Category: Economy and Markets
Sri Lanka to merge expropriated sugar firms
June 2, 2012 (LBO) – Sri Lanka is planning to merge Sevenagala Sugar and Pelwatte Sugar Industries two sugar mills expropriated from citizens, into a single state-run entity, a finance ministry report said. The two sugar mills will be “fully owned/ administered by the Government, while ensuring employee continuity, and payment of compensation to third […]
Sri Lanka fuel consumption doubled in three years: official
June 01, 2012 (LBO) – Sri Lanka’s consumption of petroleum products has doubled in the three years since the end of a war an official said, as economic activity picked up requiring more energy to run the economy. Demand for petroleum products is going up despite higher prices, said R H S Samaratunga, secretary, Petroleum […]
Sri Lanka short term treasuries yields fall
May 29, 2012 (LBO) – Sri Lanka’s 3-month Treasury bill yield fell 57 basis points to 11. 01 percent, following the trend in secondary markets, while the 12-month yield edged up slightly at this week’s auction, official data showed. The 6-month yield fell 3 basis points to 12.29 percent and the 12-month yield rose 10 […]
Sri Lankan stocks down 0.67%
May 31, 2012 (LBO) – Sri Lankan share prices slipped back into the red on Thursday, despite a few foreign buyers bargain hunting on selected stocks, brokers said. The broader All Share Price Index fell 32. 97 points or 0.67 percent to 4,832.15 while the liquid Milanka Price Index slipped 12. 88 points or 0.29 […]
‘s inflation accelerates to 7.0-pct in May
May 31, 2012 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 7.0 percent in May 2012 from a year earlier, up from 6.1 percent in April with the inflation index rising 1.4 percent in the month, the state statistics office said. In the past, a float of the currency to end a balance […]
Sri Lanka warns against illegal forex trading
May 30, 2012 (LBO) – Sri Lanka’s central bank has warned public against engaging in illegal foreign exchange transactions, which promises to give higher returns. The bank said foreign exchange transactions or remitting cash outside Sri Lanka, needs the prior approval of the Exchange Control department. Those violating exchange control laws run the risk of […]
‘s Hayleys Exports to develop property
May 30, 2012 (LBO) – Sri Lanka’s Hayleys Exports Plc, an exporter of coir fibre products said it is moving out of low value activities, revamping production facilities and developing prime land near north of the capital. The firm lost 8.0 million rupees in the year to March down from 49. 4 million rupees a […]
Sri Lankan stocks up 1.07 percent
May 30, 2012 (LBO) – Sri Lankan share prices recovered on Wednesday, after nearly a week of sustained selling, with buying interest in selected blue-chip counters, brokers said. The broader All Share Price index gained 1.07 percent or 51.86 points to close at 4,865.12, while the more liquid 25-stock Milanka Price Index added 14. 66 […]
Sri Lanka Keells Food profits zoom
May 29, 2012 (LBO) – Sri Lanka’s Keells Food Products Plc, a unit of listed John Keells Holdings said profits rose sharply in the March 2012 quarter to 44. 9 million rupees as revenues also grew. The firm reported earnings of 5.29 rupees for the quarter. The stock closed at 76.00 rupees down 15.30 on […]
Sri Lankan stocks fall three-percent
May 29, 2012 (LBO) – Sri Lankan stock prices continued to slide, falling nearly three-percent as investor worried about the new trading rules, brokers said. Colombo’s main All Share Price Index was down 2. 46 percent on Tuesday, or 121.75 points to close at 4,813.26. The liquid Milanka Price Index fell 2. 22 percent or […]
Sri Lanka rupee weaker, rates steady
May 29, 2012 (LBO) – Sri Lanka’s rupee was quoted weaker around 131. 40/50 to the US dollar in the spot market Tuesday while bond yields were flat from a day earlier, dealers said. The rupee has weakened from around 129 rupees to current levels the US dollar over the past three weeks as rupee […]
Sri Lanka kicks off flood control program in Colombo
May 29, 2012 (LBO) – Sri Lanka has begun a five-year 223 million dollar programme to stop flooding and improve storm water drainage in the capital Colombo, which has been worsened by rapid filling of wetlands in the city. Partly funded by the World Bank, officials plan to expand canals, water retention tanks and related […]