Category: Economy and Markets
Sri Lanka expropriated sugar firms begin to hit tax payers
July 05, 2012 (LBO) – Two sugar mills expropriated by the state last year has begun to burden ordinary citizens with the finance ministry channeling 557 million rupees from taxes extracted from the people to the firms. A mid-year fiscal report to parliament revealed that 550 million rupees had been given to cover day to […]
Sri Lankan stocks slip 0.44 percent
July 05, 2012 (LBO) – Sri Lankan shares ended 0.44 percent lower on Thursday, on volumes of 25.7 million shares, with turnover driven by Malaysia’s Dialog Axiata Plc, brokers said. Commercial Bank, one of the country’s most profitable lender, saw its non-voting stock rise 40 cents to 74.00 rupees on 366,265 shares. Elsewhere, Lanka Walltiles […]
” sovereign rating remains confirmed
July 04, 2012 (LBO) – Fitch Ratings said Sri Lanka’s sovereign rating remains confirmed and re-issuing a May 04, statement with a disclosure. Full statement Fitch Affirms Sri Lanka at ‘BB-‘; Outlook Stable Fitch Ratings-Hong Kong-04 July 2012: This announcement amends the version published on 4 May 2012 to include the disclosure that The Central […]
Sri Lankan stocks down 0.12%
July 04, 2012 (LBO) – Sri Lankan share prices slipped into the red on Wednesday, despite a one-off trade in Nestle Lanka Plc, brokers said. The broader All Share Price Index dipped 6.35 points or 0.13 percent to 4,946.58, the liquid Milanka Price Index slipped 31.11 points or 0.71 percent to 4,373.05, and the S&P […]
Sri Lanka spends Rs50bn on roads in five months
July 04, 2012 (LBO) – Sri Lanka has spent 70 billion rupees on highways, power, water and sanitation in the first five months of the year, with 50 billion rupees going to roads, a finance ministry report said. The finance ministry in a mid-year fiscal report said 36.8 billion rupees was spent on national roads, […]
Sri Lanka to build US$3bn tourism city with Singapore firm: BOI
July 04, 2012 (LBO) – Sri Lanka’s state investment promotion agency said it had inked a deal with a Singapore led consortium to build a 3 billion US dollar tourism city in Katana, north of the capital Colombo. Earlier reports had said that Sun City, a South Africa based firm will build an 800 million […]
Sri Lanka Treasuries yields up
July 04, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across the board on Wednesday, six-month yields rising the most by 16 basis points, state debt office said. Three-month treasuries were up eight basis points to 11. 20 percent, six month paper rose to 12.77 percent, while one-year maturities gained 10 basis points to 12. […]
Sri Lanka budget deteriorates up to April
July 02, 2012 (LBO) – Sri Lanka’s budget deficit has doubled in the first four months of 2012, with current spending growing at twice the rate of tax revenues and leading to unprecedented reliance on bank financing, official data show. Total revenues grew 7.2 percent to 305.5 billion rupees up to April 2012 from a […]
Sri Lanka foreign financiers headed by India up to April 2012
July 02, 2012 (LBO) – India has committed 740. 8 million US dollars out of 1,015 million US dollars of foreign financing to Sri Lanka in the first four months of 2012, including 275. 1 million US dollars as an outright grant, official data shows. The massive grant, which is unusual in Sri Lanka’s recent […]
‘s legal hard liquor production down
July 02, 2012 (LBO) – Legal hard liquor production has fallen 2. 6 percent in the first five months of 2012, from a year earlier, but soft liquor (mainly beer) had risen 12.5 percent the finance ministry said in a report. Sri Lanka had seen a surge in beer sales partly due to stronger tourism […]
Sri Lankan stocks down 0.2-pct, turnover lowest in three years
July 02, 2012 (LBO) – Sri Lankan share prices slipped 0.25 percent on Monday, while the turnover plunged to a three year low, on the lack of buying support across the bourse, brokers said. Foreign buying was 35.52 million rupees on sales of 4.48 million rupees. Turnover was dominated by conglomerate Aitken Spence Holdings PLC, […]
‘s inflation accelerates to 9.3-pct in June
June 29, 2012 (LBO) – Sri Lanka’s consumer prices rose 9. 3 percent in June 2012 from a year earlier, accelerating to a three and a half year high, from 7. 0 percent in May, data from the state statistics office showed. The statistics office said Sri Lanka’s Colombo Consumer Price Index rose 1. 9 […]