Category: Economy and Markets
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 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 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 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 […]
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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 […]
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 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 […]
Sri Lankans arrested in UK for working
July 16, 2013 (LBO) – Two Sri Lankans were arrested by the immigration authorities for overstaying visas and working in Blackpool, England, the UK High Commission in Colombo said.The statement said the proposals are part of the UK’s action against unauthorized migrants to live and work in the UK and to take tough action against […]
Sri Lanka stocks down 0.1-pct, rupee weaker
July 16, 2013 (LBO) – Sri Lanka’s stocks closed down 0.13 percent on Tuesday with large cap stocks making losses and the rupee weakened in forex markets, brokers and dealers said. Nestle Lanka closed at 1,930.00 up 11.90 rupees and Aitken Spence closed at 125.00 rupees down 1.00 rupees. The benchmark Colombo All Share Index […]
‘s maturing foreign debt, budget deficit a concern: Fitch
July 15, 2013 (LBO) – Sri Lanka’s 6.0 percent growth level and lower inflation helped its ‘BB-‘ rating but a high budget deficit and maturing foreign debt were concerns, Fitch Ratings has said in a regional review. An improvement in public or external financing can help an improve the while a significant deterioration in public […]
Sri Lanka industries fear upcoming land ownership restrictions
July 15, 2013 (LBO) – Planned restrictions on land ownership in Sri Lanka by foreigners may hurt industrial expansion in the country, an association representing some of the largest industries in the country said. “A number of our member and other large manufacturing companies in Sri Lanka are foreign owned,” Pravir Samarasinghe, head of the […]