Category: Economy and Markets
Sri Lanka could improve GDP estimates, data standards: IMF
May 17, 2013 (LBO) – Sri Lanka can improve gross domestic product calculations to be more in line with international standards and the country does not yet comply with the highest data dissemination standards, the International Monetary Fund has said.“The national accounts suffer from insufficient data sources and undeveloped statistical techniques,” an IMF country report […]
Sri Lanka stocks close up 1.5-pct
May 17, 2013 (LBO) – Sri Lanka’s stocks closed up 1.49 percent on Friday, with heavy retail trading activity in the banking sector and interest continuing in index heavy John Keells Holdings, brokers said. The benchmark Colombo All Share Index closed 93.70 points higher at 6,380.70 up 1.49 percent and the S&P SL 20 Index […]
Sri Lanka rupee strengthens amid tight liquidity
May 16, 2013 (LBO) – Sri Lanka’s rupee strengthened to 125.70/80 to the US dollars in the spot in mid morning trade Thursday, amid tight liquidity but a two week liquidity auction has been announced, dealers said. The Central Bank cut its policy interest corridor by 50 basis points to 7.00 and 9.00 percent last […]
‘s Treasuries yields plunge
May 15, 2013 (LBO) – Sri Lanka’s Treasuries yields plunged as much as 45 basis points at the first bill auction following a 50 basis point rate cut last week, data from the state debt office showed. The 3-month yield fell 43 basis points to 8.75 percent, the 6-month yield fell 29 basis points to […]
Sri Lanka stocks close up 0.2-pct
May 15, 2013 (LBO) – Sri Lanka’s stock closed up 0.23 percent on Wednesday, ending a two days of losses, with sentiment helped by falling Treasuries yields amid strong foreign buying into motor stocks, brokers said. The benchmark Colombo All Share Index closed 14.53 points higher at 6,221.12 up 0.23 percent and the S&P SL […]
‘s economic exuberance wanes
COLOMBO, May 15, 2013 (AFP) – After crushing Tamil rebels four years ago Sri Lanka expected to become South Asia’s tiger economy, but exuberance has given way to mediocre growth and fears of more trouble ahead.The country was almost broke when troops defeated separatist Tamil Tigers in May 2009, but Colombo predicted that ending 37 […]
Sri Lanka gets US$218mn FDI in first quarter 2013
May 14, 2013 (LBO) – Sri Lanka has received 218 million US dollars of foreign direct investments in the first quarter of 2013 and is targeting two billion dollars for the full year, investment promotion minister Lakshman Abeywardena said.In 2012 Sri Lanka received 1,338 million US dollars in FDI up from 1,066 million US dollars […]
Sri Lanka to set tax of around 10-pct for foreigners leasing land
May 14, 2013 (LBO) – Sri Lanka’s new restrictions on foreign ownership of property will have provisions that will allow non-nationals investing in the country to lease land with a tax of 5 to 15 percent, senior government officials said.Large investment projects may be given permission to purchase land by special approval. Ferdinando said listed […]
Sri Lanka market interest rates drop after rate cut
May 14, 2013 (LBO) – Sri Lanka’s market interest rates has eased down with the effective policy rate settling at around 7.8 percent though cash auctions down from around 8.3 percent before a 50 basis point rate cut last week, dealers said. On Tuesday gilt backed overnight repurchase transactions were quoted 8.30/40 percent levels in […]
Sri Lanka stocks close down 0.2-pct, banks retreat
May 13, 2013 (LBO) – Sri Lanka’s stocks closed down 0.18 percent Monday with bank stocks sliding as domestic investors took profits, brokers said. The Lion Brewery Ceylon closed at 372.00 rupees up 1.90 rupees. Ceylon Tobacco Company was down 0.50 rupees to close at 829.00 rupees. Nestle Lanka closed at 1860.00 rupees up 9.40 […]
Sri Lanka in bid to boost Middle Eastern visitors
May 12, 2013 (LBO) – Sri Lanka has promoted wildlife and natural assets in the Arabian Travel Mart in Dubai this month as part of a drive to grow Middle Eastern visitors 60 percent to 90,000 in 2013, the state tourism office said.It is also best part of the year for beach tourism in the […]
Innovation part of corporate DNA: 3M regional chief at Sri Lanka forum
May 11, 2013 (LBO) – Listening to the unarticulated voice of the customers of 3M has helped the firm drive innovation, which is central to its corporate culture, a top regional official of the US-based multi-national said in Colombo. The company makes more than 55,000 products are year, adding new ones continuously. “It’s easy if […]