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Warning Bells
The Securities watchdog on Wednesday threatened legal action against members firms who promote pyramid schemes as potential investments.The watchdog says it does not sanction or approve promotion of investments/participation in pyramid schemes or schemes of similar nature, by any firm or person licensed, registered or regulated by the Securities & Exchange Commission (SEC).rn rnldblquote The […]
Sooner The Better
The Central Bank says sooner the oil price adjustment is made the better for the Sri Lankan economy, which has become increasingly open in recent years. Though there were signs that the immediate highs were easing, all indications pointed towards generally high crude prices for the foreseeable future.rn rn”Whatever the market, whenever the market prices […]
Murky Waters
With only a month and a half to go for an agreement by end July, the world multilateral trading system is facing an uncertain future if countries cannot settle their differences soon.The 148 member countries of the World Trade Organisation (WTO) have still not arrived at agreements on the highly sensitive trade of agricultural products […]
Alls Well
The overnight repurchase rate (repo rate) was kept at 7.0 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in a statement following its monthly Monetary Policy Meeting late Tuesday. rn rnSecondary market bond rates have been jittery in the last few weeks after the President Chandrika Kumaratungas government opted […]
Community Support
ADB will help restore basic social infrastructure and community services in conflict-affected northern and eastern regions of Sri Lanka, through a US$10 million loan approved Tuesday. rnIn support of existing rehabilitation and relief efforts under ADBs North East Community Restoration Development (NECORD) project, this extension project will address basic needs in health, education, agriculture, community, […]
Pyramid Warning
The Central Bank on Thursday warned public against gambling on get-rich- quick referral schemes that promise unusually high returns. The Central Bank on Thursday warned public against gambling on get-rich- quick referral schemes that promise unusually high returns. Responding questions at a media conference regarding Central Bank’s stance on the proliferation of get-rich-quick schemes in […]
Make Up Please!
Twelve State entities handpicked for a commercial makeover, will be set targets to clean up their act and look for private investment, a top government official said Tuesday.Mano Tittawella, Senior Presidential Advisor said ailing state enterprises, which includes utilities, ports, airports and banks, will have to get a credit rating and be responsible for their […]
Country Gardens
The city of Nuwara Eliya is trying to clean up its trading activity to bring back its scenic beauty but the change of government put plans on hold.Nuwara Eliya endash also known as little England because of its climate difference from the rest of the country – is one of Sri Lankas main tourist hot […]
Debt Call
The governments US$ 100 mn bond issue opens on Tuesday, to raise funds to bridge the budget deficit.The Sri Lanka Development Bond issue will carry a minimum two-year tenure and will be linked to the six months London Interbank offered rate or LIBOR.rn rnInterest rates will be paid semi-annually, with minimum investment of US$ 100,000 […]
Tourism Spin
Spin wizard Murali is spinning more than the ball for Sri Lanka, turning more Austrailian tourists here to watch him turn it on local wickets, says the Tourist Board.Visitors to the island from down under went up to 1089 in May up from 720 the year before.Up to May 6,843 Australians have visited, up 23.5 […]