Category: Economy and Markets
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 stocks end down 0.2-pct
Mar 12, 2014 (LBO) – Sri Lanka’s stocks close 0.19 percent lower Wednesday with leading food and beverage company losing ground, brokers said. SLT closed 70 cents lower at 44.00 rupees and Dialog Axiata closed flat at 9.00 rupees. Asian Hotels and Properties closed 1.00 rupee lower at 58.00 rupees and John Keells Holdings closed […]
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 […]
Sri Lanka stocks down 0.2-pct, rupee stronger
Mar 11, 2014 (LBO) – Sri Lanka’s stocks close 0.22 percent lower Tuesday with index heavy John Keells Holdings losing ground and the rupee was allowed to appreciate slightly by authorities, brokers and dealers said. The Colombo benchmark All Share Price Index closed 13.04 points lower at 5,944.57 down 0.22 percent. The S&P SL20 closed […]
Sri Lanka no longer “uncomfortable” with inflation blot on economic record
Mar 10, 2014 (LBO) – Sri Lanka is no longer “uncomfortable” with the blot of high inflation in its economic record when meeting international agencies and visiting businessmen, a top official said.“We no longer feel uncomfortable to speak to the International Monetary Fund, the World Bank, the international rating agencies, the international business community, all […]
Sri Lanka sells US$187mn in 3-year floating rate bonds
Mar 10, 2014 (LBO) – Sri Lanka has sold 187 million dollars of 3-year bonds at a yield of 400 basis points above the London Interbank Offered Rate, the state debt office said.The bonds are mostly bought by Colombo-based banks and investors who are allowed to hold foreign currency assets. On March 10, LIBOR was […]
Sri Lanka stocks close weaker
Mar 10, 2014 (LBO) – Sri Lanka’s stocks close 0.14 percent lower Monday with Sri Lanka Telecom and John Keells Holdings losing ground, brokers said. The Colombo benchmark All Share Price Index closed 8.45 points lower at 5,957.61 down 0.14 percent. The S&P SL20 closed 7.30 points higher at 3,252.29, up 0.22 percent. Turnover was […]