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Sri Lanka central bank relaxes forex controls
Aug 17, 2011 (LBO) – Sri Lanka’s central bank has relaxed some exchange controls allowing citizens and foreign residents to engage in a series of forex transactions without seeking permission from the state, improving economic freedoms. The Central Bank of Sri Lanka said the new moves would “enhance investor confidence, strengthen the foreign reserves in […]
‘s home town
HAMBANTOTA, August 17, 2011 (AFP) – When the 2004 Asian tsunami hit Sri Lanka, the sleepy fishing region of Hambantota was flattened and 3,000 people perished. Now it is riding a massive wave of construction. Hambantota, the home constituency of President Mahinda Rajapakse, is not only emerging as a commercial and logistics hub of Sri […]
Sri Lanka stocks soar 3-pct on margin rule
Aug 16, 2011 (LBO) – Sri Lanka stocks closed up 3. 1 percent with the regulator saying brokers could give margin facilities to clients, and the benchmark index moved above 7,000 points, in a five week high brokers said. Colombo’s benchmark All Share Price Index close up 3. 13 percent or 214.21 points at 7,050.74 […]
Financial Closure
Aug 16, 2011 (LBO) – China Development Banking Corporation will loan 350 million US dollars for a 500 million US dollar container terminal in Colombo to be built by a Sino-Lanka joint venture, state-run Sri Lanka Ports Authority said. The first 600 metres of quay will be completed by December 2013. The terminal will eventually […]
Financial Gain
Aug 16, 2011 (LBO) – Sri Lanka’s LOLC group, which has interests in finance, trading, plantations, energy and leisure said profits for the June 2011 quarter rose 138 percent to 1.75 billion rupees from a year earlier, helped by a capital gain. The firm reported earnings of 3.63 for the quarter. The stock closed at […]
India July inflation eases to 9.22 percent
NEW DELHI, August 16, 2011 (AFP) – India’s annual inflation edged lower to 9. 22 percent in July, official data showed Tuesday, still far above the comfort level of the country’s central bank, which has been raising rates aggressively. Growing fears about the stuttering global economy have fuelled speculation among economists that the bank may […]
Concern over loss of treasured freedoms, big brother state, in US
CHICAGO, August 16, 2011 (AFP) – Sweeping new policing powers, the tacit acceptance of torture and a backlash against Muslims that has grown fiercer 10 years after the September 11 attacks have made the United States a less free and open society. The erosion of fundamental American values along with massive — and what some […]
Sri Lanka cement supplies disrupted amid price controls
Aug 16, 2011 (LBO) – Sri Lanka’s cement supplies remain disrupted amid price controls and posturing by rulers and the co-operative sector involved in another controversy, in a repetition of a similar debacle in the poultry sector. The Daily Mirror newspaper said Monday three cement firms have written to Sri Lanka’s consumer affairs agency which […]
Sri Lanka sells 400mn dollars in July to keep peg
July 15, 2011 (LBO) – Sri Lanka’s central bank has sold 416. 9 million US dollars in July to maintain a peg with the US dollar amid high credit growth that is drawing down excess rupee reserves in banks, official data showed. High credit growth in the banking system is has rapidly exhausted excess rupee […]
Sri Lanka stocks flat amid estate, poultry sell-off
Aug 15, 2011 (LBO) – Sri Lankan stocks closed flat on Monday a sell-off of plantations and poultry firms which have reported weak earnings, though some index heavy stocks gained, brokers said. Colombo’s benchmark All Share Price Index close up 0.05 percent or 3.47points at 6,836.53 while the Milanka Index of liquid stocks closed up […]