Category: Economy and Markets
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 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. […]
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 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 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 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 […]
Sri Lanka rupee adjustment in right direction: IMF
Nov 23, 2011 (LBO) – Sri Lanka’s rupee devaluation earlier this week was a step in the right direction, and a planned narrower budget deficit would reduce the country debt burden an International Monetary Fund official said. “We think that the exchange rate adjustment was a step in the right direction and should help support […]
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 […]