Category: Economy and Markets
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 stocks end down almost one pct
Nov 22, 2011 (LBO) – Sri Lankan shares closed lower Tuesday with plantations stocks among the biggest losers after the government said in its 2012 budget it would seize estate lands lying unused, brokers said. The main All Share Price Index fell 0.96 percent (58.91 points) to 6,060.95, while the more liquid Milanka index fell […]
Sri Lanka bonds illiquid, rupee weaker after devaluation
Nov 22, 2011 (LBO) – Sri Lanka’s bonds were illiquid with two way quotes absent for several maturities Tuesday as market participants looked for direction following a surprise devaluation of the rupee, dealers said. The Central Bank gave guidance to the market at 113.50/90 rupees through a state bank. Liquidity in bond markets dried up […]
Sri Lanka cuts budget deficit, maintains investment: Treasury Secy
Nov 22, 2011 (LBO) – Sri Lanka has managed to gradually reduce the government budget deficit without cutting public investment which is needed to build the capacity to enable private investments, an official said. Treasury secretary P B Jayasundera said the government was maintaining the downward momentum in budget deficits and inflation had been brought […]
Sri Lanka business chamber approves devaluation
Nov 22, 2011 (LBO) – Sri Lanka’s main business chamber has approved the sudden devaluation of the rupee saying it would boost exports and urged the government to consult plantation firms whose uncultivated lands are being taken. The Ceylon Chamber of Commerce said the government’s 2012 budget presented to parliament Monday “maintains the consistent fiscal […]
Sri Lanka rupee devalued, spot dollar at Rs113.80/90
Nov 22, 2011 (LBO) – Sri Lanka’s rupee traded at 113. 80/90 against the greenback in the spot market Tuesday moving within a band indicated by the central bank, after a rare devaluation announcement a day earlier. A day earlier, President Mahinda Rajapaksa said the rupee should be devalued 3. 0 percent to improve export […]
Sri Lanka expropriations will hurt economy: EIU
Nov 21, 2011 (LBO) – A Venezuela-style law to expropriate dozens of private enterprises will hurt the economy, undermine policy predictability and scare investors despite state assurances that it will be a ‘one off’, UK-based Economist Intelligence Unit said. EIU said the law which deemed some 37 firms as ‘under-utilized’ or ‘under-performing’ also resembled similar […]
Sri Lanka economy to grow over 8.5-pct in 2012: Central Bank
Nov 21, 2011 (LBO) – Sri Lanka’s economy is expected to grow between 8. 5 to 9.0 percent in 2012 and inflation would be kept in the mid single digits, the Central Bank said in a report released ahead of the budget. Exports are projected at 14 percent and imports at 10 percent. Growth in […]
Sri Lanka 2011 budget target to be met: Central Bank
Nov 21, 2011 (LBO) – Sri Lanka is likely to meet the deficit target of 6.8 percent of gross domestic product set for 2011, with the gap in the first eight months contained at 5. 3 percent of GDP down from 5.6 percent a year earlier, the Central Bank said. In rupee terms the gap […]
Sri Lanka stocks end down 0.3-pct
Nov 21, 2011 (LBO) – Sri Lankan shares closed lower Monday with the low turnover bolstered by trades in conglomerate John Keells Holdings, brokers said. The main All Share Price Index fell 0. 34 percent (20.66 points) to 6,119.86, while the more liquid Milanka index rose 0. 15 percent (7.91 points) to close at 5,357.45, […]
Sri Lanka disabled solders to get loans
Nov 21, 2011 (LBO) – Sri Lankan soldiers disabled by war will be given a loan scheme to start their own businesses in the government’s budget for 2012, Sri Lankan president and finance minister Mahinda Rajapaksa said. The budget for 2012 will allocate 1. 7 billion rupees to be given to the ‘Ranavira Authority’, a […]
Sri Lanka rupee to be depreciated 3-pct: Update
Nov 21, 2011 (LBO) – Sri Lanka will depreciate the rupee 3. 0 percent to help export competitiveness, President Mahinda Rajapaksa told parliament in his budget speech for 2012. “Countries that are competing with us have depreciated their currencies,” President Rajapaksa said. “To correct this disadvantage, as an incentive to exports I intend to depreciate […]