Category: Economy and Markets
Asians driven to extreme poverty by commodity bubble
Apr 27, 2011 (LBO) – Rising food prices from a global commodity bubble could push 64 million people in developing Asia into extreme poverty, the Asian Development Bank said adding to rising concerns about the effects loose US monetary policy. Many such central banks also create their own inflation, adding to inflation generated by the […]
Sri Lanka stocks end up 0.2-pct
Apr 27, 2011 (LBO) – Sri Lankan shares closed mixed once again Wednesday in dull trade with motor sector shares rebounding from losses sustained after a government import duty hike likely to slow car sales, brokers said. Lanka Ashok Leyland, which imports buses from India and did not fall after the import duty hike, rose […]
Sri Lanka state petroleum firm lose US$260mn
Apr 26, 2011 (LBO) – Sri Lanka’s state run petroleum distributor Ceylon Petroleum Corporation has lost 28.6 billion rupees in 2010 as due to rising cost and arbitrary political control of its retail prices, official data show. Sri Lanka has no cost-basis for fuel pricing and prices are controlled by arbitrary by the state while […]
Soaring food prices a threat across Asia
MANILA, April 26, 2011 (AFP) – Soaring global food prices threaten to push tens of millions of Asians into extreme poverty and cut the region’s economic growth this year, the Asian Development Bank warned in a report Tuesday. Cereal inventories globally will shrink further unless production rises at least 2.0 percent this year, the report […]
Sri Lanka motor shares weaken after duty hike
Apr 26, 2011 (LBO) – Sri Lankan shares closed mixed Tuesday with motor companies weakening after an impot duty hike that will increase prices of cars and reduce sales, brokers said. The main All Share Price Index was barely changed, closing at 7,349.17, up 0.05 percent (3.69 points) while the more liquid Milanka index fell […]
Sri Lanka shares end down 1.5-pct
Apr 25, 2011 (LBO) – Sri Lankan shares tumbled for the fifth straight day Monday with motor shares taking a hit and heavy trading continuing in Lankem Developments, brokers said. The All Share Price Index closed at 7,345.48, down 1.49 percent (111.34 points) while the more liquid Milanka index fell 1.32 percent (91.84 points) to […]
Sri Lanka raises taxes on imported vehicles
Apr, 25, 2011 (LBO) – Sri Lanka has raised import duties on several categories of petrol-engined cars and three wheelers with steeper increases seen in larger hybrid vehicles, which had exceptionally low taxes earlier, officials said. At the current rates even the large hybrids are taxed at a lower rate than smaller petrol cars. Update […]
Sri Lanka gets nanotechnology patents
Apr 22, 2011 (LBO) – A Sri Lankan private-public sector partnership has been able to acquire five international patents in nanotechnology in its first year of operations in a drive to commercially exploit the technology. Similarly, the export of nano carbon tubes and nano titanium dioxide in place of the raw minerals that are exported […]
Sri Lanka industrial productivity up 10.9-pct in 2010
Apr 21, 2011 (LBO) – Labour productivity in Sri Lanka’s industry rose 10.6 percent in 2010 racing ahead of economy-wide gains which were dragged down slower increases in agriculture and services, according to official data. Overall labour productivity in all three sectors rose 6.6 percent from a year earlier to 343,000 rupees. Labour productivity is […]
Sri Lanka shares edge down
Apr 21, 2011 (LBO) – Sri Lankan shares closed weaker for the fourth day Thursday with active trading in newly listed firms and private deals in the dominant mobile operator which is said to be eyeing another phone company, brokers said.The All Share Price Index closed at 7,456. 82, down 0.24 percent (17.68 points) while […]
Sri Lanka shares down for third straight day
Apr 20, 2011 (LBO) – Sri Lankan shares closed slightly weaker Wednesday, down for the third straight day, with heavy trading continuing in the most recently listed firm and in the Aitken Spence group, brokers said. The All Share Price Index closed at 7,474.50, down 0.01 percent (0.66 points) while the more liquid Milanka index […]
Sri Lanka watchful; US dollar weakness pushes gold higher
Apr 20, 2011 (LBO) – Gold futures hit a new high of 1,500 US dollars an ounce amid concerns about the US currency and budget deficits, with one state passing a law to make gold and silver legal tender. Modern fully paper fiat money, which a central bank can pass to the population in unlimited […]