Category:
Sri Lanka rupee dips below 120.0 to the dollar
April 23, 2009 (LBO) – The Sri Lanka rupee weakened below the psychological 120.00 level against the US dollar in spot trade to 120.80 before recovering, as the local currency continued float freely, dealers said. The rupee fall come amidst a collapse in import volumes and an unprecedented contraction in the trade deficit. The rupee […]
Sri Lanka converts state dollar loans to bonds
April 23, 2009 (LBO) – Sri Lanka has converted hundreds of millions of dollar denominated loans from state banks in a move that will improve the transparency of government debt and make them marketable, an official said. The bonds could now be offered to any investor when they are rolled over increasing access and state […]
Sri Lankan stocks gain on bullish sentiment
April 23, 2009 (LBO) – Sri Lanka stocks rose across the board Thursday on mostly retail buying, with the main index up 1.82 percent, spurred by rate cuts but the rupee weakened below 120 against the dollar in the spot markets, dealers said. The rupee weakened to be quoted as low as 120.65/90 before recovering […]
Maritime Draw
April 23, 2009 (LBO) – Sri Lanka’s ship registry, which governments have long promoted with little success, will get six brand new vessels belonging to a group with German interests with close links to the island, starting this year. Two of the ships, multi-purpose vessels being built by a Dutch yard, are owned by Mercantile […]
Sri Lanka Trans Asia hotel to be re-branded
April 23, 2009 (LBO) – Sri Lanka’s Trans Asia hotel, part of the John Keells group, will be closed for repairs after being damaged in a Tamil Tiger air raid and be reopened under a new name.The company said in a stock exchange filing that the hotel in Colombo will be closed for three and […]
Sri Lanka tea prices perk up as rupee weakens
April 23, 2009 (LBO) – Sri Lankan tea prices rose sharply at this week’s auctions, propelled by the weakening of the rupee against the dollar and lower quantities, brokers said. They said prices of low grow teas, which make up the bulk of the crop, gained substantially although those from the higher elevations fell because […]
UN chief orders humanitarian team to Sri Lanka
BRUSSELS, April 23, 2009 (AFP) – UN Secretary General Ban Ki-moon ordered Thursday the immediate despatch of a humanitarian team to northern Sri Lanka, where thousands of civilians are trapped by fighting between troops and rebels.“I intend to immediately despatch a UN humanitiarian team to the no-fire zone,” he told reporters in Brussels, after a […]
Sri Lanka Tigers resisting despite calls to surrender: military
April 23, 2009 (AFP) – Tamil Tiger rebels encircled in a tiny strip of land by Sri Lankan government troops are continuing to put up stiff resistance despite calls for their surrender, the military said Thursday. The army said the guerrillas controlled just 10-12 square kilometres (around four square miles) of territory on the northeast […]
UN tells Tamil Tigers to surrender
UNITED NATIONS, April 22, 2009 (AFP) – Tamil Tiger rebels in Sri Lanka must surrender and allow civilians trapped in the battle zone to leave, the UN Security Council president said Wednesday.“We demand that the LTTE immediately lay down arms, renounce terrorism, allow a UN-assisted evacuation of the remaining civilians in the conflict area, and […]
Sri Lanka Amana Takaful cuts losses, sees scope in medical insurance
April 23, 2009 (LBO) – Sri Lanka’s Amana Takaful Insurance said it made a premium income of over a billion rupees in 2008, helping to reduce losses, and that it expects medical insurance to grow this year.Gross Written Premium grew by 26.56 percent to 1,024 million rupees with life insurance growing by 44 percent to […]
Sri Lanka Treasury bill yields fall after rate cut
April 22, 2009 (LBO) – Yields at the weekly Treasury bill auction plunged across the board with the 12-month yield falling 100 basis points to 15.40 percent, the government’s debt office said, after a 175 basis point rate cut earlier in the day.The 6-month yield fell 98 basis points to 14.90 percent and the 3-month […]
Sri Lanka rupee looks for direction, amid rate cut
April 22, 2009 (LBO) – The Sri Lanka rupee edged lower but recovered before hitting a psychological 120.00 level against the greenback, Wednesday with some exporters taking profits, dealers said.The rupee opened wide at 118.75/119.25 a day after the central bank talked up the rupee, weakening towards 119.65/120.00 and recovering to 119.00/119.10 levels later in […]