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Sri Lanka wants exports before steep currency appreciation: Treasury Secretary
Jan 07, 2013 (LBO) – Sri Lanka would like to see stronger exports, and less imports before an “un-necessarily” appreciation of the exchange rate, Treasury Secretary P B Jayasundera said.Sri Lanka’s rupee has depreciated ever since a money printing central bank capable to sterilizing foreign exchange sales and monetizing debt generally was built in 1951 […]
Funding Line
Jan 07, 2013 (LBO) – Sri Lanka’s LOLC Micro Credit Ltd, said it had syndicated a 55.5 million US dollar from a number of foreign development agencies. FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), of the Netherlands had lead arranged the deal. FMO is a 20 percent shareholder of LOLC Micro Credit. FMO (Nederlandse Financierings-Maatschappij voor […]
Sri Lanka parliament to vote on chief justice impeachment
Jan 07, 2013 (LBO) – Sri Lanka’s parliament will vote on the impeachment of chief justice Shirani Bandaranayake on January 11 after a two day debate, the state information office said, despite a court order nullifying the findings of a parliamentary committee.The parliamentary committee from which the opposition out had not accorded due process to […]
Sri Lanka citizens group calls for changes to upcoming bill
Jan 06, 2012 (LBO) – Friday Forum, a Sri Lankan citizens group has called for changes to an upcoming bill on a new agency called Divineguma Development Department and has called upon parliament not to impose it on the Northern Province with a two thirds majority. The full statement is reproduced below Friday Forum on […]
Gas Tariff
Jan 06, 2012 (LBO) – Sri Lanka’s consumer affairs office has raised the price of liquefied petroleum gas by 150 rupees per 13.5 kilogram cylinder to 2,396 rupees under a regulated pricing formula.Prices of both state-run Litro Gas and Laugfs will go up, reports said. Domestic LP Gas prices are regulated by the CAA with […]
Sri Lanka to get US$290mn soft loan from Korea
Jan 05, 2013 (LBO) – Sri Lanka will get up to 290 million US dollars from Korea for renewable energy and infrastructure under a framework agreement signed last week, the Korean embassy in Colombo said.The Government of Korea had recently given 70 million US dollars to the Sri Lankan Government as grants from KOICA assistance […]
Sri Lanka entering 2013 with better prospects: Treasury Secretary
Jan 05, 2013 (LBO) – Sri Lanka is entering 2013 with an improving external environment, a stable exchange rate and favourable weather for agriculture, compared to last year, Treasury Secretary P B Jayasundera said.“Though there have been severe floods, the damage has been minimal as far as production activities are concerned,” Jayasundera told reporters. “All […]
‘s Aitken Spence drops deal with Six Senses
Jan 04, 2013, (LBO) – Sri Lanka’s Aitken Spence, said it had dropped plans to build a hotel with Six Senses, an international hotel chain and the Favourite group, a domestic firm.Aitken Spence said in 2010 that is was planning to build a 35 million US dollar resort and spa with beachfront villa on a […]
Starting Fresh
By Ravi Abeysuriya, CFA Jan 04, 2013 (LBO) – When it comes to investing in the stock market in Sri Lanka nowadays the chorus that has regrettably echoed has been Market manipulation and State owned Funds losing Billions of money by investing in the stock market. Market manipulation or creating a False Market’ or one […]
Sri Lanka flood victims get Japan help
Jan 04, 2012 (LBO) – Japan will give 23 million Yen (32 million rupees) worth disaster aid to victims of Sri Lanka’s recent floods and landslides, the embassy of Japan in Colombo said.“The emergency assistance includes tents, plastic sheets and sleeping pads for those affected by the recent floods and landslides,” the embassy of Japan […]
Sri Lanka in US80mn aircraft MRO complex
Jan 04, 2013 (LBO) – Sri Lanka’s state-run SriLankan Airlines will operate an 80 million US dollar aircraft repair and overhauling (MRO) complex at the country’s second international airport in Mattala targeting the Asian market and India.Information minister Keheliya Rambukwelle said cabinet approval has been given to obtain foreign financial assistance for the project. Sri […]
Sri Lanka aims to have best customs office in region: Treasury Secretary
Jan 04, 2013 (LBO) – Sri Lanka is aiming to have the best customs office in the region with the office fully online and three ‘free ports’ in operation, Treasury Secretary P B Jayasundera said. Customs will also facilitate the about a million tourists are year, he said. Sri Lanka’s customs office will have ASYCUDA […]