Category: Economy and Markets
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 […]
Sri Lanka stocks down 0.2-pct
July 15, 2013 (LBO) – Sri Lanka’s stocks closed down 0.22 percent Monday with large cap stocks making losses, brokers said. Nestle Lanka closed at 1,918.10 down 12.90 rupees and Aitken Spence closed at 126.00 rupees down 10 cents. The benchmark Colombo All Share Index closed 13.54 points lower at 6,015.20 down 0.22 percent and […]
Sri Lanka stocks down 0.5-pct, rupee steady
July 12, 2013 (LBO) – Sri Lanka’s stocks closed down 0.55 percent Friday following two consecutive days of gains with large cap stocks making losses, brokers said. Ceylon Tobacco Company closed at 1,000.00 rupees up 2.70 rupees. The benchmark Colombo All Share Index closed 33.64 points higher at 6,028.74 down 0.55 percent and the S&P […]
Sri Lanka forex market firm quotes, liquidity slightly lower
July 12, 2013 (LBO) – Sri Lanka’s forex markets saw firm quotes for the spot US dollar Friday at around 130.85/131.00 though trading was still active for spot-next deals where settlement is made three days ahead, dealers said.On Thursday the debt office sold April 11, 2018 bonds at a weighted average yield of 11.18 percent, […]
Sri Lanka BOC to finance Rs. 3.9 bn road project
July 12, 2013(LBO) – Sri Lanka’s state run Bank of Ceylon will provide a 3.91 billion rupee loan to the Road Development Authority to rehabilitate and upgrade a 48 kilometer stretch of road. The state information office said in a statement that the project which has approval from the cabinet of ministers will be completed […]
Sri Lanka stocks up 0.8-pct
July 11, 2013 (LBO) – Sri Lanka’s stocks closed up 0.77 percent Thursday showing gains for a second consecutive day with large cap stocks making gains, brokers said. Distilleries Company closed at 192.00 rupees up 3.00 rupees and Ceylon Tobacco Company closed at 997.30 rupees up 1.30 rupees. The benchmark Colombo All Share Index closed […]
Sri Lanka stocks up 0.6-pct, rupee steady
July 10, 2013 (LBO) – Sri Lanka’s stocks closed up 0.6 percent Wednesday ending a five day losing streak with large cap stocks making gains, and the rupee slipped marginally lower in the forward market brokers and dealers said. Pan Asia closed at 18.30 rupees down 10 cents, Union Bank of Colombo closed at 16.40 […]
Sri Lanka needs free trade, FDI, better education, to sustain growth
July 10, 2013 (LBO) – Sri Lanka has to maintain economic stability free trade, draw more foreign investment and invest in education to boost productivity and sustain high levels of growth, officials said at the start of a policy forum.Ceylon Chamber of Commerce chief Suresh Shah said Sri Lanka had to export more to grow. […]
Sri Lanka gold sales fall after tax: dealers
July 10, 2013 (LBO) – Gold purchases from dealers in Sri Lanka slowed after a 10 percent tax was imposed, despite prices falling further, industry players said.On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 40,500 rupees for a 22 carats and 44,000 rupees for a 24 carats, […]
IMF cuts 2013 global growth forecast
WASHINGTON, July 9, 2013 (AFP) – The International Monetary Fund on Tuesday cut its global economic growth forecast, citing new downside risks in key emerging-market economies and a deeper recession in the eurozone.The IMF projected the world’s economy would grow 3.1 percent in 2013, down from its April estimate of 3.3 percent. China and other […]
Sri Lanka vulnerable to drop in capital inflows: Fitch
Aug 10, 2013 (LBO) – Sri Lanka was vulnerable to a drop in global capital inflows having two ‘red indicators’ related to external financing, Fitch Ratings said in a report amid global bond and forex market volatility. Government debt maturities in 2013 as a share of gross domestic product was 16.8 percent for Sri Lanka, […]
Sri Lanka expects to keep 5.8-pct deficit target in 2013: Treasury Sec
July 10, 2013 (LBO) – Sri Lanka is expecting to maintain a 5.8 percent budget deficit target with better tax revenues on the second half of 2013 and continued moderation of current expenses, Treasury Secretary P B Jayasundera said.Sri Lanka’s revenues have been hurt by slowing imports, particularly motor vehicles, but other taxes including value […]