Category: Economy and Markets
Sri Lanka BOI deletes page promising freedom from expropriation
Nov 11, 2011 (LBO) – Sri Lanka’s Board of Investment, the state investment promotion agency, has deleted a page which ‘guaranteed’ investors freedom from expropriation, raising questions of heightened political risk, lawmakers said. Sri Lanka passed a law to expropriate assets of 37 businesses, in several of which foreign investors were involved, after rushing it […]
Sri Lanka stocks end up 0.3-pct
Nov 11, 2011 (LBO) – Sri Lankan stocks closed firmer Friday but trading sank to a new recent low with uncertainty over a business expropriation law adding to the negative sentiment, brokers said. The main All Share Price Index rose 0.25 percent (15.60 points) to 6,332.47, while the more liquid Milanka index rose 0.31 percent […]
Stocks, euro tumble as crisis envelops Italy
NEW YORK, November 9, 2011 (AFP) – Worries that an Italian financial collapse could crack the eurozone sent markets tumbling Wednesday, with losses topping three percent in US trade. A selloff of Italian government bonds sent the yields to new highs above 7. 4 percent, a level seen unsustainable for the finances of the European […]
Asian markets slump amid global fears for Italy
HONG KONG, November 10, 2011 (AFP) – Asian stock markets slumped on Thursday after Wall Street suffered a pummelling, with a surge in Italy’s borrowing costs fuelling global anxiety about the future of the euro. The common European currency dipped, Hong Kong stocks slumped more than four percent and in Tokyo, the Nikkei ended down […]
Sri Lanka exports may be affected by US, EU slow down: report
Nov 09, 2011 (LBO) – Stagnation in the United States and European Union might slow demand for Sri Lanka’s exports and a shift away from such reliance to new markets would help to cushion growth prospects, a new rating report said. “However, gradual normalisation may take place on the back of better economic conditions, to […]
Sri Lanka central bank gets award for new notes
Nov 09, 2011 (LBO) – The Central Bank of Sri Lanka said it has been selected as a finalist from among 17 nominations for the ‘Best New Banknote Series’ award at an international currency forum. The award at the International Association of Currency Affairs (IACA) Conference held in Singapore was for new currency note series […]
‘s central bank buys New York property
Nov 09, 2011 (LBO) – Sri Lanka’s central bank has bought property in New York as part of a move to establish overseas offices where the foreign reserves are invested, Governor Nivard Cabraal said. “We have bought office space, we will be having some our operations in other countries,” he said. “Initially we will give […]
Sri Lanka stocks end slightly weaker
Nov 09, 2011 (LBO) – Sri Lankan stocks closed slightly weaker in thin trade Wednesday, falling steeply after opening and then recovering as buyers came in but the gains petering off towards the end, brokers said. The main All Share Price Index fell 0.08 percent (5.14 points) to 6,316.87, while the more liquid Milanka index […]
Sri Lanka ruling coalition partner balks at expropriation bill: report
Nov 08, 2011 (LBO) – Sri Lanka’s Jathika Hela Urumaya, a Buddhist monks’ party which is a partner of the ruling coalition is unhappy with an expropriation bill, that is being rushed to parliament and may not support it, a media report said. The bill which violated property rights of people and has drawn fire […]
Sri Lanka court stays war-zone new land registration process
Nov 09, 2011 (LBO) – A controversial new way to register land in Sri Lanka’s former war zones outside established procedure has been stayed by the island’s Court of Appeal with the state also not objecting, lawyers said. Sri Lanka’s attorney general has said the registration process is being reconsidered they were not objecting to […]
Sri Lanka stock close -1.3-pct lower
Nov 08, 2011 (LBO) – Sri Lanka stocks closed 1.3 percent lower Tuesday in thin trading amid a broad sell off and firms listed for expropriation in an upcoming bills also falling steeply, brokers said. Large cap, Dialog Axiata, a mobile firm fell 10 cents to 8. 00 rupees, Commercial Bank of Ceylon fell 1.00 […]
Sri Lanka hit by regime uncertainty
Nov 08, 2011 (LBO) – Sri Lanka’s investment prospects would be hurt by sudden changes in policy and laws relating to property rights and investment returns analysts said, describing a condition identified by economists as ‘regime uncertainty’. “Consistent government policy: that is what investors are looking for,” Sujeewa Mudalige, President of the Institute of Chartered […]