Category: Economy and Markets
Argentina downgraded amid money printing, currency depreciation, inflation
WASHINGTON, March 17, 2014 (AFP) – Moody’s lowered its credit rating for Argentina by one step Monday, citing a sharp fall in the country’s reserves and inconsistent economic policies.The fresh blow to the country came as Buenos Aires reported that prices rose 3.4 percent in February over January, taking the annual inflation pace to more […]
Sri Lanka lubricant market stagnant in 2013: Chevron
Mar 18, 2014 (LBO) – Sri Lanka’s lubricant market is estimated to have stagnated or contracted further in 2013, on top of a decline in 2012, Chevron’s unit in the island said while cautioning against state attempts to expand trade freedoms of the people. Anti-Competitive The firm spoke out against state moves to relax a […]
Sri Lanka US$10mn warehouse by Glowbal Outlet Stores
Mar 17, 2014 (LBO – A 10 million US dollar warehouse and logistics centre will be set up in Sri Lanka by Glowbal Outlet Stores, a firm founded by Canadians of Lebanese origin, the state investment promotion agency said.Ramzey Hammound president of Glowbal Outlets and Board of Investment of Sri Lanka chairman Lakshman Jayaweera had […]
Sri Lanka GDP grows 7.3-pct in 2013, 8.2-pct in 4Q: census dept
Mar 17, 2014 (LBO) – Sri Lanka’s gross domestic product grew 7.3 percent in 2013 with the economy estimated to have grown 8.2 percent in the fourth quarter from a year earlier, the state statistics office said. For the full year, agriculture grew 4.7 percent, industry 9.9 percent and services 6.4 percent. Sri Lanka is […]
Sri Lanka stocks up 0.3-pct,turnover four year low
Mar 17, 2014 (LBO) – Sri Lanka’s stocks end 0.3 percent higher partly reversing the last week’s losses with turnover dropping to a near five-year low, brokers said. The Colombo benchmark All Share Price Index closed 17.88 points higher at 5,914.11 up 0.30 percent. The S&P SL20 closed 6.31 points higher at 3,213.42, up 0.20 […]
Sri Lanka norm deals sans competitive bidding; breeding corruption, high costs: legislators
Mar 14, 2014 (LBO) – Unsolicited deals and awarding massive state contracts without competitive bidding has become the norm in Sri Lanka paving the way for corruption and inflated costs for the tax payer, legislators have charged.The constitution along with one in 1972 is also blamed for destroying the country’s independent public service headed by […]
Sri Lanka stocks end down 0.3-pct
Mar 14, 2014 (LBO) – Sri Lanka’s stocks end lower for the fifth straight day with tobacco and diversified stocks losing ground, brokers said. The Colombo benchmark All Share Price Index closed 17.71 points lower at 5,896.23 down 0.30 percent. The S&P SL20 closed 15.02 points lower at 3,207.11, down 0.47 percent. Turnover was 251.77 […]
Sri Lanka approves US$3.6bn investments in 2013
Mar 13, 2014 (LBO) – Sri Lanka has approved 3.6 billion US dollar equivalent in investment projects in 2013 including 1.3 billion US dollars from domestic investors, an official said. “Last year we have signed agreements worth about 2.3 billion US dollars (from investors) and on top of that we also signed 1.3 billon US […]
‘s CTC eyes e-cigarettes as fears over kids rise
Mar 13, 2014 (LBO) – Sri Lanka’s Ceylon Tobacco Company, a unit of British American Tobacco said it was eyeing e-cigarettes as fears are rising in many countries of children being drawn into smoking through the product. Last week Los Angeles passed a law to ban the product where smoking is banned. “I am most […]
Sri Lanka stocks close down 0.3-pct, rupee weaker
Mar 13, 2014 (LBO) – Sri Lanka’s stocks close lower for the fourth consecutive day with tobacco and diversified stocks losing ground and the rupee weakened amid stronger import demand, brokers and dealers said. The Colombo benchmark All Share Price Index closed 19.58 points lower at 5,913.94 down 0.33 percent. The S&P SL20 closed 14.16 […]
Sri Lanka needs near term moderate growth for stability: IMF output gap study
Mar 12, 2014 (LBO) – Sri Lanka has a potential gross domestic product growth of about 6.75 percent a year after the end of a civil war and near term moderate growth may help keep the economy stable, an International Monetary Fund Study has suggested. Proponents of the so-called ‘output gap’ believe that an economy […]
Sri Lanka Treasuries ease lower
Mar 12, 2014 (LBO) – Sri Lanka’s Treasuries yields edged lower at Wednesday’s auction with the 3-month yield down 02 basis points to 6.69 percent, the state debt office said.The 6-month yield fell 03 basis points to 6.85 percent and the 12-month yield fell 01 basis point to 7.06 percent. The state debt office said […]