Category: Economy and Markets
India asks Sri Lanka to speed to trade deal talks
August 03, 2007 (LBO) – India has called on Sri Lanka to ‘speed up’ talks on the enhanced free trade pact between the two countries during talks with a delegation from the island seeking more Indian investments. Indian Minister of State for Commerce Jairam Ramesh said the two countries should seek to sign the bilateral […]
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August 3, 2007 (LBO) – The Ceylon Chamber of Commerce has called for applications from Sri Lankan companies for its annual ‘Ten Best Corporate Citizen Awards’ contest. The awards, part of the chamber’s efforts to promote Corporate Social Responsibility (CSR) within the business community, will be held on November 29, 2007. The main objectives of […]
Sri Lanka bond deal goes to JP Morgan, Barclays and HSBC
August 02, 2007 (LBO) – Sri Lanka has appointed J P Morgan, Barclays Capital and HSBC to raise 500 million dollars from international market, the government’s debt office said.Twelve international banks and investment houses submitted their proposals and made presentations to be lead managers. Citibank, Standard Chartered, Deutsche Bank, UBS Warburg were also in the […]
” offer for sovereign bond: CB Governor
August 1, 2007 (LBO) – Attractive offers from international banks for a sovereign bond has made it likely that Sri Lanka will raise 500 million dollars rather than 400 million dollars, Central Bank Governor Nivard Cabraal said. “It is likely that we will go for 500 million dollars,” Cabraal told LBO. “I think the rates […]
Sri Lanka to sell treasuries at post offices, central bank offices
August 01, 2007 (LBO) – Sri Lanka’s central bank which runs the public debt office for the finance ministry opened a new network of offices to sell treasury bills to retail customers with the help of a state-owned savings bank. . Treasuries Drive Sri Lanka to use post offices, central bank offices to retail treasury […]
Sri Lanka government workers eat up new tax revenues
July 31, 2007 (LBO) – Sri Lanka’s bloated public sector has consumed a bulk of the additional tax collections in the first five months of the year, with the salary bill rising 30 percent, data released by the finance ministry shows. During the last three years the treasury and revenue authorities have tightened loopholes and […]
Sri Lanka July inflation up sharply
July 31, 2007 (LBO) – Sri Lanka’s consumer prices shot up to 17.6 percent in the year to July with the index growing 2.8 percent in the past 30 days, the government’s statistics office said Tuesday. . In the year to June inflation was only 13.0 percent, but monthly inflation has been edging up on […]
Sri Lanka markets quiet at noon; state names sell dollars
July 30, 2007 (LBO) – Sri Lanka stocks were down 0.8 percent by noon Monday while the rupee traded around 111.78 to the dollar with state names intervening in the market, dealers said.The action had been initiated by East West Group chairman Nahil Wijesuriya, the newspaper said. In cash markets, overnight repo rates moved between […]
Sri Lanka trade unions redundant as privatization ends political victimization: study
June 29, 2007 (LBO) – Less political victimization and better benefits have seen workers of privatized Sri Lankan companies opting out of trade unions, a recent survey showed. Meanwhile, the government has said it will close Sri Lanka’s privatization arm, the Public Enterprise Reform Commission, as the sale of state assets was no longer a […]
Sri Lanka set for record growth despite conflict
July 29, 2007 (AFP) – The recent escalation in fighting in Sri Lanka has not derailed the nation’s economy, with the island on track to record its fastest growth in nearly three decades, according to the central bank. Conflict between government troops and Tamil rebels has claimed more than 5,200 lives since late 2005, with […]
Sri Lanka, Capitalism 2.0, a dead Doha and the new economic order
July 27 (LBO) – Small countries like Sri Lanka would have been better off had world trade talks succeeded as the alternative is bilateral trade deals with stronger, increasingly protectionist economic partners, a top European economist said. Protectionist sentiment was on the rise in established capitalist countries who feel threatened by the emergence of new […]
Sri Lanka foreign reserve outflow under control: Central Bank
July 26, 2007 (LBO) – Sri Lanka’s balance of payments is under control despite the steady loss of foreign reserves in the past few weeks and the rupee coming under pressure, Central Bank officials said. The country has been losing foreign reserves since April when international reserves peaked in the wake of tight monetary policy […]