Category: Economy and Markets
Sri Lanka vegetable traders hit by contradictory allegations
Apr 11, 2011 (LBO) – Sri Lanka’s vegetable traders who are often accused of keeping prices up through a purchasing ‘mafia’ have now been accused of lowering prices through imports, according to a media report. Sri Lanka’s The Sunday Times newspaper said local tomatoes were being sold for prices between 100 to 120 rupees and […]
Sri Lanka shares end up 0.5-pct
Apr 11, 2011 (LBO) – Sri Lankan shares closed higher at the start of a short trading week with illiquid stocks rising sharply on speculation and a single large deal in a bank, brokers said. The trading week has been shortened to two days by traditional new year holidays. The All Share Price Index closed […]
Sri Lanka commercial rents rising: property firm
Apr 11, 2011 (LBO) – Sri Lanka’s commercial rents have risen in 2010 with occupancy levels picking up from a slump in 2009, which saw the end of a 30-year war the owners of a prominent Colombo property has said. Overseas Realty Ceylon Ltd, a unit of Singapore’s S P Tao group said occupancy at […]
Sri Lanka coercive salary deduction under fire
Apr 11, 2011 (LBO) – An attempt by Sri Lanka’s state to deduct a two percent from workers’ salaries under to start a ‘pension scheme’ without any prior discussion with the workers themselves has come under heavy fire. The state which already deducts 8 percent from workers salaries for a state managed Employees Provident Fund, […]
Sri Lanka budget deficit 7.9-pct of GDP in 2010: central bank
Apr 11, 2011 (LBO) – Sri Lanka’s budget deficit fell to 7.9 percent of Gross Domestic Product in 2010 from 9.9 percent in 2009, Swarna Gunaratne, additional director of the central bank’s economic research department said. The deficit was better than the 8.0 percent of GDP that had been expected, she told a news conference […]
Sri Lanka central bank presses for reforms to state entities
Apr 11, 2011 (LBO) – Reforming Sri Lanka’s loss-making public enterprises could help the country cope better with external shocks like high crude oil prices, the central bank has said. Adjusting domestic prices such as fuel to be more in line with international prices would reduce the burden on the budget of these enterprises, it […]
Maldives breaks peg, floats currency in 20-pct band
Apr 11, 2011 (LBO) – Maldives has broken its peg at 12. 85 to the US dollar effectively allowing the currency to depreciate over 15 rufiya to the US dollar under a 20 percent band within which the currency will be allowed to float. The International Monetary Fund said the move will help stabilize the […]
Sri Lanka shares end up 0.5-pct
Apr 08, 2011 (LBO) – Sri Lankan shares closed higher with interest in a new conglomerate and associatd firm and poultry companies although trading volmes were lower than usual in the run-up to a holiday break, brokers said. The stock market will be closed for the latter part of next week owing to the traditional […]
Sri Lanka shares closer higher
Apr 07, 2011 (LBO) – Sri Lankan shares closed higher Thursday with some interest in the banking and finance sector although total trading volumes were lower than uual, brokers said. The All Share Price Index closed at 7,378.73, up 0.26 percent (18.83 points) while the more liquid Milanka index rose 0. 18 percent (12.90 points) […]
Sri Lankan firms allowed to borrow abroad
Apr 07, 2011 (LBO) – Sri Lanka’s central bank has begun allowing companies to borrow abroad, calling for applications from firms for loans up to 20 million US dollars. Sole proprietorships include those in consultancy services, handicrafts, advertising, publishing, sports services, fashion and film, and entertainment industry. Companies can borrow for working capital, investment, restructuring […]
Sri Lanka to get $300mn a year for infrastructure from ADB
Apr 07, 2011 (LBO) – The Asian Development Bank would finance Sri Lanka with about 300 million dollars annually over the next few years, with roads, water supply and sanitation getting attention, officials said. In the past three years Sri Lanka had got nearly a billion dollars of Asia Development Financing, with a peak of […]
Sri Lanka shares end lower
Apr 06, 2011 (LBO) – Sri Lankan shares closed lower Wednesday with poultry sector stocks again drawing interest along with a hotel that boosted turnover, brokers said. The All Share Price Index closed at 7,359.90, down 0.14 percent (10.12 points) while the more liquid Milanka index fell 0.37 percent (25.85 points) to close at 6,996.43, […]