Category: Economy and Markets
Sri Lanka stocks close up 0.5-pct
Dec 27, 2011 (LBO) – Sri Lankan stocks closed higher for the third straight day with the main index climbing back over the 6,000 point mark and large deals in a bank accounting for most of the turnover, brokers said. The main All Share Price Index rose 0. 54 percent (32.51 points) to 6,015.09, while […]
Sri Lanka primary dealer profit falls sharply
Dec 27, 2011 (LBO) – Newly listed primary dealer Entrust Securities said net profit for the six months ended September 30, 2011 fell 80 percent to 26. 8 million rupees from a year ago. Earnings per share of the firm, the first non-bank primary dealer to be listed, slipped to 81 cents from 4.10 rupees […]
Sri Lanka expropriated high rise to state agencies: report
Dec 26, 2011 (LBO) – A partially built high rise building in Sri Lanka’s capital Colombo which will be taken over and completed by a consortium of state entities following its expropriation, a media report said. Celestial Residencies, a building initiated by the troubled Ceylinco group where construction was halted will be completed with 9.2 […]
Sri Lanka forex reserves down 15-pct in October
Dec 24, 2011 (LBO) – Sri Lanka’s forex reserves fell 14. 8 percent off a high reached in July to 6,896 million US dollars by October 2011, as the island’s soft-dollar peg continued to be pressured, official data showed. Sri Lanka ‘sterilizes’ interventions to control the interest rate. A monetary regime in which both the […]
‘s brand image has to outshine larger countries: economist
Dec 23, 2011 (LBO) – Sri Lanka will have to showcase better indicators than larger countries in the region to attract investments as a global downturn remains in place, an international economist who has a special focus on Asia said. To draw large volumes of foreign investment macro-economic stability and a good business environment was […]
Sri Lanka among highest-risk financial systems: Fitch
Dec 23, 2011 (LBO) – Rapid credit growth and rising asset prices has put Sri Lanka among the highest-risk financial systems, according to a new report by Fitch Ratings which has cut its growth forecast for emerging Asia. Asian economies were not immune from the financial crises in the industrialised countries. Fitch has cut its […]
Sri Lanka stocks close up one percent
Dec 23, 2011 (LBO) – Sri Lankan stocks closed higher for the second straight day after several days of losses with turnover boosted by deals in index heavyweight John Keells Holdings and Commercial Bank, brokers said. The main All Share Price Index rose 1. 07 percent (63.23 points) to 5,982.58, while the more liquid Milanka […]
Sri Lanka to collaborate with Japan, China for oceanography
Dec 22, 2011 (LBO) – Sri Lanka is collaborating with Japan and China to study oceanographic conditions and weather in the Indian Ocean, the head of the island’s aquatic resources agency said. Jayewardene said the Chinese were interested in the origination of monsoon off the shores of Sri Lanka which will help the country understand […]
Sri Lanka state enterprise workers to get bonus
Dec 22, 2011 (LBO) – Workers of Sri Lanka’s state enterprises will get a 7,500 rupee bonus, but those in loss making enterprises will get less, information minister Keheliya Rambukwelle said. Sri Lanka’s state enterprises were set up over several decades as Sri Lanka’s rulers tried to do business with people’s tax money. Though state […]
Sri Lanka military to renovate key locations in Colombo
Dec 22, 2011 (LBO) – Sri Lanka’s military will renovate key locations in the capital Colombo as part of continued efforts to modernize the city, under a master plan of the country’s urban development agency, minister Keheliya Rambukwelle said. “The construction work will be entrusted to the engineering services divisions of the Sri Lanka Army, […]
Sri Lanka stocks close up 1.3-pct
Dec 22, 2011 (LBO) – Sri Lankan stocks closed higher after several days of losses albeit in thin turnover as most investors kept away as is usual towards the year-end, brokers said. The main All Share Price Index rose 1.31 percent (76.52 points) to 5,919.35, while the more liquid Milanka index rose 1.56 percent (79.56 […]
Sri Lanka money off highs ahead of cash auction
Dec 22, 2011 (LBO) – Sri Lanka’s overnight money markets came off highs reached a day earlier to stay around 9. 25/30 levels after authorities announced a 20 billion rupee cash auction, dealers said. Gilt backed repurchase deals were quoted around 8. 25/35 percent. On Wednesday money reached 9.75 percent and repos rose 8.45 percent. […]