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Sri Lankans are encouraged to be poor by politicians: minister
June 20, 2009 (LBO) – Politicians are responsible for killing the entrepreneur spirit of Sri Lankans by making them believe ‘capitalism’ is evil and poverty is better, a senior minister has said. Deng had originally studied and worked in France where he is said to have learned Marxism. Under his rule, very basic reforms ranging […]
Sri Lanka standby loan still not ready for board approval: IMF official
June 20, 2009 (LBO) – An International Monetary Fund loan for Sri Lanka is still not ready for approval for its executive board, an official said, though the country is rapidly emerging from a balance of payments crisis. Declining foreign reserves makes investors jittery and can trigger capital flight, while rising interests can cause banking […]
Sri Lanka sells 2-year bonds for US$115.8mn
June 19, 2009 (LBO) – Sri Lanka has sold bonds worth 115.8 million US dollars in an offer to roll over 50 million US dollars in 2-year bonds, raising 66 million US dollars in fresh funds, the government’s debt office said. The bonds were sold at a weighted average margin of 497 basis points above […]
Sri Lanka repays US$125mn in foreign loans
June 19, 2009 (LBO) – Sri Lanka has repaid 125 million US dollars from a dollar loan arranged by Standard Chartered Bank last year, as lenders exercised an option, Central Bank Governor Nivard Cabraal said. Under Sri Lanka’s monetary law, the Central Bank acts as ‘banker’ to the government.The government’s debt office is also a […]
Sri Lankan stocks up 8.9-pct over week, 63.5-pct in 2009
June 19, 2009 (LBO) – Sri Lankan stocks closed up 8.9 percent for the week Friday, up 63.5 percent for the year, with stronger foreign buying interest coming to the market, brokers said. The benchmark Colombo All Share Price Index closed up 1.99 percent (47.94 points) to end at 2,451.91 Friday while the Milanka index […]
Sri Lankan tea production falters in May
June 19, 2009 (LBO) – Sri Lanka’s tea production in May dropped 22.7 percent to 25.54 million kilos from a year ago owing to the effects of drought, a Tea Board official said. Tea production in the year to May was down 26.9 percent to 105.5 million kilos but a recovery is expected in the […]
Michelin to invest 1.0 billion euros in India: report
NEW DELHI, June 18, 2009 (AFP) – French tyre giant Michelin, which has announced plans to shed nearly 1,100 jobs in France, may invest more than one billion euros (1.39 billion dollars) over 10 years in a factory in India, an Indian newspaper reported Thursday.The group declined to confirm the amount but recalled that it […]
India asks US, China to restart stalled Doha round
WASHINGTON, June 19, 2009 (AFP) – India on Thursday called on the United States, China and other powers to return to talks immediately to frame a world trade accord instead of waiting for recovery from the global economic crisis.“We live in times when the people are anxious.This economic challenge cannot be resolved by waiting and […]
Sri Lanka war risk insurance rating lowered
June 19, 2009 (LBO) – International underwriters in London have lowered the war risk rating for Sri Lanka following the defeat by government forces of Tamil Tigers, paving the way for reducing insurance premiums on sea and air cargo. Sri Lanka is the global war risk list. The underwriters still have not reduced the surcharge […]
‘s Mendis confident he remains a mystery
LONDON, June 18, 2009 (AFP) – Unorthodox Sri Lanka spinner Ajantha Mendis insisted Thursday ahead of the World Twenty20 semi-final with the West Indies that “no batsman has figured me out yet”. Mendis had to undergo surgery to remove shrapnel from his scalp and back following March’s attack by armed militants on Sri Lanka’s team […]
Sri Lanka buys US218mn from forex markets in June: CB Governor
June 18, 2009 (LBO) – Sri Lanka’s central bank has bought 218 million US dollars from forex markets so far in June on top of 160 million US dollars bought during the last two months, Central Bank Governor Nivard Cabraal said. Since a float of the rupee in March ahead of an International Monetary Fund […]
Sri Lankan stocks up 2.4-pct
June 18, 2009 (LBO) – Sri Lankan stocks extended gains Thursday closing up 2.4 percent with heavy trading on conglomerate John Keells Holdings (JKH) and financial sector companies activating the market, brokers said. The market has grown 59.9 perecent year to date, brokers said. The benchmark Colombo All Share Price Index closed up 2.41 percent […]