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Sri Lanka central bank governor promises stability in 2008, no legislated targets yet: interview
Jan 10, 2007 (LBO) – After more than 50 years of failing to achieve price stability according to its own mandate, Sri Lanka’s central bank is facing unprecedented fire from critics as awareness of the dangers of unbridled, pure fiat central banking spreads in the country. Last year the Central Bank inflated the island’s economy […]
Sri Lanka treasuries yields plummet
Jan 08, 2007 (LBO) — Sri Lanka’s short term treasuries yields plunged at Wednesday’s auction, while secondary market yields on longer term bonds also fell amidst foreign buying, dealers said. Three month treasury yields fell 118 basis points to 20.12 percent, 6-month bills fell 20 basis points to 19.79 percent and 12-month yields also fell […]
Sri Lanka torn between syndicated loan and sovereign bond: official
Jan 09, 2008 (LBO) – Sri Lanka may float a medium to long term syndicated loan or a bond to raise funds from foreign markets if conditions are right in 2008, a top government official said Wednesday. Last year the Sri Lanka rupee only depreciated by about one percent. “Depending on our needs and depending […]
Top Dog
Jan 09, 2007 (LBO) – NDB Investment Bank (NDBIB) said it had helped mobilize 30 billion rupees in debt and equity from Sri Lanka’s capital markets in 2007 through some of the largest deals in the financial history of the island. NDBIB says it had been mandated by several firms to take them public. NDB […]
Sukuk Securities
Jan 09, 2008 (LBO) – Sri Lanka’s Peoples’ Leasing Company (PLC), the island’s top vehicle financier, plans to raise more than 500 million rupees through Shariah compliant asset-backed securities, officials said. “There is tremendous potential for this type of product,” says People’s Leasing chief D P Kumarage. “We have been involved in Shariah compliant products […]
Retailer Rating
Jan 09, 2008 (LBO) – Rating agency Fitch assigned ‘A (lka)’ long term rating to Abans Private Limited in Sri Lanka with a stable outlook, the agency said Wednesday. Abans, owned by the Pestonjee family, has not put forward a clear succession plan nor introduced independent directors to its board, the ratings agency says. The […]
Cyber Trade
Jan 09, 2007 (LBO) – The Ceylon Chamber of Commerce ‘Trade Point’ electronic commerce gateway has been activated, enabling Sri Lankan small businesses to better access global trade opportunities, the chamber said Wednesday. The chamber was granted operational status as a fully operational trade point and the right to operate as a member of the […]
Forestry Tourism
Jan 09, 2008 (LBO) – A Sri Lankan leisure group is involving tourists in a reforestation project as the country’s main tourism promotion body attempts to position the island as an eco-friendly green destination. The Jetwing group says its ‘Eternal Earth’ project which was kicked off this week at their Hunas Falls Hotel nestled adjacent […]
Sri Lankan Airlines in transitional management deal with Emirates
Jan 09, 2007 (LBO) – Sri Lanka was working on a transitional management structure with Emirates for national carrier Sri Lankan Airlines after the Middle Eastern airline decided not to renew its management deal, a senior government official said Wednesday. But the government had not yet decided to buy back the Middle Eastern airline’s 43.6 […]
Sri Lanka gets World Bank push for renewable power
Jan 09, 2008 (LBO) – A new credit line from the World Bank inked Wednesday will help build 50 mega watts of power in rural Sri Lanka, helping light up 60,000 rural homes, officials said. The money would be lent through the DFCC Bank for off-grid renewable energy projects. The World Bank is giving 40 […]
Five held over attempt to kill Maldives president: police
COLOMBO, Jan 9, 2008 (AFP) – Police in the Maldives said Wednesday they arrested four more people in connection with an unsuccessful attempt to kill the Indian Ocean archipelago’s president. Maumoon Abdul Gayoom, who has ruled Maldives with an iron fist since 1978, escaped assassination while touring the atoll’s northern islands on Tuesday thanks to […]
World to grow by 3.3-pct, Asia 9.6-pct in 2008: World Bank
WASHINGTON, Jan 8, 2008 (AFP) – The global economy is expected to slow to a modest 3.3 percent growth pace this year, but the pace could worsen if the United States slips into recession, the World Bank said Tuesday. Despite financial turmoil unleashed by a meltdown in the US mortgage market, global growth slowed in […]