Category: Economy and Markets
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 […]
Sri Lanka relaxes exchange controls, foreign investment in corporate debt
May 29, 2014 (LBO) – Sri Lanka has allowed foreign investors to buy debt securities of unlisted private companies also relaxed a series of exchange controls on letters of credit and education expenses. The liberalization will takes effect from May 28, the Central Banks said. The full statement from the Central Bank is reproduced below:- […]
Foreign direct investment in to Sri Lanka doubles to US442mn in 1Q
May 29, 2014 (LBO) – Foreign direct investments into Sri Lanka doubled from a year earlier to 442 million US dollars in the first quarter of 2014, investment promotion minister Lakshman Abeywardena said.This year Sri Lanka is expecting 1.5 billion US dollars Minister Abeywardena said. He said 36 percent of the investments came into tourism, […]
Sri Lanka long bond yields slightly up
May 28, 2014 (LBO) – Sri Lanka’s long bond yield rose slightly at an auction Tuesday according to data from the state debt office, through keeping broadly in line with secondary market rates. But a rise in Treasuries yields may indicate greater demand for private credit. Over the past year, Treasuries yields have fallen, mostly […]
‘s central bank does not want the rupee to appreciate quickly: Deputy Governor
May 28, 2014 (LBO) – Sri Lanka’s Central Bank did not want the rupee to appreciate quickly and had bought dollars heavily in the market to prevent an appreciation and help exporter profits, Deputy Governor, Ananda Silva said.Analysts say a flurry of dollar purchases in excess of inflows then pressure the exchange rate which may […]
Sri Lanka stocks close higher
May 28, 2014 (LBO) – Sri Lanka’s stocks closed in positive directions on Wednesday despite relatively low foreign participation on the bourse, brokers said. The Colombo benchmark All Share Price Index closed 5.32 points higher at 6,272.76 up 0.08 percent. The S&P SL20 closed 3.40 points higher at 3,450.65, up 0.10 percent. Turnover was 451.16 […]
Sri Lanka borrows US$275mn from ADB for roads, education
May 27, 2014 (LBO) – The Asian Development Bank said it would loan 175 million US dollars to build roads and boost the state university system to generate graduates that more employable.ADB will give 100 million US dollars for Sri Lanka government’s skills sector development program which plans to reduce a mismatch between the competencies […]
Sri Lanka stocks close down 0.4-pct
May 27, 2014 (LBO) – Sri Lanka’s stocks closed down 0.41 percent with telco stocks losing ground despite continued low foreign participation, brokers said. Bukit Darah closed 14.00 rupees lower at 636.00 rupees and Lion Brewery Ceylon closed 17.80 rupees lower at 432.10 rupees. Asian Hotels and Properties closed 1.90 rupees lower at 70.20 rupees […]