Category: Economy and Markets
Sri Lanka government dollar bond buyers demand higher yields and shorter maturities
Sept 13 (LBO) – Buyers of Sri Lanka government dollar bonds have demanded higher yields, and shorter maturities, at the latest action which closed this week. At the dollar bond auction which closed this week, weighted average yield for 2-year bonds were 144.06 basis points above the London Interbank Offered Rate (LIBOR) while the premium […]
Sri Lanka raises US$105 mn in dollar bonds
September 12, 2006 (LBO) – Sri Lanka Tuesday raised 105 million dollars through a bond issue aimed at the domestic market.The Sri Lanka Development Bonds carries tenures of two and three years and the Central Bank said the issue was oversubscribed when the issue closed this evening. The bank accepted 70 million dollars in two-year […]
‘s economy expands by 7.9% 1H06
September 12, 2006 (LBO) – Sri Lanka’s economy grew at a blistering pace of 7.9 percent for the six months to June the Central Bank governor said, aided by growth in manufacturing, services and agriculture produce. Analysts say reserve growth has tapered off since mid 2006, and the government has ratcheted up dollar borrowings to […]
Sri Lanka earns US$ 220 mn in foreign investments
September 12, 2006 (LBO) – Sri Lanka has bagged 220 million dollars in direct investments for the six months to June, the island’s key promotional agency said Tuesday, with money mainly coming from telecommunications and IT sectors. However, the BOI says smaller investors are also difficult to monitor or control, with some cases of fraud […]
John Keells floats debenture to pay off debts
September 11, 2006 (LBO) – Sri Lanka’s John Keells Holdings secured an AAA (lka) rating for the upcoming 2.0 billion rupee debenture, but Fitch Rating Lanka says the group depends too much on the transportation unit to generate cash revenues. The bluechip conglomerate is raising money to pay off short term debts built up during […]
Sri Lanka expects 7.7% GDP in 2Q06; plays host to Commonwealth Ministers parley this week
Sept 11, 2006 – (LBO) Sri Lanka’s recent economic growth performance fits well with the underlying theme of the upcoming Commonwealth Finance Ministers’ meeting, a top official said. “We have had economic growth of 8.1 percent in the first quarter and 7.7 percent is expected in the second quarter,” Deputy Governor of Sri Lanka’s Central […]
’s tsunami hit coastline
September 8, 2006 (LBO) – Sri Lanka Friday flagged off construction work on a road project which links the tsunami hit coastlines from the south up to the east of the island. The Matara-Wellawaya road, jointly funded by ADB and the European Union, is closely linked to a network of tsunami-affected roads to be rehabilitated […]
Maldives easiest place to do business in South Asia, Sri Lanka trails in fourth place
Sept 06 (LBO) – The coral atoll of Maldives was the easiest place to do business in South Asia, followed by Pakistan and Bangladesh, while Sri Lanka trailed at fourth place, in a ranking by the World Bank. Maldive Islands earned first place in four out of ten topics the Bank had used to measure […]
Sri Lanka lags reforming nations in South Asia: Report
Sept 06 (LBO) – Once the leader in reform, Sri Lanka is now lagging other reforming economies in South Asia, and the country has become a more difficult place to do business, a World Bank report released today said. ‘Doing Business in 2007: How to Reform’ has found that only India and Pakistan had introduced […]
’s trade deficit ballooned in July as port strike hit exports
Sept 06 (LBO) – Sri Lanka’s trade deficit expanded by more than 50 percent in the seven months to July, spurred by rapid import growth and falling exports, the Central Bank said. In July exports fell by 7.9 percent to 516 million US dollars, after striking port workers interrupted exports, but oil imports which come […]
‘s inflation hits 15.3% in July
August 31, 2006 (LBO) – Sri Lanka’s consumer prices jumped to 15.3 percent in July, the Census & Statistics Department said Thursday, as prices of bread, fuel, cinema tickets rose to offset lower costs of vegetables. As a result the Colombo Consumer Price Index or CCPI ended at 4,650.0 in July. Prices of bread, wheat […]
Sri Lanka looks for investors to raise US$ 100 million
August 31, 2006 (LBO) – Sri Lanka Thursday announced plans to raise another 100 million dollars through a bond issue to pay for ongoing development projects. Prospective investors can send in their applications from Sept 5-12 and those selected have to pay up by Sept 20, the Central Bank said in a public notice. Investors […]