Category: Economy and Markets
Legal Hunt
The top level Financial Reforms committee is looking at ways to support derivative laws in Sri Lanka.The committee has appointed top debt market specialist Mangala Boyagoda, Chief Executive of Standard Chartered Bank, to look at the gaps that quote s holding firms back from using derivative instruments.rn rnA derivative is a contract between two parties […]
Reaching Out
The World Bank is focusing on community development projects in the north and south to bring immediate benefits of peace at grassroots level, overcoming structural and man made problems.rn rnldblquote It is important for the benefits of peace to start flowing to the north fast, dblquote World Bank Country Director Peter Harrold told Lanka Business […]
Green Parade
The government plans to go on an international roadshow to raise dollar funds for long-term infrastructure projects.rn rnThe lquote Sri Lanka Fund quote , the Board of Investments says will source its initial capital from North America and Europe as well as local insurance and pension funds.rn rnPremier Ranil Wickramasinghe is due to kick off […]
Green Debt
UBS Warburg and Deutsche Bank have been picked as joint managers to raise the balance dollar funds for the government.The investment bankers have been asked to raise US$ 100 mn through a floating rate note, with an option to borrow a further US$ 50 mn, Treasury sources said.rn rnTuesdays decision comes after the Treasury earlier […]
Green Money
Solomon Smith Barney, the investment-banking arm of the Citigroup has secured the mandate to raise US$ 150 mn for the government.The mandate is part of the governments fund raising exercise to raise US$ 350 mn in long-term funds for 2002.rn rnThe five-year syndicated loan will be backed by Nippon Export Investment Insurance Company of Japan, […]
Are You Spending More?
The Stock market valuation for most companies has doubled.Even the property market has picked up. rn rnIn effect your net worth could have almost doubled over the last year. rn rnNone of this money though has made it in to your bank account.rn rnBut are you spending more than you usually do? Economists call this […]
’85
The government is tipped to give the mandate to raise long-term dollar funds within days.Prospective investment bankers have said they could raise the funds within a month of the mandate being given.rn rnThe Central Bank has evaluated some 40 proposals and submitted three names endash Deutsche Bank, UBS Warburg and Solomon Smith Barney with Citibank […]
Green Deals
The government is tipped to give the mandate to raise long-term dollar funds by as early as October 15, senior Central Bank officials said.Prospective investment bankers have said they could raise the funds within a month if the mandate is given by mid-next week.rn rnThe government plans to raise up to US$ 350 mn in […]
Going Bananas
A tissue cultivation project to grow and sell banana chips became the first recipient of a government funded rural revival fund.rn rnSet up under the aegis of the Rural Economy Ministry, the Rural Economy Resuscitation Fund kicked off Thursday with a pledge to empower rural producers.rn rnThe Treasury has infused Rs. 100 mn as seed […]
Podi Salli
The Sri Lankan government will go in front of a select band of bilateral donors end November to muster financial support for its preliminary development work in the North and East.rn rnCabinet spokesperson, Prof G L Peiris says the government is working with the Liberation Tigers of Tamil Ealam on identifying immediately needed development work […]
Steaming Ahead
The economy notched a trade surplus in August, driven by a strong performance in the textile and apparel sectors, the Central Bank said Tuesday.rn rnThe bank said the surplus of US$ 110 mn in August came thanks to US$ 568 in export revenues and US$ 458 mn in import costs.rn rnHowever, export earnings for the […]
Central Bankquote s serendipity
The Industries sector, which accounts for over a quarter of the island quote s GDP, contracted by over one percent in the second quarter according to the latest Central Bank data.rn rnIndustries were hard hid by both lack of demand in the international markets and problems at home like the power-cuts. rn rnldblquote Industrial sector […]