Category: Economy and Markets
Sri Lanka cement supplies disrupted amid price controls
Aug 16, 2011 (LBO) – Sri Lanka’s cement supplies remain disrupted amid price controls and posturing by rulers and the co-operative sector involved in another controversy, in a repetition of a similar debacle in the poultry sector. The Daily Mirror newspaper said Monday three cement firms have written to Sri Lanka’s consumer affairs agency which […]
Sri Lanka stocks soar 3-pct on margin rule
Aug 16, 2011 (LBO) – Sri Lanka stocks closed up 3. 1 percent with the regulator saying brokers could give margin facilities to clients, and the benchmark index moved above 7,000 points, in a five week high brokers said. Colombo’s benchmark All Share Price Index close up 3. 13 percent or 214.21 points at 7,050.74 […]
Sri Lanka youth seeking Korean jobs already working: think tank
Aug 15, 2011 (LBO) – A snap survey by a Colombo based think tank among thousands of young Sri Lankans queuing up to find jobs in Korea have revealed that a majority of them were already employed and looking for better salaries. said 63.4 percent of those polled at a centre in Colombo were already […]
Sri Lanka stocks flat amid estate, poultry sell-off
Aug 15, 2011 (LBO) – Sri Lankan stocks closed flat on Monday a sell-off of plantations and poultry firms which have reported weak earnings, though some index heavy stocks gained, brokers said. Colombo’s benchmark All Share Price Index close up 0.05 percent or 3.47points at 6,836.53 while the Milanka Index of liquid stocks closed up […]
Sri Lanka sells 400mn dollars in July to keep peg
July 15, 2011 (LBO) – Sri Lanka’s central bank has sold 416. 9 million US dollars in July to maintain a peg with the US dollar amid high credit growth that is drawing down excess rupee reserves in banks, official data showed. High credit growth in the banking system is has rapidly exhausted excess rupee […]
Economic leadership at crux of turmoil: World Bank
SYDNEY, August 14, 2011 (AFP) – World Bank chief Robert Zoellick said Sunday that investors had lost confidence in the economic leadership of several key countries, warning global markets were in a “new danger zone” as a result. Zoellick said a convergence of events in the United States and Europe had rattled investors in countries […]
Buyers from Sri Lanka, India, China eye lakefront land
Aug 13, 2011 (LBO) – Prime land facing a lake in Sri Lanka’s capital Colombo is being eyed by buyers from India, China as well as large local business groups that want to take part in a lakefront promenade development, an official said. A 30-year war ended in 2009 and Sri Lanka is looking forward […]
Sri Lanka stocks rebound one percent
Aug 12, 2011 (LBO) – Sri Lankan stocks rebounded one percent Friday, with an active retail and high net worth market players participation and a large acquisition boosting turnover, brokers said. Asian Alliance closed at 134.00 rupees up 12.20 rupees and over 27.58 million shares were changing hands generating 3.31 billion rupees. High net worth […]
Sri Lanka sells US$166mn floating rate bonds
Aug 11, 2011 (LBO) – Sri Lanka sold 166 million US dollars of bonds based on 6-month London Interbank Offered rate extending tenors up to 5-years mainly targeting resident investors, the government’s debt office said. Called ‘development bonds’ the floating rate debt is sold mostly to domestic banks and investors allowed to have foreign exchange […]
Sri Lanka US$400mn lakefront mall by India group
Aug 11, 2011 (LBO) – Indocean Developers (Pvt) Ltd, a firm backed by an Indian property group, will build a 400 million US dollar shopping and residential complex in a prime lakefront in Sri Lanka’s capital Colombo, officials said. Janaka Kurukulasuriya, chairman of Sri Lanka’s Urban Development Authority said the Indian promoters had paid 23 […]
Sri Lanka urban agency plans Colombo JV development
Aug 11, 2011 (LBO) – Sri Lanka’s Urban Development Authority will call proposals for a joint venture commercial development in a nine acre state land in the capital Colombo, chairman Janaka Kurukulasuriya said. “We need the money urgently but we also need money in the long term to sustain,” he said. The agency has more […]
Sri Lanka Treasuries yields flat
Aug 10, 2011 (LBO) – Sri Lanka’s Treasuries yields were flat at Wednesday’s auction with 3-month bills fetching 7. 11 percent at Wednesday’s auction, the government’s debt office said. The 6-month bills were also flat at 7. 19 percent and 12-month bills were flat at 7.25 percent. The debt office, which is a unit of […]