Category: Economy and Markets
”: legislator
Mar 25, 2014 (LBO) – The lack of audited accounts since 2011 for Sri Lanka’s Employees Provident Fund since 2011 is a “national tragedy” which “trampling of the rights of people,” a legislator has charged. Harsha de Silva an opposition United National Party legislator has been pressing for the accounts for the fund, the country’s […]
Sri Lanka private credit shrinks in January 2014
Mar 24, 2014 (LBO) – Sri Lanka’s commercial bank credit to business contracted 42.1 billion rupees in January 2014 to 1,369.7 billion rupees from a month earlier, while central bank credit to the state rose, official data show. The central bank said the contraction in January came from a reduction in gold-backed loans and repayments […]
Sri Lanka has to radically reform public service to combat corruption: legislator
Mar 24, 2014 (LBO) – Sri Lanka needs ‘broad based radical reform’ of the public service to combat corruption and end a process where competitive tendering for state projects has become an exception, a legislator said. Some analysts however say corruption cannot be tackled or rule of law upheld without re-building Sri Lanka’s broken public […]
Sri Lanka stocks close down 0.2-pct
Mar 24, 2014 (LBO) – Sri Lanka’s stocks close 0.26 percent lower with tobacco stocks losing ground amid thin foreign involvement, brokers said. Central Finance Company closed 8.80 rupees lower at 180.20 rupees and Ceylinco Insurance closed 109.80 rupees higher at 1,499.80 rupees. DFCC Bank closed 3.70 rupees higher at 144.90 rupees and NDB closed […]
‘s Ceylon Chamber marks 175 years
Mar 24, 2014 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said it was seeking to build a society that thrives on merit and enterprise as it marks 175 years. In 1883 tea auctions had begun in Colombo and in 1898 the Chamber had provided space. The auctions are conducted by the Ceylon Chamber of […]
Sri Lanka policy rates steady; inflation, credit growth benign
Mar 21, 2014 (LBO) – Sri Lanka is holding a policy rate corridor at 6.5 to 8.0 percent, the Central Bank said amid benign credit growth and inflation.In 2011 a drought which reduced hydro power generated was accommodated by the banking credit which eventually saw the rupee falling to 130 from 100 to the US […]
Sri Lanka stocks close up 0.4-pct
Mar 21, 2014 (LBO) – Sri Lanka’s stocks close 0.39 percent higher partly reversing previous losses with diversified and beverage stocks gaining amid thin foreign participation, brokers said. The Colombo benchmark All Share Price Index closed 23.31 points higher at 5,937.87 up 0.39 percent. The S&P SL20 closed 14.11 points higher at 3,246.02, up 0.44 […]
”’ by RAM
Mar 20, 2014 (LBO) – Sri Lanka’s Softlogic Retail (Pvt) Ltd, a consumer durables and apparel retailer has been given a ‘BBB-‘ domestic rating by RAM Ratings Lanka. ” The ratings are upheld by the Company’s strong competitive position backed by its diversified target markets and a retail branding strategy which caters to the various […]
Fed Chair Yellen keeps printing money at a lower rate
WASHINGTON, March 19, 2014 (AFP) – New Federal Reserve chief Janet Yellen kept the central bank firmly on the path set by predecessor Ben Bernanke Wednesday, shrugging off recent economic weakness as largely weather-caused. The Fed slightly cut its forecast for economic growth, trimming the high end of the ranges by 0.2 percentage point to […]
Sri Lanka releases details on foreign reserves, gold holdings
Mar 20, 2014 (LBO) – Sri Lanka has released a breakdown of foreign assets and gold holdings in official forex reserves for November 2013 as well as liabilities involving swaps and other payments.Foreign currency liabilities involving forex swaps and official loans due for repayment were also given on the liabilities side. For the next year […]
Sri Lanka shares close flat
Mar 20, 2014 (LBO) – Sri Lanka’s shares close slightly higher amid thin price increases in the index heavy stocks, brokers said. Ceylon Cold Stores closed 5.70 rupees lower at 141.00 rupees and Nestle Lanka closed 2.90 rupees higher at 1,953.10 rupees. Ceylon Tobacco Company closed 10 cents lower at 1,099.90 rupees and John Keells […]
Sri Lanka Treasuries edge lower
Mar 19, 2014 (LBO) – Sri Lanka’s Treasuries yield edged lower at Wednesday’s auction with the 3-month yield down 03 basis points to 6.66 percent, data from the state debt office showed. The 6-month yield fell 02 basis points to 6.83 percent and the 12-month yield fell 01 basis point to 7.05 basis points. The […]