Category: Economy and Markets
Sri Lanka signs up US$290mn in railway, airport loans from China
Mar 10, 2010 (LBO) – Sri Lanka has signed up 290 million US dollars in financing from China’s Exim Bank to build an airport in the south of the island and expand railways, the foreign ministry said. The ‘A9’ is the main highway that links the northern Jaffna peninsular with the South. The highway is […]
Sri Lankans, other minorities growing in Canada
OTTAWA, March 9, 2010 (AFP) – Canada’s ethnic makeup will greatly change in the next 20 years as the number of non-Europeans or “visible minorities” rises to nearly one-third of the population, a government agency said Tuesday. The number of Chinese Canadians is projected to grow also, to around 3. 0 million. But as Chinese […]
Sri Lanka tax system, state consumption hurting private investment: analysts
Mar 10, 2010 (LBO) – Sri Lanka’s high income taxes is making local firms weaker against others in developing countries, while a government living beyond its means is eating up long terms funds available for private investment, analysts said. “I’m a firm believer until this country drops the tax rate to 15 percent or 20 […]
Sri Lanka CB brought inflation down, but concerns rising: opposition
Mar 09, 2010 (LBO) – Sri Lanka central bank has brought inflation down in 2009 with tight monetary policy but excessive government spending is threatening stability, Sri Lanka’s main opposition United National Party has said. “The central bank raised interest rates, withdrew liquidity and kept tight monetary policy,” Harsha de Silva, an economist who has […]
Sri Lanka forestry firm share price hit by court action
Mar 09, 2010 (LBO) – Sri Lankan stocks closed 0.68 percent lower Tuesday with forestry firm Touchwood Investments falling sharply after an accounting watchdog said its tree valuation method is being challenged in the Supreme Court, brokers said. The All Share Price Index closed at 3,809.01, down 26.05 points, while the Milanka index of more […]
Sri Lanka can build more infrastructure with project specific bonds: rating expert
Feb 09, 2010 (LBO) – Sri Lanka should follow Malaysia’s example in selling project specific bonds for infrastructure, which will give confidence that money is not mis-directed and make it easier to tap money for capital investment, a senior financial expert said. The island has under-invested in infrastructure for decades, leaving the country with weak […]
Sri Lanka relaxes some forex controls
Mar 08, 2010 (LBO) – Sri Lanka has relaxed several exchange controls relating to opening bank accounts abroad, forward forex cover and imports margin deposits and prepayments from March 11 in the first phase of a forex liberalization plan announced earlier in the year. “This is the first series of relaxations,” Central Bank governor Nivard […]
Sri Lankan stocks close 0.28-pct up on retail buying
Mar 08, 2010 (LBO) – Sri Lankan stocks closed up Monday as retail investors bought low value shares and selected high value stocks, brokers said. The All Share Price Index closed at 3,835.06, up 10.89 points, while the Milanka index of more liquid shares gained 0.14 percent (6.26 points) to close at 4,393.89. Turnover was […]
Sri Lanka shares end up 0.48-pct
Mar 05, 2010 (LBO) – Sri Lankan stocks closed closed firmer Friday with investors buying into hotels which are seen doing well given the upturn in tourist arrivals, but foreigners remained net sellers for the week, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Sri Lanka to protect Colombo from floods with Chinese finance
Mar 05, 2010 (LBO) – Sri Lanka will build a flood protection system for parts of the capital Colombo with Chinese funding, a government minister said. Colombo suburbs of Kotte, Dehiwela-Mount Lavinia, Maharagama, Kesbewa and Moratuwa will be protected from storm water flooding by the project, minister Gamini Lakshman Peiris said. The 6,800 million rupees […]
‘s foreign commercial debt more than doubles in 2009
Mar 05, 2010 (LBO) – Sri Lanka’s foreign commercial debt has risen dramatically in 2009 as lender confidence increased after a deal with the International Monetary Fund and the fiscal deficit expanded, official data shows. Sri Lanka’s total commercial debt, including defence loans accrued during a war with Tamil Tigers which ended in May 2009, […]
Sri Lankan stocks end up, Asian Alliance stake sold
March 04, 2010 (LBO) – Sri Lankan stocks closed up Thursday and passed the 3,800 points mark as investors bought midcap and selected high value shares, while a big stake in Asian Alliance Insurance changed hands, brokers said. John Keells Holdings closed at 168.00 rupees, down 75 cents, and Distilleries Company of Sri Lanka closed […]