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New ILO-World Bank study suggests tools to tide over economic shocks
April 21, 2012 (LBO) – Policymakers across the world should to develop a more robust labour market and expand workers social insurance cover, to tide over future economic shocks, a new report said. With a sample of 77 countries significantly affected by the crisis, representing 89 percent of global GDP and 86 percent of world […]
Sri Lanka shares end down 0.6-pct
April 20, 2012 (LBO) – Sri Lankan shares slumped Friday after a short-lived rally the day before in a knee-jerk reaction to the lifting of price restrictions by regulators, brokers said. The main All Share Price Index fell 0.64 percent (35.11 points) to 5,483.61, while the more liquid Milanka index fell 0. 30 percent (14.81) […]
Ferry Builder
Apr 20, 2012 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has laid the keel for the first of a pair of passenger vessels for the government of India to be deployed to connect its Lakshadweep islands with the mainland. The vessel will have a crew of 69. Colombo Dockyard earlier built two passenger vessels for […]
Sri Lanka, Seychelles joint holiday packages mooted
Apr 20, 2012 (LBO) – Tour operators in the Seychelles want to promote joint holiday packages for tourists with Sri Lanka and establish direct air links between the two Indian Ocean islands. Visiting foreign minister of Seychelles Jean Paul Adams said in Colombo they expect 350,000 tourists in the coming year. “Most tour operators in […]
Sri Lanka awards another construction deal to China
Apr 20, 2012 (LBO) – China’s Sinohydro Corp. has won a 252 million US dollar contract to build a dam providing water and hydropower in north-central Sri Lanka. A statement said the decision to award the contract to build the headworks of Moragahakanda Reservoir to the Chinese state-owned hydropower engineering and construction company was made […]
Sri Lanka tea prices still lower than last year in dollar terms
April 20, 2012 (LBO) – Sri Lankan tea prices rose again at this week’s auction after rising in the previous sale but remain below last year’s levels in US dollar terms after a sharp rupee depreciation. “Medium and low grown teas have shown a growth year-on-year in rupee terms,” Forbes & Walker tea brokers said. […]
Sri Lanka prematurely commended for avoiding trade sanctions
Apr 20, 2012 (LBO) – The International Monetary Fund has prematurely commended Sri Lanka for not imposing trade sanctions on itself, in a bid to end a balance of payment crisis brought by loose monetary policy, newly released documents show. Trade sanctions can reduce economic activity and deprive tax revenues for rulers to keep spending. […]
Sri Lanka IMF program staff report released
Apr 20, 2012 (LBO) – In perhaps a new shift to transparency Sri Lanka has released an International Monetary Fund staff report prepared to support the 7th review under its program, after suppressing them for years. Sri Lanka ended up in a balance of payments crisis by trying to defend an exchange rate without tightening […]
Sri Lanka bank debt sale hit by racing rates
April 19, 2012 (LBO) – Sri Lanka’s listed Commercial Bank of Ceylon, the island’s largest privately owned bank, said there were no takers for a five-year bond offered at a fixed rate, as interest rates rose sharply. The five-year debt, rated AA- by Fitch Ratings Lanka opened for subscription on March 27 offering a fixed […]
Sri Lanka shares end up 2-pct
April 19, 2012 (LBO) – Sri Lankan shares closed sharply higher Thursday after regulators lifted price restrictions imposed to curb speculation, brokers said. SMB Leasing non-voting shares were the top gainer closing at 50 cents, up 10 cents with over 1. 2 million shares done. Kuruwita Textile Mills was the next highest gainer, ending at […]
Asian Award
Apr 19, 2012 (LBO) – Vajira Kulatilaka, chief executive of NDB Group Investment Banking Cluster, was recently awarded the Asian Institute of Technology Alumni Association Distinguished Alumni Award for business and professional achievements. He is a Fellow Member of the Chartered Institute of Management Accountants UK (FCMA) and a CFA Charter holder. “He was awarded […]
Cash Torrent
Apr 19, 2012 (LBO) – Commercial Bank said Sri Lankans planning to celebrate the traditional new year last week had withdrawn a record amount of cash from its automated teller machines. Its ATMs dispensed 7.6 billion rupees in the week preceding the new year on April 14 with an all-time single-day high of 1.6 billion […]