Category: Economy and Markets
Large Hands
HSBC says its Sri Lankan operation has successfully raised funds for the government this year, including a US$ 33 mn long-term loan to develop the Northern peninsular.The bank also recently acted as the single largest lender under a syndicated US$ 100 mn loan the government borrowed recently.rn rnStructured by Citibank N.A., the five-year loan was […]
Nexi Monday
The US$ 100 mn loan to the government arranged through Citibank NA, will come into the Treasury quote s coffers next Monday.The treasury is expected to retire Rs. 7 bn worth of bills next week with the money, says Central Bank quote s Deputy Governor, W A Wijewardene.rn rnBacked by the Nippon Export Investment Insurance […]
Money Money
Central Bank has started issuing Central Bank securities to check reserve money growth, as its own supplies of treasury bills dwindle away.ldblquote We started issuing Central Bank Securities this week, dblquote says Deputy Governor W A Wijewardene.rn rnThe Bank issued about Rs. 2.5 bn worth of Central Bank (CB) securities mainly to EPF endash the […]
Wider Net
The governments privatisation arm is throwing its doors open to the local investment banking community to help them out as financial advisors for upcoming privatisation issues.The Public Enterprise Reform Committee (PERC) says the move, will pave the way for merchant banks, investment arms of foreign banks and certain foreign consultants to take a look at […]
Tight Fist
The provision, generally known as Section (t) exempted trading profits from dealing treasury securities.rn rnThough trading profits is actually the small spread between buy and sell quotes, some tax experts have argued that it applied to all interest income from treasuries.rn rnThe government is expected to take away this ambiguity and apply the effect retrospectively.rn […]
Washed Out
The rupee closed up at Rs. 94.55 against the US dollar on Friday, as exporters asked the government to step in and support falling prices.So far, the rupee has appreciated by about three percent since Sept.eroding profit margins and competitiveness of local exports.rn rnThe appreciation of the rupee comes on top of rising utility prices, […]
Tempting Treats
The Colombo Stock Exchange has made an attractive offer to primary dealers, to entice them to make use of the exchanges top of the range debt trading system.To encourage greater participation, the stock exchange is waiving the Rs. 1 mn entry fee and also allowing the primary dealers to join in as separate members, CSE […]
Private Tuition
The private sector will absorb 5,000 unemployed graduates under a revamped graduate assistance programme. The Sarasavi Saviya Programme, the successor to the PA governments Tharuna Aruna project, is being planned to provide up to 10,000 jobs under the first phase due to end by December 2003.rn rnMinister of Employment and Labour, Mahinda Samarashighe told reporters […]
Deflation
The Board of Investment is forging ahead with a colossal restructuring effort, with UNDP stepping in, to guide the re-haul the top investment promotion vehicle into a leaner, more efficient structure.Non-core functions like zone management and regulatory services are to be spun off separately, with the BOI narrowing its focus to key areas like investment […]
Netting The LTTE
International donors to the country are trying to set up a mechanism through, which the LTTE could directly get involved in aid disbursement to the North and East.Japanese envoy Yasushi Akashi told the press that they hope to identify a mutually acceptable solution to this problem soon.rn rnldblquote We hope they will work in such […]
Shrinking Fast
Sri Lankas trade deficit for the first seven months of this year shrank to US$ 824 mn as the countrys import bill galloped ahead of export earnings.The Central Bank said on Friday that cumulative export earnings during the period rose 18 percent to US$ 2.871 bn, while the import bill picked up by eight percent […]
Aid Review ~ 01
Japans special envoy Yasushi Akashi says the government and the LTTE need to resume talks urgently. Akashi said the donor community is expecting the two parties to resume talks within the next few weeks.rn rnAkashi made his observations at the close of the first follow up meeting to the Japan donor conference in June. rn […]