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Sri Lanka should keep policy on hold, make structural changes: IMF
Monetary Stance Sept 25, 2013 (LBO) – Sri Lanka should keep monetary policy on hold but make structural change to boost growth, an International Monetary Fund official said. Todd Schneider, head of a monitoring mission to Sri Lanka said external conditions have worsened with impending Federal Reserve action, and budget revenues were flat though inflation […]
Sri Lanka exporters moving beyond labour arbitrage
Sept 25, 2013 (LBO) – Sri Lanka’s high end apparel and information technology firms are moving beyond labour arbitrage to leverage knowledge and supply chain efficiencies, officials said.“Labour arbitrage is not necessary, the way we see it,” Udena Wickramasuriya, group director at Brandix a top Sri Lanka based apparel group that also has operations in […]
‘s Nawaloka debenture offer taken up
Sept 24, 2013 (LBO) – A one and a half billion rupee listed debenture offer by Sri Lanka’s Nawaloka Hospitals has been fully subscribed. The offer will close at 4.30 pm, registrars to the sale, said in a stock exchange filing. NDB Investment Bank was the financial advisor to the issue .
”’ by Fitch
Sept 24, 2013 (LBO) – A planned debt 2.0 billion rupee debt sale by Sri Lanka’s Abans Limited has been given an expected ‘A-(lka) (EXP)’ rating by Fitch Ratings. The firm plans sell three, four and five year fixed rated senior debt to re-finance a part of its short term debt and lower interest rate […]
”B+(EXP) by Fitch
Sept 24, 2013 (LBO) – A proposed bond by Sri Lanka’s National Development Bank has been given an expected ‘B+ (EXP)’ rating by Fitch. National Long-Term Rating AA-(lka)’; Stable Outlook Outstanding Subordinated debentures ‘A+(lka)’ The rating agency said NDB had a satisfactory track record as a project financing institution with historically stronger capitalization asset quality […]
Sri Lanka stocks up, rupee edges lower
Sept 24, 2013 (LBO) – Sri Lanka stocks closed 0.20 percent higher on Tuesday in a broad rally helped by foreign buying while the rupee lost ground, dealers said. Analysts say the liquidity will put severe downward pressure on the rupee peg, unless it is vigorously defended in the future with unsterilized dollars sales by […]
Global panel to make economic case on climate change
NEW YORK CITY, September 24, 2013 (AFP) – Mexico’s former president Felipe Calderon said that climate action can boost both developed and emerging countries as he led a new commission bringing together government and business leaders.In an initiative being launched Tuesday on the sidelines of the annual UN General Assembly, Calderon will chair a report […]
Protests as Maldives Supreme Court suspends elections
MALÉ, September 23, 2013 (AFP) – The Supreme Court of the Maldives on Monday suspended presidential elections due this weekend following a legal challenge, sparking protests and fears of fresh instability in the troubled Indian Ocean archipelago.“The Elections Commission got the opportunity to argue out their case and establish the credibility of the process,” he […]
Airbus predicts 29,000 new planes needed by 2032
LONDON, September 24, 2013 (AFP) – Airbus predicts that the world will need more than 29,000 new commercial planes over the next 20 years to respond to higher traffic and replace older models, the European planemaker said Tuesday.Delivering its 20-year outlook, Airbus said air travel through 2032 will be fuelled by traffic to and from […]
Air Asia X starts flying to Sri Lanka and Maldives
Sept 24, 2013 (LBO) – Malaysia-based AirAsia X, a low cost long-haul carrier said it is starting flights to Sri Lanka’s Colombo via Male, Maldives from September 28. “Our guests may now fly to Sri Lanka to take in the rich flavours and cultures that Colombo has to offer, and also to Maldives for a […]
Sri Lanka exports, imports up in July
Sept 24, 2013 (LBO) – Sri Lanka’s exports rose 8.0 percent to 794.4 million US dollars and imports rose 20.8 percent to 1,601.1 million US dollar in July indicating a recovery in external trade, official data showed. In the seven months to July exports were still down 2.7 percent to 5,518.0 million US dollars, imports […]
Sri Lanka President on Twitter Q&A from New York
Sept 24, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa will answer questions posed on Twitter, a micro blogging site, after addressing a United Nations assembly in New York, his media office said. The half hour Q&A will take place on Sept 25, at 9.00 am New York time which is 6.30 pm Sri Lanka […]