Category: Economy and Markets
Sri Lanka food processing, education, heath interests UAE: visiting minister
Nov 25, 2011 (LBO) – Sri Lanka’s food processing, education and health sectors and business process outsourcing sectors are of interest to the United Arab Emirates, visiting minister of foreign trade Lubna Al Qasimi has said. Minister Bathiudeen said Sri Lanka has free and preferential trade agreements with India and Pakistan and South Asia giving […]
Sri Lanka stocks plunge, rates up
Nov 24, 2011 (LBO) – Sri Lankan shares tumbled Thursday, crashing below the 6,000 point mark amid uncertainty among investors about government policy after takeover of businesses and a snap devaluation of the rupee. The main All Share Price Index fell 2.79 percent (168.61 points) to 5,886.75, while the more liquid Milanka index fell 2. […]
‘s top lender
Nov 23, 2011 (LBO) – China has emerged as the top lender to Sri Lanka in the nine months to September 2011, in terms of money actually disbursed and loans committed for new projects, finance ministry data shows. Up to September 2011, China has disbursed 599. 9 million US dollars out of a total of […]
Sri Lanka proceeds with expropriations
Nov 24, 2011 (LBO) – Sri Lanka has appointed competent authorities, a ministerial committee and a three member compensation committee to deal with 37 expropriated assets and enterprises. It is made up of foreign employment minister Dilan Perera, minor export crop promotion minister Reginald Cooray, productivity promotion minister Lakshman Seneviratne, deputy finance minister Geethanjana Gunawardena. […]
Sri Lanka should reveal data on interventions, forex reserves: civil activist
Nov 24, 2011 (LBO) – Sri Lanka should reveal data on interventions and foreign exchange reserves and the rationale for a step devaluation of the rupee instead of a market determined float, a civil society activist has said. Chandra Jayaratne, a former head of Sri Lanka’s largest business chamber, said the Central Bank should reveal […]
Sri Lanka overnight rates hit two year high
Nov 24, 2011 (LBO) – Sri Lanka’s overnight gilt backed repos rose as much as 8. 35 percent and call rates hit a two year high of 9.25 percent Thursday, dealers said, as liquidity tightened amid defence of a dollar peg. Stocks closed 2.7 percent lower. Sentiment in Sri Lanka’s financial markets have also been […]
Sri Lanka has to balance bond markets against industry: Treasury Secy
Nov 23, 2011 (LBO) – Sri Lanka has to balance the needs of export and import substitution industries against bond markets, Treasury Secretary P B Jayasundera said two days after a step devaluation of the rupee announced in the budget. “We need to balance,” Jayasundera told members of the Institute of Chartered Accountants of Sri […]
Sri Lanka Treasuries yields sharply up
Nov 23, 2011 (LBO) – Sri Lanka’s Treasuries yields rose steeply across maturities at Wednesday’s auction with average one year yield touching 8. 50 percent, data from the state debt office showed. Following the auction there were quotes for a bond maturing in 2015 at around 10. 25/11.00 percent, dealers said. Update The 3-month yield […]
Sri Lanka stocks end down 0.4-pct
Nov 23, 2011 (LBO) – Sri Lankan shares closed weaker again Wednesday with trading also drying up amid uncertainty about government policy towards investors despite mostly healthy quarterly earnings, brokers said. Some lands of listed plantations companies have also been taken over to be re-distributed among small farmers. The government also devalued the rupee by […]
Sri Lanka private sector urged to increase investment
Nov 23, 2011 (LBO) – Sri Lanka’s private sector has been called upon to make big investments using tax savings and gains from incentives given by government, and banks urged to lend more to small business. Treasury secretary P B Jayasundera said the government was managing to maintain public investment at around six percent of […]
Sri Lanka unemployed graduates take aim at fresh tax grab
No 22, 2011 (LBO) – Sri Lanka’s unemployed graduates who have received a ‘free’ education at at tax payer’s funded universities are taking aim at another tax grab with a lifetime job and pensions in an already bloated state sector, according to media reports. Others who earn degrees with their own money from affiliated private […]
Sri Lanka rupee weakens further
Nov 23, 2011 (LBO) – Sri Lanka’s rupee weakened to 114.15/20 in the spot dollar market, after closing at 113. 88/90 rupees a day earlier, after the monetary authority adjusted a daily guidance rate, dealers said. The rupee fell more than 3.0 percent a day earlier after the a budget for 2012 said the rupee […]