After the end of a thirty year old war last year, Sri Lanka’s sovereign bonds have out performed bonds from Brazil, Russia, India and China (BRIC) in international capital markets according to a survey carried out by JP Morgan Chase and Co, which augurs well for US$ 1 billion sovereign bond issue later this year, a report by Bloomberg newswire service said. "Sri Lankan debt has returned 39 percent since May 18, 2009, when the government defeated Tamil Tiger rebels, according to JPMorgan Chase & Co.’s EMBI Global Index.
Economics
Sri Lanka bonds better than BRIC’s
After the end of a thirty year old war last year, Sri Lanka’s sovereign bonds have out performed bonds from Brazil, Russia, India and China (BRIC) in international capital markets according to a survey carried out by JP Morgan Chase and Co, which augurs well for US$ 1 billion sovereign bond issue later this year, a report by Bloomberg newswire service said. "Sri Lankan debt has returned 39 percent since May 18, 2009, when the government defeated Tamil Tiger rebels, according to JPMorgan Chase & Co.’s EMBI Global Index.
Sri Lanka trade deficit surges amid economic recovery
Sri Lanka's exports grew 13.7 percent to 3.6 billion US dollars in the first half of 2010, and imports expanded 42.1 percent amid an economic recovery, expanding the trade deficit by 108 percent to 2.8 billion US dollars, official data show. In the month of June exports grew 23.4 percent to 697.4 million US dollars, with tea exports up 15.4 percent to 120 million US dollars amid better prices. The average export price of tea was 4.3 US dollar a kilogram, up 11 percent from a year earlier the Central Bank said. Industrial exports were up 24.7 percent to 523.4 million US dollars. Garment and apparel exports grew 23.8 percent to 304 million US dollars.
Fruit, Vegetable Exports see marked Increase
Vegetable and fruit exports have recorded an eight percent growth compared to last year during the first five months in this year. National Chamber of Exporters of Sri Lanka (NCE) president Sarath de Silva said Lanka’s vegetable and fruit industry has been earning Rs 3,000 million annually. The National Chamber of Exporters targets a revenue of Rs 10 billion by 2020. In 2010, there is eight percent growth in vegetable and fruit industry when compared to last year. Sri Lanka has been exporting vegetables and fruits for nearly 20 years. All these exports in vegetables and fruits have to be branded to gain more economic advantages and branding is considered as the main marketing plan of the Chamber.
Stocks Close 0.25% up
Stocks closed higher Tuesday as price gains on selected midcap and small value shares pushed the market up on low volume trading, while penny stocks continued to be heavily traded, brokers said. The All Share Price Index closed at 4,670.32, up 11.64 points, while the Milanka index of more liquid stocks rose 0.11 percent (5.89 points) to close at 5,345.65. Turnover was 455 million rupees, according to stock exchange provisional figures. Penny stocks continued to be heavily traded, brokers said.
BOI invites expats to invest in North and the East
The Board of Investment (BOI) has extended an invitation to the Sri Lankan expatriate groups to invest in the development of the country and in particular the North and the East. Speaking to Sunday Observer the new Chairman/Director General, BOI, Jayampathi Bandaranayake, said that in today's global context, there are Sri Lankan nationals who have taken up citizenship in many countries around the world, and a substantial number of them are with emotional ties with the North and the East of this country and we request them to come and invest in their motherland".
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