Category:
Sri Lanka appoints rating advisors
July 16, 2010 (LBO) – Sri Lanka has appointed Hongkong and Shanghai Banking Corporation Ltd, Bank of America Merrill Lynch and The Royal Bank of Scotland as rating advisors for four years, the Central Bank said. Sri Lanka wants to push its speculative sovereign rating to investment grade by 2014. The Central Bank has also […]
Rail Deals
July 16, 2010 (LBO) – Indian and Chinese companies have been awarded two deals to modernise and rebuild parts of Sri Lanka’s railway network damaged by war and extend tracks, a government statement said. Indian and Chinese firms have already been given contracts to rebuild or modernise other parts of the rail network in the […]
Liquidity Status
July 16, 2010 (LBO) – A credit guarantee scheme introduced by Sri Lanka’s central bank has become operational with a finance company making use of the first liquidity facility this week, a statement said. “The Central Bank is actively encouraging the speedy utilization of the scheme by the RFCs and the respective banks,” it said. […]
Bank Merger
July 16, 2010 (LBO) – Sri Lanka’s state-run Regional Development Banks (RDBs) are to merge, getting access to foreign funds, and diversify from agriculture into other areas like tourism and lend in the former north-east war zone, officials said. The single entity created from the merger will help reduce costs and improve operating efficiency. “Operating […]
Technology Stake
July 16, 2010 (LBO) – Sri Lanka’s Environmental Resources Investment (ERI) group has invested 100 million rupees for a stake in Enterprise Technology (Pvt) Ltd (ETPL) as it expands into the information technology sector, a statement said. The investment was made through Olancom, ERI’s information and communication technology holding company, which it bought earlier in […]
BP stops Gulf oil flow for first time since April
NEW ORLEANS, July 16, 2010 (AFP) – British energy giant BP stopped the oil flowing into the Gulf of Mexico on Thursday for the first time in three months as it began key tests hoping to stem the spill for good. Shortly after BP engineers shut down the last of three valves on a giant […]
Sri Lanka central banker writes on good money and bad
July 16, 2010 (LBO)- Ex-central bankers seldom write books on their experiences. Perhaps, the fear of re living the traumatic experiences they would have undergone in handling economic crises in turbulent times may have dissuaded them from doing so. It is important to note that Copernicus made this observation when there was no formal subject […]
India look to settle 17-year score in Sri Lanka
GALLE, July 16, 2010 (AFP) – India on Sunday embark on a third Test series in two years against Sri Lanka, with the world’s top-rated side hoping to end their 17-year drought in the island nation. The Indians have not won a Test series in Sri Lanka since a 1-0 success by Mohammad Azharuddin’s team […]
Sri Lanka former war zone economy grows: central bank
July 16, 2010 (LBO) – Sri Lanka’s northern and eastern provinces slightly increased their share of national Gross Domestic Product last year compared with 2008 following the end of a war, the Central Bank said. The western province remained as the highest contribution to GDP in 2009 but its share reduced further to 45. 1 […]
Sri Lankan stocks close up 0.84-pct
July 15, 2010 (LBO) – Sri Lankan stocks closed higher Thursday from price gains on manufacturing, hotel, hospital and banking shares, while retail investors continued to trade on speculative ‘penny’ stocks, brokers said. The All Share Price Index closed at 4,638.71, up 38.49 points, while the Milanka index of more liquid shares rose 0.99 percent […]
Cargo Risk
July 15, 2010 (LBO) – International insurers have removed Sri Lanka from their cargo war risk insurance list paving the way for reduced import costs, removal of surcharges and increasing business confidence, a government statement said. “Post-war economic revival would be greatly boosted with increased business confidence, reduction of the cost of imports, removal of […]
India Assam tea output to fall on pest attack: report
July 15, 2010 (LBO) – Tea output in India’s Assam region, the country’s top production region may fall 30 to 40 percent in the second half of 2010, leading to higher prices, a media report said. Last year India had produced 979 million kilograms of tea. Assam is said to produce more than half of […]