Category: Economy and Markets
Sri Lanka stocks close flat
July 24, 2013 (LBO) – Sri Lanka’s stocks closed flat on Wednesday with large cap stocks making losses, brokers and dealers said. The benchmark Colombo All Share Index closed 05.10 points lower at 6,079.14 and the S&P SL 20 Index closed 12.02 points lower at 3,448.11 down 0.35 percent. Turnover was 291million rupees. While in […]
Sri Lanka holds rates, state credit easing: Central Bank
July 24, 2013 (LBO) – Sri Lanka is holding its policy interest rates at 9.00 percent to give money to banks with credit to state starting to ease, which will help private borrowing, the Central Bank said. Sri Lanka’s private borrowings and investment have been crowded out and investments by heavy government borrowing from banks […]
Sri Lanka refugee describes boat sinking tragedy
CIDAUN, July 24, 2013 (AFP) – Rescuers searched the seas off Indonesia’s Java island Wednesday for possibly dozens of asylum-seekers missing after their Australia-bound boat sank, leaving at least three dead, with 157 saved, an official said.Hundreds have drowned making the journey — as recently as last week a boat sank, killing four people — […]
Sri Lanka rupee stronger amid thin liquidity
July 23, 2013 (LBO) – Sri Lanka’s rupee was steady amid thin liquidity in the spot market against the US dollar for the second day in a row, with even cash market sales earlier in the day, dealers said.The spot US dollar was quoted around 131.50/55 after opening at 131.55/60 on Tuesday, dealers said.Cash sales […]
Sri Lanka to curb supermarket expansion
July 22, 2013 (LBO) – Sri Lanka is to curb the expansion of self-service supermarkets, a media report said shortly after new taxes were imposed on privately owned chains.Sri Lanka’s privately owned Hiru radio channel quoting President Mahinda Rajapaksa as saying that small traders and individual sellers were being displaced by supermarkets. “The vegetable lady […]
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July 22, 2013 (LBO) – Sri Lanka’s credit profile has stabilized but external debt and debt servicing costs are rising, Moody’s Investors Services, which has rated the country ‘B1’ said in a credit update.About 73 percent of total spending was current spending, though there were some improvements. Of the current spending 91 percent was for […]
Sri Lanka forex reserves hurt by gold price fall
July 19, 2013 (LBO) – Sri Lanka’s central bank, an active trader in gold, has seen losses from steep falls in the precious metal in 2013 after making steady profits over several years as prices rose, according to published data. The Fed is now due to step off the gas pedal and the Euro Zone, […]
Sri Lanka foreign reserves drop in May 2013
July 19, 2013 (LBO) – Sri Lanka’s foreign reserves dropped to 6.6 billion US dollars in May from 6.85 billion US dollars in April partly due to due payments to the International Monetary Fund and falling gold prices, the Central Bank said. The Central Bank said it repaid 225.5 million US dollars to the IMF […]
Sri Lanka Treasuries ease on longer tenures
July 17, 2013 (LBO) – Sri Lanka’s 12- Treasuries yield fell 05 basis points to 10.59 percent at Wednesday’s auction, though the 3-month yield was flat, data from the state debt office showed. The 6-month yield fell 02 basis points to 9.66 percent and the 3-month yield was flat at 8.63 percent. The debt office […]
Sri Lanka bets on high-end casinos to boost economy
COLOMBO, July 17, 2013 (AFP) – Multi-million-dollar casinos planned for Colombo have boosted Sri Lanka’s ambitious hopes of becoming Asia’s new gambling hotspot, but the projects still face political and religious opposition. “In the alcohol and tobacco industries, we have a good idea of how much is produced, what the sales are and more importantly […]
Sri Lanka to keep rates on hold till September: report
July 17, 2013 (LBO) – Sri Lanka expects to keep rates on hold till September, and policy rates will be kept unchanged this month, a media report said. “We had to ensure that the policy measures that we have put in place now are not reversed too quickly and there’s no need to reverse it […]
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WASHINGTON, July 17, 2013 (AFP) – US Federal Reserve Chairman Ben Bernanke reiterated Wednesday that the Fed stimulus could be wound up next year if economic growth remains steady as forecast.The surge in rates, economists worry, could itself slow the recovery by slowing demand in the recovering housing sector, which has become a key contributor […]