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Sri Lanka to raise dollar bonds to shore up reserves this month
June 2, 2006 (LBO) – Sri Lanka plans to tap the international debt market this month to raise 350 million dollars to shore up official reserves, a top Central Bank official said Friday as financial markets reacted sharply to news of the bank governor’s sudden resignation. Dubbed ‘Sri Lanka Development Bond’, the issue will carry […]
Rubber could lose some steam this year, but stay a cash cow
June 02 (LBO) – Overheated rubber prices are expected to settle down from its recent high spell, brokers say, but stocks with high exposure to rubber will still be the cash cow this year. Top grades of crepe rubber, which makes up bulk of Sri Lanka’s rubber exports, is now selling at 395 rupees a kilo, […]
No Bribes
June 02 (LBO) – A government help line linked up to 20 key state departments is to be rolled out soon, to offer general public information from getting birth certificates to a driving license. The Government Information Centre (GIC), accessed by dialing 1919 from anywhere in the island, is still in beta testing stages and […]
Beat the heat — with rattlesnake ice cream
TOKYO, June 2, 2006 (AFP) – Anyone for rattlesnake ice cream? Japan is no stranger to bizarre frozen deserts and this year is no exception with cow tongue, Indian curry, cheese and even cactus among the flavours on offer for courageous taste buds at an annual event at the Namjatown theme park. Other ice creams […]
Sri Lanka offers Tamil autonomy as US warns against war
June 2, 2006 (AFP) – Sri Lanka moved closer Friday to granting more autonomy to minority Tamils under a new initiative backed by the opposition, as the United States warned against a return to full-scale war on the island.“Even though we will be having second or third-level talks in Oslo next week, the signal it […]
Sri Lanka pushes Tamil autonomy as US warns against war
COLOMBO, June 2, 2006 (AFP) – Sri Lanka’s president launched talks with opposition parties Friday to hammer out a plan to grant autonomy to separatist Tamil rebels as the United States warned against a return to full-scale war. The meeting with major parties of the majority Sinhalese community was underway to agree a path to […]
Bomb fears in Sri Lanka capital trigger appeal
June 2, 2006 (AFP) – Sri Lanka’s military Friday sought public support to step up security in the main city of Colombo amid fears of bomb attacks by Tamil Tiger rebels. Military spokesman Prasad Samarasinghe said residents should alert the authorities to any suspicious individuals or activity in their neighbourhoods. He said 11 telephone numbers […]
Sri Lanka gets a new country head for World Bank
June 2, 2006 (LBO) – Naoko Ishii will take over as country director of the World Bank in August from the incumbent Peter Harrold, the bank said Friday. Harrold, a British national, ends his four-year tenure in July. Ishii, a Japanese national, has been a Director in the Japanese Ministry of Finance since 2002 where […]
Sri Lanka’s money markets tighten, pressure mounts on the exchange rate
June 1, 2006 (LBO) – After almost two years of excess liquidity, Sri Lanka’s inter-bank money markets are tightening up, as reserve money growth is arrested. This usually happens when net foreign assets fall due to an outflow of foreign exchange reserves, though a fall in domestic assets could also drive down reserve money. But […]
Fitch downgrades conglomerate Hayleys Ltd
June 1, 2006 (LBO) – Sri Lanka’s conglomerate Hayleys Ltd’s credit outlook Thursday was downgraded to ‘AA (lka)’ by Fitch Ratings Lanka, to reflect the group’s weak earnings.Hayleys is one of Sri Lanka’s old conglomerates with diversified interest including the making and exporting fibre-based products, rubber gloves and coconut-based activated carbon, sale of agriculture-related equipment […]
‘s money markets tighten, pressure mounts on the exchange rate
June 1, 2006 (LBO) – After almost two years of excess liquidity, Sri Lanka’s inter-bank money markets are tightening up, as reserve money growth is arrested. This usually happens when net foreign assets fall due to an outflow of foreign exchange reserves, though a fall in domestic assets could also drive down reserve money. But […]
Winning Bets
June 1, 2006 (LBO) – John Keells Holdings Ltd., Sri Lanka’s second-largest quoted company, had a 34 percent rise in its full-year profit as gains from transport and property countered losses in tourism. Revenue rose 27 percent to 29.3 billion rupees, while net profits surged 34 percent to 3.05 billion rupees for the financial year […]