Category: Economy and Markets
Sri Lanka, ILO to probe use of child labour in agriculture
July 14, 2007 (LBO) – Sri Lanka’s Labour Ministry has sought the help of the International Labour Organization to do a survey to find out if the country’s agriculture sector uses child labour. They are today the most vulnerable of the farming and fishing communities and their rights to a decent and dignified childhood free […]
Sri Lanka unemployment rate falls
June 12, 2007 (LBO) – Sri Lanka’s unemployment rate in the first quarter of 2007 fell to 6.2 percent, its lowest ever rate, from 6.8 percent in the same 2006 quarter, continuing the steady declining trend seen in recent years, the Central Bank said. The total number unemployed was estimated as 462,000 for the first […]
Sri Lanka to re-build areas taken from Tamil Tigers
July 13, 2007 (AFP) – Sri Lanka announced Friday it would mark the fall of the last Tamil rebel bastion in the east of the island with the launch of an ambitious reconstruction plan. Sri Lanka’s 35-year-old conflict has claimed more than 60,000 lives, and over 5,200 people have been killed in fighting in the […]
Sri Lanka to choose lead managers to US$400mn bond by end July
July 13, 2007 (LBO) – Sri Lanka would appoint lead managers to a 400 million dollar sovereign bond issue by the end of this month, the government’s debt office said. International investment banks have been asked to submit proposals by July 16, and the joint lead managers to the issue would be appointed by the […]
Sri Lanka petro chief calls for national hedging policy
July 12, 2007 (LBO) – The head of Sri Lanka’s state petroleum utility has called for a national policy on oil hedging for the longer term as international bankers were due to present a fresh proposal on short-term hedging. An accumulation of profits in any import firm would reduce demand in the aggregate economy, resulting […]
Sri Lanka treasury auctions resume
July 12, 2007 (LBO) – Sri Lanka has accepted a small amount of bids from this week’s treasury bills after rejecting bids outright for two weeks in a row, data released by the public debt office showed. The government accepted 1.1 billion out of an auction of 11.3 billion rupees of maturing treasury bills.The bills, […]
Sri Lanka seeks 400 million dollars
June 12, 2007 (LBO) – Sri Lanka has asked for proposals from international banks to raise 400 million dollars in medium term bonds, banking officials said.Banks that participated in a conference yesterday in Colombo have been given until July 16 to submit proposals with the deal expected to reach closure by October. The government is […]
Sri Lanka shops for 400 million dollars as rupee dips to new low
June 12, 2007 (LBO) – Sri Lanka is shopping for 400 million dollars in medium term finance in global markets as a rising budget deficit is sending local interest rates rocketing up and the rupee fell to a new life low, bankers said. “Sooner or later it is going to blow up.” The Central Bank, […]
Sri Lankan industrialists concerned about slowing economic growth
July 11, 2007 (LBO) – Sri Lanka’s top industrialists have expressed concern over the noticeable slowing down of economic growth and delays in legislating protection for local industries under new world trade rules. “Rural development is essential for growth and stability must come mainly from business linkages – not handouts.” Industry needs better access to […]
Sri Lanka had low inflation only with fiscal discipline: minister
July 07, 2007 (LBO) – The state was not in a position to control prices of imported goods and price levels can only be stabilized by stopping money printing and limiting government expenses, Sri Lanka’s consumer affairs minister said. Consumer affairs minister Bandula Gunewardene said tight monetary policy by the central bank had already brought […]
Sri Lankan apparel to get wider access to Indian market
July 06, 2007 (LBO) – India has agreed to lift restrictions relating to fabric origins on duty free Sri Lankan apparel exports to the sub-continent market in the latest trade talks between the two neighbours, a senior official said. “Now apparel exporters to India can source their fabric requirements from anywhere,” Manel de Silva, Director-General […]
Sri Lanka central bank to retail treasuries
July 05, 2007 (LBO) – Sri Lanka’s central bank will use its regional offices to sell government securities to rural investors, the bank said, as real returns on treasuries are turning positive in a market that has been shaken with a series of aborted auctions.The bank runs the government’s debt office as an agency function […]