Category: Economy and Markets
Sri Lankan shares end down 3.24-pct
Oct 20, 2009 (LBO) – Sri Lankan shares ended sharply lower Tuesday, sinking below 3,000 points, on panic selling on fears about losing market access to Europe and fraud charges against a US fund manager with stakes in the island’s firms. The All Share Price Index closed down 3.24 percent (99.74 points) to end at […]
Sri Lanka post-war rebuilding to get ADB help
Oct 20, 2009 (LBO) – A senior Asian Development Bank (ADB) has visited Sri Lanka to discuss support for post-war reconstruction in the island, the bank said in a statement.ADB Director General South Asia Department Kunio Senga visited Sri Lanka during October 13 -15 for talks on ADB support to Sri Lanka, especially for rehabilitation […]
Sri Lanka draws Singapore investor interest
SINGAPORE, October 19, 2009 (AFP) – Singapore is urging local businessmen to explore investment opportunities in Sri Lanka following the defeat of the Tamil separatist insurgency there, a report said here Monday.“Our business community should take an interest in what’s happening, assess the risk and be aware there is a new situation,” Foreign Minister George […]
Sri Lanka shares down on billionaire arrest, trade deal doubts
Oct 19, 2009 (LBO) – Sri Lankan shares ended lower Monday on news of the arrest of a US hedge fund manager with big stakes in the island and uncertainty over a trade deal with the European Union, brokers said. The All Share Price Index closed down 1.56 percent (49.00 points) to end at 3,082.91, […]
Sri Lanka boat migrants end hunger strike
MERAK, October 17, 2009 (AFP) – A group of more than 250 Sri Lankan asylum seekers whose boat was stopped in Indonesian waters en route to Australia ended their two-day hunger strike on Saturday, officials said.The group — among which it was the 150 men who were on hunger strike — had accepted food late […]
Canada intercept boat with 76 migrants believed from Sri Lanka
VANCOUVER, October 18, 2009 (AFP) – A ship suspected of carrying 76 illegal migrants was intercepted in the Pacific Ocean off Canada’s west coast, police said Saturday.Authorities including military, police and border agents “identified and secured a vessel displaying the name ‘Ocean Lady’ that was approaching the coast of British Columbia” province, said a statement […]
Sri Lanka pressed by US on IP protection, GM food
Oct 17, 2009 (LBO) – The United States has asked Sri Lanka, ranked high for software piracy in Asia, to better enforce intellectual property rights and also lift restrictions on American imports like genetically modified food.Sri Lanka’s Director-General of Commerce Gomi Senadheera acknowledged the US concerns on IP rights and said the government was trying […]
Sri Lanka to present 4-month budget in November
Oct 16, 2009 (LBO) – A four-month mini budget is expected to be presented to parliament in November seeking approval for Sri Lanka’s government to spend 362 billion rupees collected from the people through taxes or borrowed. Sri Lanka has a bloated public sector that does not pay income tax on their salaries and more […]
Sri Lanka post-war re-construction draws US firms
Oct 16, 2009 (LBO) – American companies are keen to invest in Sri Lanka with the end of the ethnic war to help rebuild the economy and contribute to national reconciliation, government officials from both countries said.Export Development and International Trade Minister Gamini Lakshman Peiris said some of America’s biggest companies had sent representatives to […]
Sri Lanka may get US$700mn FDI in 2009: official
Oct 16, 2009 (LBO) – Sri Lanka is in line to receive 600 to 700 million US dollars in foreign direct investment in 2009 and fresh applications are pouring in after the end of a 30-year civil war, officials said. “We have had discussions with the World Bank officials to see how we can score […]
Sri Lanka raises US$500mn for 7.4-pct
Oct 16, 2009 (LBO) – Sri Lanka has raised 500 million US dollars through a 5-year sovereign bond at a coupon interest rate of 7.4 percent, lower than an offering made two years ago, a media report said. There has been strong interest for the Sri Lanka bond running into billions of dollars, an international […]
Sri Lanka bond gets US$6.8bn bids from 269 investors
Oct, 16, 2009 (LBO) – A 500 million US dollar sovereign bond by Sri Lanka has drawn 6.8 billion US dollars in bids from 269 buyers pushing yields lower than expected on strong country prospects and high demand. Fund managers got 78 percent of the bonds, banks 8 percent, retail 7 percent, 4 percent to […]