Category: Economy and Markets
Sri Lanka stocks rebound
June 17, 2011 (LBO) – Sri Lankan stocks rebounded slightly Friday after five straight days of falls with heavy trading in Blue Diamonds Jewellery Worldwide and its new shareholder eChannelling, brokers said. The main All Share Price Index closed at 7,050.03, up 0.49 percent (34.32 points) while the more liquid Milanka index rose 0. 48 […]
Sri Lanka stocks close down 1.0-pct
June 16, 2011 (LBO) – Sri Lanka stocks fell by nearly one percent Thursday to a fresh three-month low with continued massive forced selling of popular stocks of margin traders, brokers said. The main All Share Price Index closed at 7,015.71, down 0.95 percent (67.34 points) while the more liquid Milanka index fell 1.02 percent […]
Sri Lanka state enterprises need urgent action: report
June 16, 2011 (LBO) – Some state owned enterprises (SOEs) in Sri Lanka that made losses, violated policies and were a drain on taxes and growth, needed immediate action to fix them, the finance ministry has said. “Lack of good corporate practices and management lapses have resulted in compromising the SOEs ability to manage risks […]
Sri Lanka Bairaha grows own maize
June 15, 2011 (LBO) – Sri Lanka’s Bairaha poultry group is growing its own grain to ensure feed supplies the company said, as other poultry farmers complained of fresh threats to the industry from maize import controls. Due to loose US monetary policy, global grain prices are also now high. Critics say Sri Lanka’s food […]
Sri Lanka estate mulls timber exports
June 15, 2011 (LBO) – Sri Lanka’s listed Malwatte Valley Plantations is mulling the possibility of exporting processed timber, as the firm has more than a 1,000 hectares of trees, chairman W L Bogstra told shareholders. “The Company’s timber reserves amounting to 1282 hectares have been sparingly harvested in the past,” Bogstra said in the […]
‘s richest sports body seeks state bank bailout
June, 2011 (AFP) – Sri Lanka Cricket is seeking government grants and a soft loan to meet part of the $69 million it spent on co-hosting the 2011 World Cup, the island’s sports minister said Tuesday. The governing body has asked for a grant of two billion rupees ($18.35 million) and a 1.5-billion-rupee loan from […]
Sri Lanka India ferry to strengthen links
June 14, 2011 (LBO) – A ferry from India to Sri Lanka is completing its first voyage, re-establishing link that has been broken since 1983 and strengthening economic links between the people of the two countries. The ferry Scotia Prince was flagged of Monday from India’s Tuticorin port on a 14 hour journey to Sri […]
Sri Lanka rural communities bank on safe drinking water
June 14, 2011 (LBO) – In Kathankudy, Baticaloa in Eastern Sri Lanka, Fathima Izana, a mother with a young child, worries about the quality of the water she gets from a tube well. “The water had different colour and it smells sometimes,” she says. Fathima believes the water may be contaminated by a nearby latrine […]
Sri Lanka policy rates steady
June 14, 2011 (LBO) – Sri Lanka’s central bank kept policy rates steady in June, saying credit peaked in April and money supply expansion may ease, and international commodity prices are also stabilizing, which will help inflation.Sri Lanka’s 12 month inflation fell to 8.8 percent in May from 9.8 percent in April and remains one […]
Sri Lanka stocks close down 1.4-pct
June 14, 2011 (LBO) – Sri Lanka stocks closed 1.4 percent lower with several high flying speculative stocks losing ground a newly listed Expolanka Holdings slipping below its offer price, dealers said. The main All Share Price Index closed at 7083. 05, down 1.44 percent (103.81 points) while the Milanka index of liquid stocks also […]
Sri Lanka foreign reserves ease in early June
June 14, 2011 (LBO) – Sri Lanka’s foreign reserves eased to 7,055 million dollars by early June 2011 from 7,163 million dollars at the end of April, amid recent sales of dollars by the Central Bank, official data showed. Recent sales of dollars have been non-sterilized transactions which have sucked up excess rupee liquidity extinguishing […]
Sri Lanka central bank on gold sales
June 14, 2011 (LBO) – Sri Lanka’s central bank said it does not sell gold in the domestic market, but only in the international market adding that it was making the statement in response to recent reports. “The Central Bank manages the official international reserves of the country and maintains its foreign currency balances in […]