Category: Economy and Markets
Sri Lanka policy rates steady as inflation rise
Dec 14, 2010 (LBO) – Sri Lanka’s central bank said it was holding rates steady at 7. 25 and 9.00 percent as inflation rose and credit growth picked up amid a “sustained recovery” in economic activities. Sri Lanka has one of the highest policy rates in the world and this year’s inflation at 7.0 percent […]
Sri Lanka budget, reforms on track, inflation rising: IMF
Dec 14, 2010 (LBO) – Sri Lanka’s 2010 state spending is on track with a planned 8.0 percent of gross domestic product deficit, and a new budget for next year has reformed taxes, but inflation is rising, the International Monetary Fund said. The government also announced an intention to end sweeping tax holidays which if […]
Sri Lanka stocks close down 0.8-pc
Dec 14, 2010 (LBO) – Sri Lankan stocks closed down Tuesday with index heavy stocks like JKH and Dialog Axiata dragging the market down, brokers said. Turnover was 1.25 billion rupees. “Hardly any high-net-worth and institutional participation was seen in the market with some retail trading taking place,” Sahani De Silva of Bartleet Mallory Stockbrokers […]
Sri Lankan firms tap unemployed youth in lagging region
Dec 14, 2010 (LBO) – Sri Lankan companies seeking to fill vacancies held a job fair in the southern Wellawaya region, an economically neglected part of the island which lags behind other regions, a statement said. The Board of Investment said more than twenty six enterprises under the investment promotion agency took part in the […]
Sri Lanka said keen on public-private partnerships
Dec 13, 2010 (LBO) – Sri Lanka is keen on partnerships between the public and private sectors in developing its economy, the International Finance Corporation, which is supporting the initiative, said in a statement. Sri Lanka is actively considering options to increase private participation in development,” it quoted Sarath Amunugama, Sri Lanka’s Senior Minister of […]
Sri Lanka stocks becalmed
Dec 13, 2010 (LBO) – Sri Lankan stocks closed flat Monday with more retail participation seen in the market, brokers said. The company’s voting shares closed at 24.30, down 1.10 rupees while the non-voting shares closed at 15.50, down 0.70 cents. The All Share Price Index closed at 6,436.82, up 0.06 percent (4.07 points) while […]
Sri Lanka spice firm registers trademark over McDonalds objection: report
Dec 12, 2010 (LBO) – Lanka Spice Limited, a Sri Lankan-based spice firm has successfully registered its trademark ‘McCurrie’ over objection of McDonalds, a US-based fast food chain, a media report said. Lanka Spice has been in the market since 1982 The Sunday Times newspaper said. The report quoted Lanka Spice chairman Nalin Pathikirikorale as […]
Sri Lanka policy consistency seen needed for investor confidence
Dec 11, 2010 (LBO) – Sri Lanka should have consistent government policies to increase private sector confidence to invest more in the economy which in turn would boost economic growth, a senior chartered accountant said. A total of 57 awards were given out at the ceremony for finance, banking, hotel, health, manufacturing and insurance sectors. […]
Sri Lanka stocks close down 0.2-pct
Dec 10, 2010 (LBO) – Sri Lankan stocks continued their slide Friday, ending down 0.20 percent with institutions staying out and the retail investors selling, brokers said. The All Share Price Index closed at 6,432.75, down 0.20 percent (13.02 points) while the Milanka index of liquid stocks dipped 0.44 percent (30.44 points) to close at […]
Sri Lanka to borrow USD760mn for roads from China
Dec 09, 2010 (LBO) – Sri Lanka will borrow 760 million US dollars from two state-banks in China to upgrade more than one thousand kilometres of roads in the island including key roads in former war-torn areas in the Northwest of the country, the government said. The government will borrow 500 million dollars from China […]
Sri Lanka stocks close down 0.1-pct
Dec 09, 2010 (LBO) – Sri Lankan stocks ended down 0. 13 percent Thursday, with only limited retail participation in the market, brokers said. The All Share Price Index closed at 6,445. 77, down 0.13 percent (8.54 points) while the Milanka index of liquid stocks dipped 0. 04 percent (3.05 points) to close at 6,915.89, […]
Sri Lanka labour unions kept pacified: CB governor
Dec 08, 2010 (LBO) – Sri Lankan government efforts to prevent labour trouble in recent years despite tough economic conditions should be considered part of its effort to support the business community, central bank governor Nivard Cabraal said. “If we have good roads, that’s a relief. If we have employment, 24-hour electricity and coverage throughout […]