Author: lbostgadmin
Sri Lankan stocks close down 0.23-pct
July 01, 2010 (LBO) – Sri Lankan stocks closed down Thursday as investors took a wait-and-see approach on high value shares that in recent weeks had significantly moved up in price, while retail investors were seen chasing after ‘penny’ stocks, broker said. The All Share Price Index closed at 4,601. 63, down 0.23 percent (10.83 […]
Sri Lanka to appoint rating advisor: report
July 01, 2010 (LBO) – Sri Lanka will appoint an international investment bank as a ‘rating advisor’ next month ahead of a US dollar denominated sovereign bond to be sold later in the year, a media report said. Bloomberg newswires said the size of the bond issue has not yet been decided but earlier reports […]
IMF lifts Sri Lanka foreign borrowing ceiling
June 30, 2010 (LBO) – The International Monetary Fund has lifted a ceiling on foreign commercial borrowing placed on Sri Lanka in 2009, in a new deal agreed with the government this month. Earlier this month, a part of a maturing 2-year dollar bond tranche was extended to 3-years. Meanwhile the budget presented to parliament […]
‘s deficit plan could face risks: finance ministry
June 30, 2010 (LBO) – An expansion of the public service, losses in state enterprises, high oil price and lower than expected global growth could put a government deficit reduction plan at risk, a finance ministry report said. Sri Lanka is planning an 8.0 percent of gross domestic product budget deficit for 2010 down from […]
Sri Lanka inflation slows to 4.8-pct in June
June 30, 2010 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 4.8 percent in June 2010 from a year earlier, down from 5. 3 percent in May, the fourth straight monthly fall, the government statistics office said. In the month of June the Colombo consumer price index rose 0. 8 percent in absolute […]
Sri Lanka private sector wants in on reforms
June 30, 2010 (LBO) – The Ceylon Chamber of Commerce said the Sri Lankan government should involve the private sector when implementing its latest budget proposals which include reforms in taxation, education and administration. The chamber said it was confident that once the proposals are implemented and consistency prevails, it will boost investor confidence and […]
Sri Lanka lures Indian houseboat tourism firm
June 30, 2010 (LBO) – An Indian company has been given approval by Sri Lanka’s investment promotion agency to launch houseboat tourism services in a lake in the central hills, a statement said. The Board of Investment said SAJ House Boat Builders & Operators signed a deal to provide houseboat services in Nuwara Eliya with […]
Sri Lankan stocks becalmed
June 30, 2010 (LBO) – Sri Lankan shares closed flat Wednesday as investors took profits from high value stocks, especially banks and re-invested in midcap shares, while a state fund bought into Colombo Dockyard boosting turnover by 50 percent, brokers said. Index heavy Distilleries Company of Sri Lanka, an alcohol manufacturer, closed at 129. 25 […]
Sri Lanka IMF deal extended, US$400mn released
June 29, 2010 (LBO) – The International Monetary Fund has released 407.8 million US dollars to Sri Lanka held back after last year’s budget went off the rails, and extended the deal by a year on the promise of more responsible fiscal management this year. The IMF held back the disbursement of a third tranche […]
Sri Lanka plans 8.0-pct deficit budget for 2010
June 29, 2010 (LBO) – Sri Lanka is planning a budget with a deficit of 8.0 of gross domestic product or 438.3 billion rupees in 2010 compared with 9.9 percent or 476.3 billion rupees in 2009 while there would be a revenue deficit of 2.0 percent or 110.5 billion rupees. The government was planning to […]
Sri Lanka to reform taxes, phase out unequal incentives
June 29, 2010 (LBO) – Sri Lanka has a complex tax structure which is discouraging savings and the government is expecting a comprehensive tax reform plan in August, deputy finance minister Sarath Amunugama said. An interim report from a presidential tax commission has recommended a simplified tax structure which is more equitable and is being […]
Sri Lanka restrains state wages, presents policy budget
June 29, 2010 (LBO) – Sri Lanka presented a broad policy budget outlining a commitment to cut deficits over the medium term, bring down interest rates and inflation and also held a state salary hike until next year. Though the gap is high, it is lower than the 9. 9 percent (10.4 percent with grants) […]