Category: Economy and Markets
Sri Lanka sees weak demand for poultry in 2013, feed costs high
June 03, 2014 (LBO) – Sri Lanka has seen weak demand for chicken in 2013 a top poultry firm while costs were elevated, a poultry firm said, as the country emerged from a balance of payments crisis and steep currency depreciation. However the price of eggs had now risen from 11 rupees to 15 rupees […]
Japan boosts Sri Lanka public sector capacity
June 03, 2014 (LBO) – Sri Lanka’s public sector officials had been given a grant of 215 million yen (245 million rupees) in scholarships to follow Masters’ programs in Japan, the finance ministry said.The Japanese Grant Aid for Human Resources Development Scholarship Programme (JDS) was started in 2010 is aimed at building capacity in executive […]
Sri Lanka stocks close down 0.1-pct
June 03, 2014 (LBO) – Sri Lanka’s stocks closed down 0.10 percent on Tuesday amid low foreign participation, brokers said. The Colombo benchmark All Share Price Index closed 6.39 points lower at 6,286.02 down 0.10 percent. The S&P SL20 closed 0.56 points higher at 3,470.75, up 0.02 percent. Turnover was 405.22 million rupees, down from […]
Sri Lanka stocks close up 0.5-pct
June 02, 2014 (LBO) – Sri Lanka’s stocks closed up 0.46 percent on Monday with diversified conglomerate Carson Cumberbatch gaining amid strong foreign buying, brokers said. Lion Brewery Ceylon closed 14.00 rupees higher at 445.00 rupees and John Keells Holdings closed 1.00 rupee higher at 235.00 rupees. JKH’s W0022 warrants closed 1.60 rupees higher at […]
Sri Lanka foreign remittances to peak in 2017: CB Governor
June 02, 2014 (LBO) – Sri Lanka’s foreign remittances is expected to peak in 2017 with those seeking employment abroad beginning to decrease, Central Bank Governor Nivard Cabraal has said. “We believe that in time to come there will be a reverse migration that will take place in our country,” Cabraal was quoted in transcript […]
Distilleries Company of Sri Lanka sees revenue pick up
May 31, 2014 (LBO) – Distilleries Company of Sri Lanka, the island’s largest alcohol maker which was hit by tax hikes and incomes decimated from currency depreciation, reported a small increase in gross revenues in the March 2014 quarter. DCSL said revenues with taxes rose 1.8 percent to 12.9 billion rupees in the March 2014 […]
Sri Lanka stocks close down 0.6-pct
May 30, 2014 (LBO) – Sri Lanka’s stocks closed down 0.64 percent on Friday with diversified, food and tobacco stocks losing ground despite net foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 40.31 points lower at 6,263.46 down 0.64 percent. The S&P SL20 closed 32.08 points lower at 3,454.61, down 0.92 […]
Sri Lanka seeks JVs with foreign investors to cater to domestic market
May 30, 2014 (LBO) – Sri Lanka wants foreign investors to set up joint ventures where the output will be allowed to be sold to the domestic market, investment promotion minister Lakshman Abeywardena said, amid fears of new protectionism.When import duty protected industries expand, the state also loses tax revenues as taxes that would have […]
Sri Lanka economic outlook positive; should watch external shocks, drought: IMF
May 30, 2014 (LBO) – The outlook for Sri Lanka’s economy was positive with low inflation and stronger growth driven by exports, but the country should watch out for a slowdown in developed nations and a domestic drought, an International Monetary Fund official said.Todd Schneider, who headed mission for annual ‘Article IV’ consultations, said recent […]
‘s inflation at 3.2-pct in May 2014
May 30, 2014 (LBO) – Sri Lanka’s consumer prices rose 3.2 percent in the year to May 2014, slowing from 4.9 percent in April, though prices rose 0.6 percent during the month, data from the state statistics office showed. As credit is weak the exchange is facing appreciation pressure, but the Central Bank has kept […]
Sri Lanka stocks close up 0.5-pct
May 29, 2014 (LBO) – Sri Lanka’s stocks closed up 0.5 percent on Thursday with strong foreign participation amid eased foreign exchange controls, brokers said. Lion Brewery Ceylon closed 16.90 rupees higher at 449.00 rupees and Ceylon Tobacco Company closed flat at 1,065.00 rupees. Commercial Bank closed 3.60 rupees higher at 129.60 rupees and DFCC […]
Sri Lanka private consumption explains gap between GDP and reality: economist
May 29, 2014 (LBO) – Sri Lankan firms are experiencing a downturn, despite apparently high gross domestic product growth last year due to weak domestic consumption growth, an economist said.Amal Sanderatne, head of Frontier Research, an economics consultancy said their clients are asking why demand is weak when Sri Lanka registered the second highest economic […]