Category: Economy and Markets
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, […]
Sri Lanka stocks closed down 0.50 pct
October 04, 2012 (LBO) – Sri Lanka stocks closed down 0.50 percent Thursday continuing a three day losing streak. The Colombo All Share Index closed at 5,861.35 down 29.34 points and the S & P SL 20 Index closed 12.06 points lower at 3,177.88 down 12.06 percent. Turnover was 565 million rupees. Top contributors to […]
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 […]
Sri Lanka Treasuries yield plunge at auction
Oct 03, 2012 (LBO) – Sri Lanka’s Treasuries yields fell across maturities at Wednesday’s auction with the 12-month yield falling the most by 54 basis points to 12. 48 percent, data released by the state debt office showed. The state offered 10 billion rupees in maturing debt and accepted 13.0 billion rupees from the market. […]
Sri Lanka stocks close 0.64-pct lower
October 03, 2012 (LBO) – Sri Lanka stocks closed down 0.64 percent Wednesday with some blue chip stocks losing ground. Aitken Spence PLC gained 1.00 rupees to close at 135.00 down 0.75 percent. Dialog Axiata PLC slipped 0.20 cents to close at 8.80 rupees down 2.22 percent. The Colombo All Share Index closed at 5,890.69 […]
”’ by RAM
Oct 03, 2012 (LBO) – RAM Ratings has given a ‘BBB+’ long term rating with a stable outlook to First Capital Holdings, an investment company with interests securities dealing, margin trading and portfolio management. First Capital Holdings’ 500 million rupees worth unsecured commercial paper had been give a ‘P2’ rating. RAM Rating said the firm […]
India starts kicks off second stage of housing project
Oct 03, 2012 (LBO) – India has started the second phase of building and repairing 43,000 houses in Sri Lanka’s war ravaged Northern and Eastern provinces under a 270 million US dollar grant aid project targeting 50,000 homes. Each beneficiary would be given 550,000 rupees (230,000 Indian rupees) for a new house in installments and […]
Sri Lanka mid-year fiscal report not responsive to law: legislator
Oct 02, 2012 (LBO) – An interim report on state finances presented to parliament is not responsive to Sri Lanka’s fiscal management responsibility law and lacks key information, a legislator has said. Harsha de Silva, an opposition legislator who is an economist, has told parliament that in Sri Lanka’s mid-year fiscal report covering fiscal operations […]