Tag: economy

Banking stocks stole the market Thursday, with National Development Bank and NDB Bank (NBL) netting 50 percent of the Rs. 457.21 mn in total turnover. Brokers say NBL accounted for 28 percent or 127 mn and NDB 22 percent of total volumes traded.rn rnldblquote Investors are seeing value in NDB stocks even at current levels […]

The World Bank Wednesday approved the first tranche of US$ 125 mn in support credit, to shore up the countrys poverty reduction strategy.rnrn The Poverty Reduction Support Credit (PRSC) will build on the framework in the lquote Regaining Sri Lanka vision for accelerated development.rn rnThe support credit comes on the back of government success in […]

Cash rich National Savings Bank (NSB) bought up Rs.200 million worth of securitised paper last week, locking its returns for up to five years.rn Ceylease and Peoples Merchant Bank (PMB) issued the lease-backed securities in a bid to finance increased demand for leases and to diversify fund sources.rn rnPeoples Merchant bank also structured and placed […]

The All Share index moved 15 points closer to the psychological 1000 point mark, closing at 969 on Wednesday. Despite the current gloom surrounding the peace process the market has so far moved up 115 points this June, buoyed by the confidence generated at the Tokyo aid meet.rn rnBuying is largely from local institutional and […]

State housing finance giant, HDFC, is floating a construction company to cash in on the middle-upper income-housing boom.A fully owned subsidiary, HDFC Construction (Pvt) Ltd, will start off once HDFC gets its banking licence and a listing on the Colombo Stock Exchange.rn rnThe Housing Development & Finance Corp. needs a specialised banking licence to call […]

The government wants an interim cure for the collapsed peace talks so it can stick to development plans and aid utilisation schedules. Proposals being touted include commissioners to administer aid use and development work in the North and East.rn rnUpto two commissioners could be in place along with a number of district development committees that […]

The Public Enterprise Reforms Commission is to be restructured this year expanding its scope to include monitoring State investments. The restructuring is expected to speedup the restructuring and privatisation of state enterprises while improving transparency in the process.rn rnPERC Chairman Chrisantha Perera told LBR that over the years, the commission has been regarded only as […]

Economists are warning that key fiscal targets could be missed as donors pledge a record amount of aid.Most of the US$ 4.5bn pledged at the Tokyo Donor Conference is debt on concessionary terms that eventually have to be repaid.rn rnAnalysts say this would automatically raise the countrys debt stock and the Debt to GDP Ratio.rn […]

The Public Enterprise Reform Commission (PERC) plans to become a monitoring agency to look after the governments residual stakes in public corporations.The Treasury is putting together a list of companies the government has shares, which also includes financial institutions, PERC Chairman, Chrisantha Perera said.rn rnldblquote Some of these residual holdings are in restructured corporations or […]

Sri Lanka has a 45 percent chance of achieving peace within a volatile political situation, which will push the Colombo bourse up by 25 percent to 30 percent.HNB Stockbrokers in their country strategy report ldblquote The Lion Emerges dblquote has come up with a risk matrix and the road map the Colombo market will take.rn […]

Far from the buzz and the luxuries of a metropolitan city lie the backwater villages of the Uva and Southern Provinces, home to some of the most impoverished people in Sri Lanka. A revolution is sweeping through endash doctored by the Ministry of Rural Economy and funded by a US$ 40 million World Bank soft […]

International donors wrapped up the two-day Tokyo parley pledging over US$ 4.5 bn in aid over the next four years to rebuild Sri Lanka.The amount includes US$ 1 bn each from Japan and the Asian Development Bank and US$ 293 mn from the European Union (EU).rn rnThe US$ 4.5 bn package spread through to 2006, […]