Category: Economy and Markets
Sri Lanka counts on World Cup to boost image
COLOMBO, April 27, 2007 (AFP) – Sri Lanka is banking on the publicity from the cricket World Cup to attract foreign investment and tourism to the South Asian island nation better known for its separatist conflict.As the home team prepares for the final clash with Australia on Saturday, the Caribbean event has offered an unexpected […]
French businesses eye Sri Lankan investment opportunities
April 26, 2007 (LBO) – A team of French businessmen representing sectors such as textiles, shipping, energy, railways and environment is visiting the island, the French Embassy announced Thursday. The businessmen will be accompanied by French government officials from the Treasury, Finance Ministry and development agencies as well as trade advisors. The delegation will take […]
Sri Lanka treasury yields continue to move up
April 25, 2007 (LBO) – Sri Lanka Treasury bill yields edged up by an average 33 basis points to 15.84 Wednesday, while the 3-month cut-off yield topped 16.70 percent, dealers said. In April reserve money rose to 277 billion partly due to seasonal factors which the bank has to bring down as the money comes […]
Canada says Sri Lanka needs more tsunami recovery help at grassroots level
April 24, 2007 (LBO) – More post-tsunami recovery work is needed in Sri Lanka especially in the north and east of the island, at a community level, a donor agency has said. The Canadian International Development Agency (CIDA) has been working with local community based organizations and non-governmental organizations, through a 300 million rupee fund. […]
Sri Lanka top trade chamber to brainstorm double digit growth in June
April 24, 2007 (LBO) – Sri Lanka’s top trade chamber is kicking off an economic an investment forum in June, to boost growth to double digits and build consensus and partnership among the public and private sector, officials said. The Ceylon Chamber of Commerce is hosting the three-day ‘Sri Lanka Economic Summit’ starting June 08, […]
”’ outlook could be upgraded if budgets improve: Fitch
April 23, 2007 (LBO) – The ‘negative’ outlook on Sri Lanka’s BB- rating could be upgraded to ‘stable’ if Sri Lanka could produce better budgets, reduce inflation and show that the conflict’s effect on the country’s ability to repay debt had lessened, Fitch Ratings has said. The rating agency Monday affirmed Sri Lanka’s sovereign rating […]
‘s exporters face new fees
April 22, 2007 (LBO) – Sri Lankan exporters have been slapped with a host of new fees that were increasing their costs, and reducing their competitiveness, an official said. In the last few months, shippers have been called to pay a growing number of new fees by shipping lines, freight forwarders and others in the […]
Dialog Sri Lanka preference shares get AA+ rating from Fitch
April 20, 2007 (LBO) – Dialog Telekom’s five billion rupee preference share issue had been rated AA+ (lka), a notch below the telco’s senior debt rating of AAA (lka), Fitch Ratings said Friday. The company is 87.67 percent owned by Telekom Malaysia Berhad. “The one-notch difference between the issuer and preference shares’ ratings reflects the […]
Sri Lankan authorities try to counter money printing culpability
April 20, 2007 (LBO) – Authorities in Sri Lanka are trying to counter growing public awareness that 38.5 billion rupees were printed to finance the budget deficit last year, which also drove inflation to 19.3 percent by December, despite the information being publicly available. Deputy Finance Minister Ranjith Siyambalapitiya was responding to a news story […]
Sri Lanka rupee falls to a new low; overnight rates ease
April 19, 2007 (LBO) – The Sri Lanka rupee fell to a new low of 110.50 to the dollar in early trading Thursday dealers said, while short-term interest rates eased. The rupee had ended just short of 110 to the dollar earlier in the month with high rupee interest rates encouraging exporters to convert to […]
New Sri Lanka investment chief assures faster approvals, encourages local investors
April 18, 2007 (LBO) – Sri Lanka’s new investment promotion chief said Wednesday he wants to speed up approvals but also be more selective in targeting investors and eliminate attitudes that favour foreigners. Much land earmarked for prospective investors in investment zones, or expansion of existing projects, had not been used while the BOI told […]
Sri Lanka treasury yields rocket as central bank continues tight stance
April 17, 2007 (LBO) – Sri Lanka’s 3-month treasury yield shot up at an auction by more than 43 basis points to 15.44 percent Tuesday with overnight rates already at 30 percent levels. Sri Lanka’s central bank has been staying away from printing money in primary auctions and allowing rates to adjust upwards to draw […]