Category: Economy and Markets
Carbon Riches
rnThe World Bank recently launched a US$ 100mn Community Development Carbon Fund (CDCF) to take the benefits of carbon commerce down to the grassroots. rn rnThe Fund, launched last week, will provide carbon financing for small-scale projects in rural areas of all developing countries, the World Bank said in a release.rn rnRenewable energy, energy efficiency, […]
Going Fishing
The Asian Development Bank (ADB) Monday committed US$ 20 million for the project implemented through the Ministry of Fisheries and Ocean Resources and the National Aquaculture Development Authority.rn rnThe project aims improve food security and reduce poverty by developing model aquaculture and fish processing enterprises that would help increase inland fisheries and aquaculture production. rn […]
Mega Zones Coming
The Industries Ministry says that roads dedicated for factories and associated infrastructure like housing and recreation would be set up all over the island.rn rnThe first of these roads will be developed in line with a mega industrial exhibition in the Southern Province next year.rn rnldblquote They can have their swimming pools residential accommodation for […]
Dollar Hunt
Leading global investment banks have shown interest in raising 350 million dollars for the government in the international financial markets.The Central Bank, which requested for proposals form potential lead arrangers, said that nine parties had responded by Friday evening.rn rnThe proposals will go before an evaluation committee, which is expected to announce a shortlist within […]
Raising Dollars
Around ten parties answered Central Banks call to raise up to US$ 350 million in medium term funds in the overseas market.rnrnCentral Bank officials say they would start the fund raising exercise in October after referring the proposals to a leading local financial institution. rn rnThe issue will carry a minimum tenure of five years […]
Street Wise
The project, spearheaded by the Industries Ministry, has already begun in Nikaweratiya, with a 12-mile stretch being developed with Rs.150 mn in private sector funds.rn rnldblquote These will be dedicated industrial roads for future industrial development. The duty of investors will have their individual compounds developed in line with future needs, such as housing units […]
Over And Above
Sri Lankas largest private bank, Hatton National Bank (HNB), said its debenture was oversubscribed by a little over Rs. 1 bn when the issue opened Tuesday.“We saw a strong demand from our retail customers for the shorter maturities of five and seven years.But the demand for the longer end 10 years came from institutional investors,” […]
Peace dividends
ldblquote We expect a resurgence of economic activity in consequence to the commencement of these talks, dblquote Prof.G. L. Pieris said in a media briefing last week. rnldblquote Soon after the talks the Prime Minister will preside over a high profile investor forum meeting in New York. The Secretary General of the UN Mr.Kofi Annan […]
NICe Deal
Janashakthi Chairman Chandra Schaffter said the acquisition was funded through a bank loan from Commercial Bank.rn rnJanashakthi earlier, picked up a 51 percent of NIC for Rs. 450 mn. Janashakthi has also picked up the 10 percent stake gifted to NIC quote s employees.rn rnSchaffter says the balance acquisition paves the way for the formal […]
Debt Call
The Central Bank on Friday sought proposals from reputed international investment banks to raise dollar funds.The government is looking at raising up to US$ 350 mn via long term funds. The issue will carry a minimum tenure of five years and will form part of the governments borrowing programme. rnrnBanks have been asked to submit […]
Apparel Woes
Exports fell to US$ 336 mn in June from US$ 437 mn a year earlier.Imports on the other hand slipped 9 percent to US$ 465 mn during the period, mainly due to lower imports of food and beverages, investments and defence equipment. rnThe overall result, pushed the trade deficit up by 11 percent to US$ […]
Price Hiccups
Though GST was charged at 12.5 per cent and NSL at a nominal rate of 6.5 per cent the effective rate was around 21 per cent. rnrnUnder VAT the highest rate is only 20 per cent. rnrnThe finance minister is calling on the business community not to raise prices without cause. rnrnldblquote You should consider […]