Category: Economy and Markets
Nordic Support
Scandinavian truce monitors held talks with Sri Lankas Tamil Tigers as a rift within the rebel leadership threatened to undermine an already fragile ceasefire, officials said. The head of the Norwegian-led Sri Lanka Monitoring Mission (SLMM), Trond Furuhovde had a hastily arranged meet with the political wing leader of Tamil Tigers, S.P. Thamilselvan in the […]
Trade-In
Singer Sri Lanka plans to retire some its short-term borrowings with a Rs. 400 mn four-year debenture issue coming out in March.Singer is keen to reduce its interest cost further after cutting down its 2003 average interest rates to 11.6 percent from 14.2 percent previously. rn rnThe issue, structured by First Capital Ltd, will be […]
Debt Sales
The Stock Exchange will tap into internal funds to raise the issued share capital of its depositary system to Rs.100mn endash a final clause to allow secondary trading in debt securities.The CSE was issued a license by the Central Bank for its new electronic debt trading system or DEX that was launched Wed., but with […]
Dont Worry
After rising against the dollar, the rupee lost around 1 percent, as the markets panicked over a snap poll.rn rnldblquote The rise was largely attributed to a lack in investor confidence since the political crisis blew up last Nov., dblquote he said addressing a gathering at the opening of the Colombo Stock Exchanges new debt […]
Flashing Dollars
America has pledged more peace and development oriented funds for Sri Lanka as it rolled out its South Asia assistance plan for the coming financial year. Most of the funds will be broadly for ldblquote short-term, high impact programs that are both an incentive to peace, and a boost to reconstruction and reconciliation in war […]
Go Slow
Development projects are on track but are slowing down because of jittery foreign investors says the UNF.rnrnldblquote Whatever projects that were initiated by the UNF government are still going on but progress of these projects have slowed down because foreign investors are moving very slowly, dblquote said Minister of Lands, Rajitha Senaratne at the UNF […]
Election Sniper
Gunmen have shot dead a political activist in eastern Sri Lanka in a second murder believed to be related to next months elections, police said Tuesday. The attackers gunned down Ponniah Yogendran, 28, from the Eelam Peoples Democratic Party (EPDP) in the district of Batticaloa on Monday night, police said.rn rnThe EPDP said the slaying […]
Montero Monks
Buddhist monks launched their formal drive for Sri Lankas parliament from a historic temple town Tuesday with a vow to cleanse politics and restore “ultimate peace”. The saffron-robed monks chanted prayers here before being driven to the islands holiest Buddhist shrine, the Temple of the Tooth, in the central town of Kandy, 112 kilometres (72 […]
Muddy Waters
Sri Lankas Buddhist clergy Monday accused President Chandrika Kumaratungas Marxist allies of launching a “smear campaign” against them in the run up to parliamentary elections. The Marxist JVP, or Peoples Liberation Front, which partnered with Kumaratungas Freedom Alliance for the snap April 2 polls, had began clandestinely distributing pamphlets protesting the entry of clergy into […]
Phase II
The Asian Development Bank (ADB) on Monday approved US$ 800,000 for a second phase private sector development programme to push through reforms to the financial sector and the states privatisation programme. The monies will be diverted to design of the second phase, which will aim to foster a competitive capital market and nonbank financial sector, […]
Borrowing Cheap
The Central Bank says it will issue Rs. 2 bn worth of two-year treasury bonds to the debt market, as part of its borrowing programme for March.rnrnOf the Rs. 27.114 bn worth of treasury bills maturing, the bank has opted to re-issue only Rs.20.364 bn worth of paper. The balance Rs. 6.750 bn will be […]
Woof, Woof
Getting its campaign on the road, on Monday the UNF asked Sri Lankas 12 million voters to decide between clarity and chaos at the April polls.Citing the lack of consensus within the United Peoples Freedom Alliance (UPFA) on peace process fundamentals, the UNF called on voters to decide between the stability of clearly mapped out […]