Category:
‘s economic scorecard
November 14, 2006 (LBO) – The International Monetary Fund Tuesday says Sri Lanka’s economy in under siege from galloping inflation, a wider current account deficit, declining official reserves and a high debt service burden. Large fiscal deficits and a high level of public debt are sources of macro-economic instability while inflation is galloping away and […]
Fitch rates six Sri Lankan Regional Development Banks
Nov 13, 2006 (LBO) – Six Regional Development Banks or RDBs secured investment grade ratings from Fitch Ratings Lanka, who said the risk evaluation took into account the banks’ higher risk profiles. The lack of automation has been one of the key constraints in this area. The six: • Rajarata Development Bank – ‘BBB+(lka)’; • […]
Sri Lanka faces tough call on interest rates in face of rising inflation
November 13, 2006 (LBO) – Sri Lanka faces a tough call on interest rates on Tuesday as it balances the need to keep inflation in check and ensure economic growth remains on track, analysts said. Sri Lanka’s economy is growing by near eight percent, the stock market is at record highs, corporate profits are strong […]
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November 13, 2006 (LBO) – HDFC Bank, Sri Lanka’s largest housing bank, retained its ‘AA-(lka)’ rating for their home loan securitization trust series, Fitch Ratings Lanka said Monday. The rating is for the timely interest payment and the ultimate payment of principal. The pass-through certificates or PTCs are backed by a pool of residential mortgage […]
On Tap
Nov 13, 2006 (LBO) – Increasingly wealthy countries tend to have better access to water and sanitation, but some countries like Sri Lanka do far better despite lower incomes, a new report on human development, shows. This is well below Australia ranked number one with 113.2 percent but close to Niger ranked last at 172 […]
Saudi posted 58-billion-dollar budget surplus in 2005
RIYADH, Nov 13, 2006 (AFP) – Oil powerhouse Saudi Arabia posted a record budget surplus of 58 billion dollars in 2005 on the back of surging crude prices while its gross domestic product (GDP) grew by 6.5 percent, newspapers reported Monday. In its annual report on the Saudi economy, the Saudi Arabian Monetary Agency (SAMA), […]
British to push for Sri Lanka peace
Nov 13, 2006 (AFP) – Sri Lanka’s former colonial ruler Britain will send a special envoy to the island Tuesday to help salvage a tattered peace process, diplomats said.British MP Paul Murphy will meet with Sri Lankan leaders during a three-day visit and share his experience of the Northern Ireland peace process, the British High […]
Sri Lanka faces child soldier charge as Britain tries to save peace
Nov 13, 2006 (AFP) – The United Nations accused Sri Lanka Monday of recruiting child soldiers to battle Tiger rebels as Britain moved to help save a crumbling peace process.Even as mourners protested the assassination of a moderate Tamil legislator, a top UN official issued a scathing attack on government security forces, accusing them for […]
Sri Lanka steps up security ahead of protest over assassination
Nov 13, 2006 (AFP) – Sri Lanka’s police stepped up already tight security in the capital Monday ahead of a mass protest over the assassination of a moderate Tamil legislator and growing rights abuses, officials said.Several major roads in the city were closed and vehicle inspections intensified as anti-war demonstrators prepared to stage a march […]
Eight killed in Sri Lanka in fresh violence
Nov 13, 2006 (AFP) – At least four Sri Lankan soldiers and four Tamil Tiger rebels were killed in separate violence in the island’s embattled northeast, the defence ministry said Tuesday.Three soldiers were killed when Tamil Tiger rebels detonated a bomb in the northern district of Vavuniya on Tuesday, the ministry said, adding that another […]
Sri Lankan markets jittery as bullets fly ahead of next week’s budget
November 10, 2006 (LBO) – Sri Lankan share prices are breaking records amidst flying bullets, but financial markets are uneasy that the government may use next Thursday’s budget to tax capital gains, analysts said. One of Asia’s best performing indexes, the island’s tiny stockmarket is up over 30 percent since January, largely on deal making […]
’07 budget may lift taxes, foreign borrowing
November 10, 2006 (Dow Jones)–The Sri Lankan government is likely to lift taxes and increase foreign borrowing in its 2007 budget in a bid to meet bloated defense costs and fund large development projects, say analysts. They expect the budget deficit next year at 7.5%-8.0% of gross domestic product, down from an expected 9% this […]