Category: Economy and Markets
Sri Lanka eyes new deal with IMF as bailout draws to a close
June 16, 2012 (LBO) – Sri Lanka is eyeing a new deal with the International Monetary Fund with the end of three year program in July 2012 whose success was marred at its tail end by a new balance of payments crisis triggered by energy price manipulations. The three year 2.5 billion US dollar program […]
Sri Lankan state-run university part-funds its own capex
June 15, 2012 (LBO) – Sri Lanka’s state-run University of Colombo is part-financing a 395 million rupee building with cash generated by lecturers who conduct post graduate programs, as well as bank financing, officials said. “There is big demand for post graduate studies from the private sector,” professor Hirimburegama said. “I don’t think we should […]
Sri Lanka economic growth may slow to 6.75-pct, inflation to rise: IMF
June 15, 2012 (LBO) – Sri Lanka’s economic growth may slow to 6.75 percent in 2012 and inflation may rise to 9.5 percent by year end, requiring monetary policy to be kept tight, for the time being the International Monetary Fund official said. Discussions were also underway for a follow up program. John Nelmes, head […]
Sri Lanka expropriations a blow to entrepreneurship: businessman
June 14, 2012 (LBO) – A new wave of expropriation by Sri Lanka’s rulers is a blow to entrepreneurship in the island and a misguided repetition of a grave error that has harmed its people in the past, a Sri Lankan entrepreneur has warned. European System But analysts say the origins and widespread practice of […]
Sri Lanka to tighten trade deals with South Asia
June, 14, 2012 (LBO) – Sri Lanka’s cabinet has decided to make changes to free trade deals where necessary with South Asian nations after having discussions with counterparty country or countries concerned, minister Keheliya Rambukwelle said. Protection may also be a ‘tax’ on exports through the bidding up of wages and raw material prices. Some […]
Sri Lanka inks deal for US$4bn port based heavy industry complex
June 14, 2012 (LBO) – Sri Lanka has signed a 4. 0 billion US dollar deal to build port related heavy industries around the north eastern Trincomalee harbhour, the island’s state investment promotion agency said. Sri Lanka Gateway Industries (Pvt) Ltd, a foreign invested project company will build a deep water jetty, bulk commodities terminal […]
Sri Lankan shares rise 1.61 percent
June 14, 2012 (LBO) – Sri Lankan share prices firmed up, closing 1. 61 percent higher, lifted by a one-off deal in Ascot Holdings PLC, brokers said. Colombo’s All Share Price Index gained 78.23 to 4,923.03, while the liquid Milanka Price Index rose 1. 80 percent or 77.68 points to close at 4,381.57, according to […]
Sri Lanka secures $3.5 mn from Japan for farm equipment
June 13, 2012 (LBO) – Sri Lanka has inked a 468 million rupee (3.5 million dollar) grant with the Japanese government to buy equipment to secure the island’s food security, a statement said. Under the 380 million Yen programme, Sri Lanka has secured funds to buy 946 tractors that will be distributed among farmers working […]
Sri Lanka should persist with stabilization measures: business chamber
June 13, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce says the state should persist with measures efforts to correct balance of payments pressure and learn lessons to make sure that such incidents are not repeated. “Macroeconomic stability is a crucial element of a conducive investment climate and favourable operating environment for business,” the […]
Sri Lankan stocks up 0.77 percent
June 13, 2012 (LBO) – Sri Lankan share prices firmed up on Wednesday, driven by investor interest in blue chip stocks, brokers said. Colombo’s broader All Share Price Index was up 37.24 points or 0.77 percent to 4,844.79, the Milanka Price Index gained 34. 65 points or 0.81 percent to end at 4,303.89, according to […]
Sri Lanka Treasuries yields up
June 13, 2012 (LBO) – Sri Lanka’s Treasuries yields edged up at Wednesday’s auction with the three and six month yields picking up data from the state debt office showed, while pressure also developed on forex markets. If interest rates are allowed to float freely, especially in the short term markets, the exchange rate can […]
‘s parliament should have more oversight on debt: legislator
June 13, 2012 (LBO) – Sri Lanka’s parliament should have more control over the way government debt is raised and its terms, a legislator has said amid rising volumes of commercial debt by the state. Though the constitution by its article 148 gave parliament ‘total control of public finances’ there was very little it could […]