Category: Economy and Markets
Sri Lanka water supply project to get more ADB finance
Oct 11, 2012 (LBO) – Sri Lanka will negotiate with the Asian Development Bank to get 40 million US dollars of additional financing for a water supply project in Sri Lanka’s dry zone, minister Keheliya Rambukwelle said. This project on completion will provide safe drinking water to more than 453,000 people living. The project involves […]
Sri Lanka stocks close down 0.89 pct
October 11, 2012 (LBO) – Sri Lanka stocks continued a losing streak and closed down 0.89 percent Thursday with sharp drops seen in several counters earlier in the day, brokers said. The Colombo All Share Index closed at 5,720.86 down 51.66 points and the S & P SL 20 Index closed 34.82 points lower at […]
Sri Lanka bond rates rise to straighten inverted yield curve
Oct 10, 2012 (LBO) – Sri Lanka’s bond rates have risen by 40 to 50 basis points over two days almost ending an inversion of the yield curve where short term Treasuries yielded higher than longer term gilts. But expectations of lower inflation in the future, which can shift more short term money to the […]
Sri Lanka Treasuries yields fall
Oct 10, 2012 (LBO) – Sri Lanka’s Treasuries yield fell at Wednesday’s auction with the 3-month yield falling as much as 37 basis points, data from the state debt office showed. The 6-month yield fell 33 basis points to 11.77 percent and the 12-month yield fell 19 basis points to 12. 48 percent. The debt […]
Sri Lanka stocks close down 1.04 pct
October 10, 2012 (LBO) – Sri Lanka stocks closed down 1.04 percent Wednesday with several blue chip stocks losing ground. Commercial Bank slipped 0.20 cents to close at 111.80 rupees down 0.18 percent. DFCC Bank dropped 1.60 rupees to close at 115.20 rupees down 1.37 percent. Hatton National Bank closed at 113.00 rupees down 0.18 […]
Sri Lanka raises alcohol taxes
Oct 09, 2012 (LBO) – Sri Lanka has raised taxes on alcohol ahead of a budget to be presented in parliament next month, a day after excise taxes on tobacco was raised, the island’s finance ministry has said. Taxes on wine has been raised to 898 rupees a proof litre from 838 rupees, molasses, palmyra, […]
Sri Lanka stocks close down 0.24 pct
October 09, 2012 (LBO) – Sri Lanka stocks closed down 0.24 percent Tuesday with indices seeing sharp gains earlier in the day on news that the regulator has loosened credit and broker stock sales restrictions, brokers said Commercial Bank slipped 0.10 cents to close at 112.10 rupees down 0.09 percent. DFCC Bank dropped 1.40 rupees […]
Sri Lanka hikes tobacco taxes
Oct 06, 2012 (LBO) – Sri Lanka has raised tobacco taxes from October 06, a notice posted on the island’s customs office showed, to raise extract more money from citizens and cut a budget deficit stemming from unchecked state spending. The tax hike came ahead of a budget for 2013 to be presented in parliament […]
Sri Lanka resumes printing money to sterilize forex sales
Oct 06, 2012 (LBO) – Sri Lanka’s central bank has sterilized a foreign exchange sale injecting 8.0 billion rupees in one-month money into the banking system, ending several weeks of monetary policy that has been favourable of a stronger exchange rate. On Friday the central bank printed 8.0 billion rupees for one month at 9.81 […]
Sri Lanka stocks close up 0.31 pct
October 05, 2012 (LBO) – Sri Lanka stocks closed up 0.31 percent Friday The Colombo All Share Index closed at 5,879.69 up 18.34 points and the S & P SL 20 Index closed 9.18 points lower at 5,466.50 down 0.17 percent. Turnover was 551 million rupees. Top contributors to turnover were LOLC with Rs.133 million, […]
Iran heading for hyperinflation: Steve Hanke
Oct 04, 2012 (LBO) – Iran is heading for hyperinflation with a collapsing Riyal driving up prices above a 50 percent a month threshold, as US led economic sanctions hurt state revenues, a top monetary economist has said. Hanke says the black market and official exchange rates began to diverge after July 2010 when President […]
Sri Lanka to build high rises for shanty-dwellers
Oct 04, 2012 (LBO) – Sri Lanka’s urban agency will be given state land in 15 locations to build high rise apartments for people living in underserved settlements in the capital Colombo, cabinet spokesman minister Keheliya Rambukwelle said. The agency has already awarded contracts to build 9,781 housing unit in 11 locations in Colombo which […]