis this year.Mooted last year under UNF rule, the proposed Bill will create a new Tourism Promotional Authority to take over marketing and promotional functions from the Tourist Board.rn rnThe Tourist Board is […]
Jumping High
Dubai based Emirates Airline said its net profit rose 73.5 percent to US$ 429 mn, while revenues grew 37 percent to US$ 3.6 bn for the financial year ending March 31, 2004.SriLankan Airlines key strategic partner also said they carried 10.4 mn passengers endash 23 percent more than the previous year.rn rnThe total profits of […]
Short Respite
Treasury Bill yields fell by 200 basis points at Wednesdays auction due to excess liquidity in the money market and less pressure on short-term interest rates.The Central Bank offered and accepted bids amounting to Rs.6,743 mn, and retired Rs. 1.5 bn worth of bills. The bank said it received bids worth Rs. 13,038 mn.rn rnYields […]
Water Tight
The US government unveiled its new US$ 50 note on Tuesday designed with enhanced security features to beat counterfeiting.rn rnrn rnThe New US$ 50 billrnrnrn rnThe New US$ 20 billrnUS government officials from the Department of the Treasury, the Federal Reserve and the United States Secret Service, unveiled the new US$ 50 note design, the […]