Tag: Finance

May 01, 2010 (LBO) – Union Bank (UB), has inked a deal to raise 1.5 billion rupees in capital from Genting Group, a Malaysian conglomerate and Shorecap, a US based banking fund and is hoping to go public within an year, an official said. “Genting is giving 1.0 billion (rupees), Shorecap 500 million rupees,” Union […]

TASHKENT, May 1, 2010 (AFP) – The Asian Development Bank (ADB) on Saturday opened its annual meeting in Uzbekistan, a first for Central Asia and a coup in the ex-Soviet state’s drive to be recognised as a regional economic power. Some 3,000 participants — including heads of state, central bank governors and finance ministers — […]

Apr 30, 2010 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 5. 8 percent in April 2010 from a year earlier, down from 6.3 percent in March, the second straight monthly fall, the government’s statistics office said. In the month of April the Colombo consumer price index fell 1.0 percent in absolute terms […]

Apr 29, 2010 (LBO) – Sri Lanka’s budget gap widened in January 2010 from a year earlier, with revenues rising modestly but unable to keep up with current spending, which accelerated almost three times faster, official data shows. The government raised 48.3 billion rupees in revenues in January up 5.2 percent from 2009, but still […]

Apr 28, 2010 (LBO) – Sri Lankan developer Overseas Realty (Ceylon), a unit of Singapore’s Shing Kwan group said it was starting an expansion of a property project amid a pick up in the property market. Overseas Realty owns the twin tower World Trade Centre building in Sri Lanka’s capital which houses the Colombo Stock […]

Apr 27, 2010 (LBO) – Loans from Sri Lanka’s commercial banks to the private business rose 16. 5 billion rupees in February in the biggest monthly gain seen since a credit contraction ended in September, official data shows. Credit to the private sector grew to 1,212. 3 billion rupees in February from 1,195.8 billion rupees […]

Apr 26, 2010 (LBO) – A crisis in Sri Lanka’s state-run ‘free’ education system funded by people’s taxes has worsened with 47 percent of students failing a key junior high school test leaving them stranded with no prospects, a report said. At Sri Lanka’s general certificate of education – ordinary level, equal to a junior […]

Apr 26, 2010 (LBO) – Sri Lanka’s public investments are on the rise as government builds new infrastructure for a post-war revival, laying the foundation for more private investment, Treasury secretary P B Jayasundera said. “Now we have around 25 percent of total investment. ” In 2009 the government invested the equivalent of 6.7 percent […]

April 24, 2010 (AFP) – Sri Lanka’s president will expand his new cabinet by five ministers but the government will still have far fewer members than the previous one, an official source said Saturday. President Mahinda Rajapakse, whose ruling United People’s Freedom Alliance took victory in this month’s parliamentary election, will bring in five more […]

Apr 24, 2010 (LBO) – A new ministry has been created with about 20 mostly loss making state enterprises, in a bid to make them more profitable and less of a burden on the people, officials said. Published data on state enterprises are not easily available. According to data in a report issued by the […]

Apr 22, 2010 (LBO) – The World Bank has opened its statistics spanning 50-years to and called upon the global community to use the data to help poor people in the developing world. “I believe it’s important to make the data and knowledge of the World Bank available to everyone,” a World Bank statement quoted […]

WASHINGTON, April 22, 2010 (AFP) – Delaying financial reform could put the global economic recovery at risk, a group of 24 developing nations warned on Thursday as they called for “vigorous” implementation of reforms. Visiting Wall Street — the epicenter of the global meltdown — Obama called on company bosses to help pass sweeping financial […]