Category: Economy and Markets
Sri Lanka on fast track to cut flood risk, modernize capital
Jan 29, 2013 (LBO) – Sri Lanka has begun a fast track execution of a 220 million US dollar World Bank funded plan to cut floods, boost drainage as well as create waterfront entertainment areas in a bid to modernize the capital Colombo, officials said.When questioned by reporters officials said a wetland including rich in […]
Sri Lanka to host South Asia economic policy summit
Jan 28, 2013 (LBO) – Sri Lanka will host the 6th South Asia Economic Summit (SAES), a policy forum that brings together academia, government, civil society and the private sector in the region, each year. “The emerging growth opportunities and challenges for South Asia in the context of changing global economic dynamics will come into […]
Sri Lanka firms find ways to battle tough times
Jan 27, 2013 (LBO) – Sri Lankan firms can ride out tough times by maintaining a lean culture, grabbing opportunities that are present in such periods and becoming more responsive to customer needs, top executives said. “Whether you are in tough times or not, it is important to have a lean culture,” Hilmy Cader, head […]
Sri Lanka gets Hungarian credit for Colombo water supply
Jan 25, 2013 (LBO) – Sri Lanka will sign up export-import credits of 34 million Euros from Hungary to rehabilitate two water treatment plants supplying the capital Colombo, information minister Keheliya Rambukwelle said.The Hungarian Export Import Bank will provide 16.714 million US dollars to rehabilitate a treatment plant in Labugama and 17.383 million to a […]
‘s Sampath Bank commissions forex changing ATM
Jan 24, 2013 (LBO) – Sri Lanka’s Sampath Bank, the first domestic bank to operate automated teller machines in the island commissioned an ATM that can change foreign exchange into rupees Thursday.The machine can detect counterfeit notes and also dispense change in coins, he said. “Sampath Bank is one of the most innovative banks introducing […]
Sri Lanka BOI appoints new chief
Jan 24, 2013 (LBO) – Sri Lanka’s Board of Investment said Lakshman Jayaweera, a Sydney based chemical engineer and entrepreneur, had been appointed as its chairman and director general. The appointment of a person with an overseas private sector background will help Sri Lanka attract investment at a time when global foreign direct investments have […]
Sri Lanka sets 25 year minimum age for maids to Saudi
Jan 24, 2013 (LBO) – Sri Lanka has set a minimum age of 25 years for women seeking to work as maid in Saudi Arabia and 23 years for another seven Middle Eastern countries, information minister Keheliya Rambukwelle said.Rambukwelle said the government would like to phase out sending women as domestic workers gradually. The requirement […]
Sri Lanka rupee weakens amid liquidity surge
Jan 23, 2013 (LBO) – Sri Lanka rupee has weakened over the past two days amid a surge of liquidity in interbank markets, with the spot US dollar quoted at around 126.85/95 in morning trade Wednesday, dealers said. On Tuesday the rupee closed at 126.75/85 to the US dollar down from Monday’s 126.62.66 levels. Excess […]
Sri Lanka stocks close up 0.2-pct, rupee weaker
Jan 23, 2013 (LBO) – Sri Lanka’s stocks closed up 0.2 percent Wednesday with banking sector stocks seeing interest, while the rupee weakened in forex markets, brokers and dealers said. The Colombo All Share Index rose 0.22 percent to close at 5,883.66 points up 12.73 points and the S&P SL 20 Index rose 7.23 point […]
‘s finance and economic ministry on trade
Jan 22, 2013 (LBO) – India will begin talks with Sri Lanka’s finance and economic ministry to develop “a framework for a special economic partnership” a joint statement released after a meeting between delegations headed by foreign ministers of the two countries said.“[T]he two sides decided to take several steps to further deepen trade, tourism […]
Sri Lanka Treasuries yields fall
Jan 22, 2013 (LBO) – Sri Lanka’s Treasuries yields fell across maturities at Wednesday’s auction with the 6-month yield falling as much as 17 basis points to 10.41 percent, data from the state debt office showed.The 3-month yield fell 12-basis points to 9.63 percent and the 12-month yield fell 01 basis point to 11.25 percent. […]
Sri Lanka Commercial Credit to sell 20-pct debentures
Jan 21, 2013 (LBO) – Commercial Credit and Finance Plc, is selling 250 million rupees of 5-year debentures paying of 20 percent a year with an option to sell further 250 million rupees worth if there is strong demand, managers to the issue said.Merchant Bank of Sri Lanka, which is managing the sale said, interest […]