Category: Economy and Markets
Sri Lanka govt defends nationalisation bid
November 3, 2011 (AFP) – Sri Lanka on Thursday defended a controversial move to nationalise “under-performing” private companies and rejected allegations that the move was politically motivated. Media Minister Keheliya Rambukwella said the proposed legislation was aimed at improving productivity in companies that received tax and other concessions but were plagued with mismanagement and inefficiency. […]
Sri Lanka trying to swap Chinese infrastructure loans to equity: minister
Nov 03, 2011 (LBO) – Sri Lanka wants to swap debt to equity at some of its Chinese funded projects to reduce repayment pressure in the future, minister for international monetary co-operation Sarath Amunugama said. Sri Lanka has taken Chinese loans to build port, road and airport infrastructure. Many of the loans are from Exim […]
Sri Lanka stocks end down 0.9-pct
Nov 03, 2011 (LBO) – Sri Lankan stocks slumped Thursday, a day after being pushed up almost three percent on news a regulator who had been cracking down on fraud had been removed, brokers said. The main All Share Price Index fell 0.85 percent (55.09 points) to 6,397.19, while the more liquid Milanka index fell […]
Sri Lanka stocks end up 2.7-pct
Nov 02, 2011 (LBO) – Sri Lankan stocks closed sharply higher Wednesday on news the markets regulator who had cracked down on securities fraud had been removed, with indices rising steeply but tapering off towards the end of trading, brokers said. Hayleys closed at 387.80 rupees, up 16.80, with 166,600 shares traded, including one crossing […]
Sri Lanka minister in bid to fast track building starts
Nov 02, 2011 (LBO ) – Sri Lanka’s economic development minister Basil Rajapaksa urged state agencies to drop archaic rules and procedures that were delaying construction starts, and the ease of doing business in the country. Analysts point out that in many laws enacted in Sri Lanka after independence, a clause relating to ‘minister’s concurrence’ […]
Sri Lanka expropriation law will violate economic freedom: opposition
Nov 02, 2011 (LBO) – A planned expropriation law violates economic freedoms of citizens and will scare away foreign investors, lawmakers representing Sri Lanka’s main opposition United National Party said. The law to expropriate ‘underperforming enterprises’ and ‘underutilized assets’ is being rushed to parliament on November 09 after being secretly written outside the state drafting […]
Sri Lanka planned expropriation law under fire
Nov 01, 2011 (LBO) – A secretly written expropriation law which has not yet been presented to parliament has come under fire from a lawmaker and an ex-chamber chief for undermining freedom of citizens and future investment prospects. The proposed bill, which was reportedly written by a private law firm, seeks to vest in the […]
Sri Lanka aims high in doing business ranking
Nov 01, 2011 (LBO) – Sri Lanka is aiming to reach 70 in an ease of doing business ranking compiled by the World Bank next year from 89 in 2012, and 30 in 2014 by cutting red tape and transforming the way the state interact with businesses, officials said. “If we do not change, others […]
Sri Lanka stocks end down 0.6-pct
Nov 01, 2011 (LBO) – Sri Lankan shares closed lower Tuesday with a large transaction in Hayleys boosting turnover, brokers said. The main All Share Price Index fell 0.59 percent (37.40 points) to 6,281.85, while the more liquid Milanka index dropped 0.48 percent (27.13 points) to close at 5,604.15, according to stock exchange figures. Turnover […]
Sri Lanka stocks end down 0.5-pct
Oct 31, 2011 (LBO) – Sri Lankan shares closed lower despite early gains with turnover boosted by the acquisition of a stake in Galadari Hotel by an investment fund linked to the Dubai government and other private deals, brokers said. The main All Share Price Index fell 0.46 percent (29.19 points) to 6,319.25, while the […]
G20 leaders to meet under threat of new global recession
PARIS, October 31, 2011 (AFP) – Leaders of the world’s biggest economies meet in Cannes this week as Europe tries to convince markets and US critics that its debt bail-out package is serious and urges China to fund it. “I think the result will be welcomed with relief by the whole world, which expected strong […]
Sri Lanka inflation eases to 5.1-pct in October
Oct 31, 2011 (LBO) – Consumer inflation in Sri Lanka’s capital Colombo slowed to 5.1 percent in October 2011, from 6. 4 percent in September, the third straight monthly slowdown, the state statistics office said. The Colombo Consumer Price Index slid 0. 1 percent to 151.5 points in October, from 151.7 in September. The 12-month […]