Category: Economy and Markets
Sri Lanka cement crisis continues amid price controls
Aug 24, 2011 (LBO) – Sri Lanka’s construction industry is facing a shortage of about a million 50 kilogram sacks of cement a month, a media report said as price controls limit supplies and threaten the island’s construction sector. Amid the shortages created by price controls, state enterprises have got into the act like in […]
” beyond 16-year high
HONG KONG, August 23, 2011 (AFP) – Hong Kong’s inflation has hit a 16-year high and economists warned Tuesday there are signs it will worsen in coming months as runaway housing and food costs continue to besiege the city’s economy. Figures released in the southern Chinese territory Monday showed inflation hit 7.9 percent year-on-year in […]
Sri Lanka stocks slump almost one percent
Aug 23, 2011 (LBO) – Sri Lankan share prices slumped almost one percent Tuesday, falling for the third straight day, with gains in the health sector as investors bought into a hospital group, brokers said. The main All Share Price Index closed at 6,861. 73, down 0.96 percent (66.30 points) while the more liquid Milanka […]
Gold hits record above $1,900 an ounce
HONG KONG, August 23, 2011 (AFP) – Gold soared above ,900 an ounce in Hong Kong for the first time on Tuesday as dealers flocked to the safe haven asset due to growing concerns over the state of the global economy. The precious metal was trading at ,914. 50-$1,915.50 an ounce in the morning after […]
China seeks to protect Libya trade ties
BEIJING, August 23, 2011 (AFP) – China hopes its “mutually beneficial” multi-billion dollar trade links with oil-rich Libya will continue, it said Tuesday after rebels came close to ending Moamer Kadhafi’s 42-year rule. China has ploughed billions of dollars into Libya’s rail, oil and telecom sectors, and the commerce ministry said its investments had been […]
Sri Lanka stocks down 0.3-pct
Aug 22, 2011 (LBO) – Sri Lankan share prices closed lower Monday, following Friday’s losses, with trading largely in speculative stocks on which some profit-taking was seen, brokers said. The main All Share Price Index closed at 6,928.03, down 0.34 percent (23.61 points) while the more liquid Milanka index fell 0.66 percent (42.06 points) to […]
Sri Lanka land sales should be transparent: lawmaker
Aug 20, 2011 (LBO) – Sri Lanka’s state land sales to private developers must be transparent and all available land must be listed online to boost investor confidence, instead being sold through unsolicited deals, a lawmaker has said. Sri Lanka main opposition United National Party member Harsha de Silva says such deals will harm overall […]
Sri Lanka targets deficit of 6.2-pct in 2012
Aug 19, 2011 (LBO) – Sri Lanka will budget for a deficit of 6. 2 percent of gross domestic product in 2011 down from a planned gap of 6.8 percent in 2010, information minister Keheliya Rambukwelle said. The government will keep state investments at 6. 0 percent of GDP. The state is planning to bring […]
Sri Lanka first half foreign direct investment US$413mn: Central Bank
Aug 19, 2011 (LBO) – Sri Lanka’s foreign direct investment for the first half of 2011 reached 413 million US dollars putting the country on track for a full year goal of a billion dollars, the Central Bank said. Foreign reserves had reached an all time high of 8,158 million US dollars by August 16. […]
Sri Lanka credit expands faster than expected, policy rates steady
Aug 19, 2011 (LBO) – Sri Lanka’s policy interests rates are held steady at 7. 00 percent to deposit excess money and 8.50 percent to inject fresh money, though credit growth was higher than expected at 34. 4 percent in July, the central bank said. Credit disbursed to the private sector increased by 34.4 per […]
Sri Lanka stocks down 01-pct
Aug 19, 2011 (LBO) – Sri Lanka stocks closed one percent lower down Friday with speculation on a few stocks dominating trading, brokers and analysts said. Lake House Printers & Publishers was the day’s top and its share closed at 160 rupees up 20.52 percent or 27.70 rupees. Renewed interest was seen in Serendib Hotels, […]
World population will reach 7 billion this year: study
PARIS, August 17, 2011 (AFP) – The world population will reach seven billion later this year, with increases in the number of people in Africa off-setting birth rate drops elsewhere, according to a new French study published Thursday. “It has increased seven-fold over the last two hundred years, topping seven billion in 2011, and is […]