Category: Economy and Markets
Sri Lanka and China to negotiate free trade deal, expressway funding
May 28, 2013 (LBO) – Sri Lanka and China will negotiate a free trade deal and Chinese support has been pledged for a planned expressway to the north of the island following a state visit by President Rajapaksa to Beijing.During bilateral meetings, agreement had been reached to set up two committees that will work towards […]
Sri Lanka Senkadagala Finance debentures allotted
May 28, 2013 (LBO) – Subscribers to debentures of Sri Lanka’s Senkadagala Finance Plc, rated BBB+(lka) by Fitch will get up to 180,000 the entire amount asked for, in either fixed or floating rate securities. The firm offered to sell 500 million rupees of debt, upsized to a billion rupees if oversubscribed, and offer closed […]
‘s Softlogic Finance raises Rs500mn in debt
May 28, 2013 (LBO) – Sri Lanka’s Softlogic said it had raised 500 million rupees in two year funds by selling securitized debt.The firm said commercial banks, development banks and institutional investors had subscribed to the issue, arranged by Liege Capital with Deutsche Bank as trustee and Nithya Partners as lawyers. The funds raised by […]
Korea business delegation visiting Sri Lanka in June
May 27, 2013 (LBO) – A business delegation from Korea will be visiting Sri Lanka in June to meet partners in Sri Lanka, the Ceylon Chamber of Commerce said.The delegation is interested in meeting businesses in liquor, ship maintenance and conversion, steel, tourism, vehicle components, housing and construction, the chamber said. The delegation which will […]
Sri Lanka President promised more funding by China Exim Bank
May 28, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa had been promised more funding by head of the Export Import of Bank of China, Li Ruogu during talks in Beijing, his office in Colombo said. President Rajapaksa is on a four day visit to Beijing. The Exim Bank chief will extend support for road […]
Sri Lanka stocks close down 0.6 pct
May 27, 2013 (LBO) – Sri Lanka’s stock closed down 0.65 percent on Monday with profit taking by retail investors, brokers said. The benchmark Colombo All Share Index closed 42. 31 points lower at 6,446.54 and the S&P SL 20 Index closed down 24.13 points at 3,641.91 down 0.06 percent. Turnover was 696 million rupees, […]
Sri Lanka post-war growth shift smaller
May 27, 2013 (LBO) – A post-war growth spurt is temporary and there was no ‘structural shift’ to eight percent a year from six, needing policy changes, an economist said, echoing a call by the International Monetary Fund to improve policy. Harsha De Silva, who is also a legislator for the opposition said while there […]
Sri Lanka not revealing fiscal data according to law: legislator
May 27, 2013 (LBO) – Sri Lanka current administration is breaking the law in withholding information that should be filed in parliament under a fiscal responsibility law, which should be corrected from this year, a legislator has said.In the first three months of the year state and SOE borrowings from the banking system rose to […]
Sri Lanka state, SOE, bank borrowings top Rs100bn in March
May 26, 2013 (LBO) – Bank credit to Sri Lanka’s state enterprises and central government surged to 100.6 billion rupees in March 2013 from 36.7 billion a month earlier, official data shows, perhaps the highest ever in a single month.But the broader public sector deficit with loss making energy enterprises was 8.6 percent of GDP […]
Sri Lankans arrested over human smuggling in Britain, France: Europol
THE HAGUE, 2013 (AFP) – Europol on Wednesday said 18 people, mostly Sri Lankans, were arrested in joint police raids in Britain and France on suspicion of being part of a human trafficking ring that smuggled South Asian immigrants into Britain. “During the joint operation, 11 suspects were arrested in the UK and seven in […]
Sri Lanka economic forum to discuss “re-balancing”: Ceylon Chamber
May 24, 2013 (LBO) – An economic policy forum in July aims to focus attention on critical areas of the economy that need more attention of policy makers, Sri Lanka’s Ceylon Chamber said.There had already been a focus on infrastructure development, north-east reconstruction, development of the less developed regions, and priority on agriculture and food […]
Argentine case a challenge to debt restructurings: IMF
WASHINGTON, May 23, 2013 (AFP) – The New York legal case over Argentina’s debt poses a deep challenge to all future sovereign debt restructurings, the International Monetary Fund said in a report Thursday. A US judge’s decision ordering Argentina to completely repay bondholders who refused to take part in a restructuring of its debt could […]