Category: Economy and Markets
Sri Lanka cricket body has Rs3bn hole in balance sheet
Dec 03, 2011 (LBO) – Sri Lanka Cricket, the islands’ governing board for the sport where state intervention has increased over the years, has a three billion rupee hole in its balance sheet, a parliamentary committee on state enterprises has found. A report by a committee on public enterprises (COPE) said SLC had 6. 1 […]
Sri Lanka US$750mn sea reclamation to China Harbour
Dec 02, 2011 (LBO) – Sri Lanka is in talks with China Harbour Engineering Company (CHEC) to reclaim 500 acres from the sea next to Colombo Port for a 750 million dollar project, an official said. Sri Lanka has said five acres of land in Colombo’s Galle Face beachfront, which is near the port, will […]
Sri Lanka built foreign reserves to use during tough times: CB Governor
De 02, 2011 (LBO) – Sri Lanka built up foreign reserves as a buffer to be used during tough times, Central Bank Governor Nivard Cabraal said, as reserves came off record highs seen in August 2011. “We have thought through carefully and built up are reserves carefully in order to ensure that we are able […]
Sri Lanka stocks end down 0.9-pct
Dec 02, 2011 (LBO) – Sri Lankan stocks closed lower Friday, losing most of Thursday’s gains with some profit-taking seen, brokers said. Share prices have been gyrating in recent days as influential investors and stock brokers sought government intervention to prop up the market by forcing out regulators who probed insider dealing and fraud and […]
Sri Lanka stocks end up 0.9-pct
Dec 01, 2011 (LBO) – Sri Lankan stocks closed higher Thursday with turnover pushed up by a bank deal amid news that the chairperson of the regulatory body was quitting just weeks after powerful investors forced out its director general. The main All Share Price Index rose 0.94 percent (57.27 points) to 6,144.67, while the […]
Sri Lanka state port agency to sell $500mn bond
Dec 01, 2011 (LBO) – State-run Sri Lanka Ports Authority will sell a 500 million dollar bond to settle loans from Japan which are causing losses due to the appreciation of the yen, an official said. He said SLPA had taken yen loans to the value of 46 billion rupees from mid 1980s, repaid a […]
Sri Lanka firms can diversify with foreign talent
Nov 30, 2011 (LBO) – Sri Lankan firms can diversify into new areas by acquiring international talent when local resources are in short supply, the head of an emerging diversified group said. “If you don’t have a particular expertise are you buy that expertise,” LOLC group managing director Kapila Jayawardena told a business forum in […]
Sri Lanka inflation eases to 4.7 percent
Nov 30, 2011 (LBO) – Sri Lanka’s inflation rose to 4. 7 percent in November 2011 from a year earlier decelerating from 5. 1 percent in October, but prices rose 0.7 percent during the month, the state statistics office said. Central Bank Governor Nivard Cabraal has said that policy rates will be kept steady in […]
Sri Lanka Treasuries yields up
Nov 30, 2011 (LBO) – Sri Lanka’s Treasuries yields rose across maturities with 12-month yields rising 49 basis points to 8.99 percent at Wednesday’s auction, data from the state debt office showed. The peg came under pressure as interest rates did not keep pace with credit growth earlier in the year. The 3-month yield rose […]
Sri Lanka overnight rates lower
Nov 30, 2011 (LBO) – Sri Lanka’s average overnight rates have eased over the past two days after the Central Bank stopped its repo auctions to withdraw excess liquidity but some banks who are short of cash are still borrowing at high rates, dealers said. A 2013 bond was quoted at 8.85/9.00 percent. In forex […]
Sri Lanka stocks up 1.0-pct on credit speculation
Nov 30, 2011 (LBO) – Sri Lanka’s stocks closed 1.1 percent up on speculation that the regulator may relax credit rule following a meeting with brokers with President Mahinda Rajapaksa earlier in the week. Brokers had also been warned that excessive credit can fire asset price bubbles. The regulator slapped credit curbs and the height […]
Sri Lanka stocks rally loses steam
Nov 29, 2011 (LBO) – Sri Lanka’s main share index closed slightly weaker Tuesday after a morning rally on the back of Monday’s surge in prices lost steam on profit-taking, brokers said. The main All Share Price Index fell 0.04 percent (2.16 points) to 6,020.08, while the more liquid Milanka index rose 0.26 percent (13.39 […]