Category: Economy and Markets
Public Poll
A proposal to have a referendum to test the pulse of the people on the ongoing peace process has got the governments attention.Civic groups have approached the government to table a lquote Peace Bill, which spells out details of the ongoing peace initiatives before legislators.rn rnBut the government is keen to get a feedback on […]
DEX Brokers
The Colombo Stock Exchange on Wednesday sent out calls to admit trading members to trade on its new debt trading system, the DEX.Trading members are second tier brokers, with access limited to dealing in corporate debt and government securities.rn rnProspective members need a minimum Rs. 25 mn capital and the capacity to develop clientele for […]
Labour Export
Asian countries producing the world migrant worker population will lobby for free labour migration at future trade negotiations with developed economies.rnThe move was proposed by the Indian deligation at the Labour Migration Ministerial Consultations for Countries of Origin in Asia held in Colombo on April 1 and 2.rn rnTen regional delegations agreed to back the […]
Danish Love
The government on Monday signed up for US$ 60 mn worth of aid from the Kingdom of Denmark to finance key development projects.Around 35 percent of the aid comes as grant money, while the rest is interest free with a 10-year repayment period after commissioning the project, Finance Minister K N Choksy told a news […]
Builders Inc.
The Urban Development Authority on Monday rolled out its ambitious plans to build low income housing in densely populated Colombo. Ten locations have been earmarked for development of 500sq feet to 1000sq feet apartments. rn rnFunding for the projects have not been finalised, but indications are that the UDA will tap the local market – […]
Golden Handshake
The government is seeking World Bank funding to reduce the public sector cadre by offering them a voluntary retirement package.The government is planning to reduce the number of public servants by around 25 percent over the next few years.rn rnThe talks with the World Bank are aimed at looking for funding for the proposal to […]
Wider Gap
rnrnrnrnrnrnNew Page 1rnrnrnrnrn Trade deficit expanded to US$ 150 mn in Januaryrnfrom US$ 131 mn in the same period 2002, largely due to higher import costs, thernCentral Bank said on Tuesday.rn ldblquote Export growth was supported by a strongrnperformance of industrial exports, mainly machinery, mechanical and electricalrnequipment, and textiles and garments, dblquote the bank said.rn […]
Yen Deposits
Sri Lanka on Tuesday signed up for Rs. 26.1 bn in long-term funds from the Japanese government to develop key sectors in the economy.The loan carries a 2.2 percent interest rate payable over a 30-year period, inclusive of a ten-year grace period, Finance Minister K N Choksy told journalists.rn rnJapanese Ambassador Seiichiro Otsuka says the […]
Bigger Cushion
Primary Dealers in government debt were asked to raise their capital this month as the Central bank tried to strengthen the dealer network.The new regulations for dealers in the primary market for debt came in to effect at the beginning of the month.Primary dealers now have a minimum of Rs. 150 mn in Tier I […]
Big Catch
The Ministry of Fisheries is pushing for new infrastructure to harbour foreign vessels fishing in international waters off Sri Lanka. Thernproposal along with a number of other projects is part of a ten year plan setrnout by the Ministry to tap the potential of the industry in its 2002 NationalrnFisheries Policy, Development Plan and Progress […]
Home Loans
The Urban Development Authority (UDA) is drawing plans to raise money from the local financial market for a mega housing project in the Colombo area. The total cost of the 1,200 house project has not been finalised, but officials estimate each house to cost Rs.1.2 million including the land. rn rnUDA lands in and around […]
A/L Revision
Lessons from Tharuna Aruna scheme for the unemployed graduates will help structure a new project aimed at the G.C.E. Advanced level qualified labour population.The Asian Development Bank (ADB) has agreed to a US $ 10 million allocation for the project, Minister of Employment and labour, Mahinda Samarashighe said on Tuesday.rn rnSamarashghe said the project was […]