Category: Economy and Markets
Canada intercept boat with 76 migrants believed from Sri Lanka
VANCOUVER, October 18, 2009 (AFP) – A ship suspected of carrying 76 illegal migrants was intercepted in the Pacific Ocean off Canada’s west coast, police said Saturday.Authorities including military, police and border agents “identified and secured a vessel displaying the name ‘Ocean Lady’ that was approaching the coast of British Columbia” province, said a statement […]
Sri Lanka pressed by US on IP protection, GM food
Oct 17, 2009 (LBO) – The United States has asked Sri Lanka, ranked high for software piracy in Asia, to better enforce intellectual property rights and also lift restrictions on American imports like genetically modified food.Sri Lanka’s Director-General of Commerce Gomi Senadheera acknowledged the US concerns on IP rights and said the government was trying […]
Sri Lanka to present 4-month budget in November
Oct 16, 2009 (LBO) – A four-month mini budget is expected to be presented to parliament in November seeking approval for Sri Lanka’s government to spend 362 billion rupees collected from the people through taxes or borrowed. Sri Lanka has a bloated public sector that does not pay income tax on their salaries and more […]
Sri Lanka post-war re-construction draws US firms
Oct 16, 2009 (LBO) – American companies are keen to invest in Sri Lanka with the end of the ethnic war to help rebuild the economy and contribute to national reconciliation, government officials from both countries said.Export Development and International Trade Minister Gamini Lakshman Peiris said some of America’s biggest companies had sent representatives to […]
Sri Lanka may get US$700mn FDI in 2009: official
Oct 16, 2009 (LBO) – Sri Lanka is in line to receive 600 to 700 million US dollars in foreign direct investment in 2009 and fresh applications are pouring in after the end of a 30-year civil war, officials said. “We have had discussions with the World Bank officials to see how we can score […]
Sri Lankan shares close flat, foreign inflows top Rs1.0bn
Oct 17, 2009 (LBO) – Sri Lankan share closed down Friday as the market was taking a slow technical correction, while net foreign inflows had topped one billion rupees, brokers said. The All Share Price Index closed down 0.10 percent (3.22 points) to end at 3,131.91, while the Milanka Index of more liquid stocks gained […]
Sri Lanka raises US$500mn for 7.4-pct
Oct 16, 2009 (LBO) – Sri Lanka has raised 500 million US dollars through a 5-year sovereign bond at a coupon interest rate of 7.4 percent, lower than an offering made two years ago, a media report said. There has been strong interest for the Sri Lanka bond running into billions of dollars, an international […]
Sri Lanka bond gets US$6.8bn bids from 269 investors
Oct, 16, 2009 (LBO) – A 500 million US dollar sovereign bond by Sri Lanka has drawn 6.8 billion US dollars in bids from 269 buyers pushing yields lower than expected on strong country prospects and high demand. Fund managers got 78 percent of the bonds, banks 8 percent, retail 7 percent, 4 percent to […]
Sri Lanka sovereign bond may yield 7.75-pct: report
Oct 15, 2009 (LBO) – A 500 million US dollar denominated bond maturing in 2015 now being sold by Sri Lanka may yield about 7.75 percent a year, lower than Sri Lanka’s first sovereign bond issued in 2007, a media report said. Foreign reserves have topped 4.4 billion US dollars from a low of around […]
Sri Lanka leader takes aim at international lenders
October 15, 2009 (AFP) – Sri Lanka’s president on Thursday accused international financial institutions of placing too heavy a burden on developing nations by demanding they slash subsidies in exchange for help. President Mahinda Rajapakse told a meeting of the 31-member Asian Cooperation Dialogue in Colombo that elimination of poverty in developing nations “should not […]
””: S&P
Oct 15, 2009 (LBO) – Standard & Poor’s has lifted the outlook on Sri Lanka’s ‘B’ sovereign rating to ‘positive’ from ‘stable’ expecting that a program with the International Monetary Fund would be completed, the rating agency said. “The swift recovery in Sri Lanka’s foreign currency reserves is propelled by both fundamental and market factors,” […]
Dollar weakens, gold, oil, Euro soars
NEW YORK, October 13, 2009 (AFP) – The dollar faced more headwinds Tuesday and the euro leapt to a new 2009 high on the greenback, as rising economic confidence whetted investors’ appetite for the riskier assets. The euro earlier in the day fell as low as 1.4762 dollars after publication of Germany’s ZEW survey which […]