Category: Economy and Markets
US builds public market, bus station in Eastern Sri Lanka
May 01, 2013 (LBO) – The United States has built a public market and bus station in Sri Batticaloa in Sri Lanka’s war torn Eastern Province which will help economic activities in the area, the American embassy in Colombo said.The newly constructed market and bus station in Pullumalai will help economic activities and also boost […]
Sri Lanka cigarette sales drop 14-pct in weaker economy
May 01, 2013 (LBO) – Sri Lanka’s Ceylon Tobacco Company Plc said cigarette sales dropped 14 percent in the March 2013 quarter from a year earlier, but profits dropped only 1.8 percent to 1,463 million rupees helped by wider margins. The firm reported earnings per share of 7.81 rupees for the quarter. CTC, a unit […]
‘s inflation eases to 6.4-pct in April
April 30, 2013 (LBO) – Inflation in Sri Lanka’s capital Colombo rose 6.5 percent in April 2013, from a year earlier, easing down from 7.5 percent in March, the state statistics office said.The Colombo Consumer Price Index fell 0.5 percent or 0.8 points during the month to 170 points during the month helped by a […]
‘s BB- sovereign rating confirmed: Fitch
Apr 23, 2013 (LBO) – Sri Lanka’s ‘BB-‘ sovereign rating has been confirmed with a stable outlook by Fitch on tighter monetary policy and corrective measures to stem balance of payments troubles but warned of rising foreign debt. Sri Lankan authorities expected 7.5 percent and 8.0 percent. Fitch said the government forecast of higher growth […]
Sri Lanka stocks flat
Apr 29, 2013 (LBO) – Sri Lanka’s stocks closed barely changed Monday despite foreign investor interest in banking stocks, brokers said. The benchmark Colombo All Share Index closed 05.45 points higher at 5,967.62 up 0.09 percent and the S&P SL 20 Index closed 03.78 points higher at 3,363.14 up 0.11 percent. Turnover was 846 million […]
Sri Lanka loses 0.5-pct of GDP in taxes from state worker car permits
Apr 27, 2013 (LBO) – Sri Lanka has lost 38.5 billion rupees in potential revenues from imported vehicles due to tax-slashed permits given to state functionaries, a government estimate showed. The so-called ‘car permits’ are now being sold in the secondary market and state functionaries are making tax-arbitrage profits. The practice which was carried on […]
Sri Lanka can remove obstacles to creating jobs: World Bank
Apr 25, 2013 (LBO) – Sri Lanka can help citizens better themselves by removing obstacles to creating new and better jobs, including for women, the World Bank said. The development agency based on the theme of its World Development Report 2013, says creating opportunities for jobs are critical for reducing poverty. “One of the biggest […]
Sri Lanka rupee held below Rs127.00 to US dollar
Apr 24, 2013 (LBO) – Sri Lanka’s rupee steadied at slightly below 127.00 rupees to the US dollar in the spot market helped by selling from a state bank that usually acts for the monetary authority, dealers said. The spot US dollar was quoted around 126.90/127.00 when a state name entered the market with a […]
India says aid projects progressing in Sri Lanka
Apr 24, 2013 (LBO) – An Indian foreign ministry committee has evaluated the progress of several projects funded by the country’s tax payer in Sri Lanka mainly in war torn areas in the north.India’s High Commission (embassy) in Colombo said a monitoring committee led by P S Raghavan, special secretary development administration and Bimal Julka, […]
Sri Lanka stocks close 0.2-pct higher
Apr 23, 2013 (LBO) – Sri Lanka’s stocks closed up 0.19 percent helped by foreign buying into banking and beverages firms, brokers said. John Keells Holdings closed at 248.90 up 90 cents, Dialog Axiata closed at 9.30 up 0.10 rupees and Ceylon Tobacco closed up 1.90 rupees at 801.90. Distilleries Company of Sri Lanka closed […]
Sri Lanka Treasuries yields ease
Apr 23, 2013 (LBO) – Sri Lanka’s Treasuries yields eased a basis points at this Tuesday’s auction with the 3-month yield at 9.23 percent, data from the state debt office showed.The 6-month yield also fell one basis point to 10.23 percent. The 12-month yield was flat at 11.34 percent. The debt office, which is a […]
Gold prices edge up in Sri Lanka
Apr 23, 2013 (LBO) – Sri Lanka’s gold prices have risen slightly from a week earlier along with a recovery in the international prices, industry players said.On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 46,000 rupees for 22 carats, after falling from highs of 54,000 in March, […]