Category: Economy and Markets
Sri Lanka president sworn in for a second term
Nov 19, 2010 (LBO) – Sri Lanka’s president Mahinda Rajapaksa was sworn in for a second six year term in office Friday, a day after his birthday which was celebrated with a 15,000 kilogram ‘milk rice’ by the island’s top chefs. President took his oaths before the country’s Chief Justice in a nationally televised ceremony. […]
Sri Lanka to end tax breaks for small projects
Nov 19, 2010 (LBO) – Sri Lanka will stop giving tax holidays for investment projects smaller than 5. 0 million US dollars to close a loophole that has drained state revenues through the import of duty free equipment, a government minister said. This year the government has to tax the people to give a salary […]
Sri Lanka war-stricken farmers get US help
Nov 18, 2010 (LBO) – More than 17,000 farmers in Sri Lanka’s war torn north will get seed paddy, agricultural equipment and help to re-build infrastructure through a 5.0 million US dollar grant from the United States. The US embassy in Colombo said the program will be conducted through the Food and Agricultural Organization of […]
Sri Lanka should channel capital flows to direct investment: rating official
Nov 18, 2010 (LBO) – Sri Lanka can expect higher post-war growth, with lower inflation, higher employment provided deficit spending can be checked and capital inflows channeled to direct investment, a senior rating official said. “The two key reasons underpinning growth is the return of peace and all that it implies for investor confidence,” Roopa […]
Sri Lanka stocks close 1.4-pct higher on pre-budget rally
Nov 18, 2010 (LBO) – Sri Lanka stocks closed up 1.43 percent Thursday in a pre-budget rally which saw index heavy and illiquid stocks regaining recent losses. Aitken Spence, a conglomerate with heavy interest in the leisure sector closed at 178. 00, up 1.00 rupee. The All Share Price Index closed at 6,565.00, up 1.43 […]
Sri Lanka to smoothen path for investors: ministers
Nov 17, 2010 (LBO) – A Sri Lankan state committee has finalized a report that has identified issues blocking investment and has proposed remedies to fast track projects, especially by speeding relevant government approvals, ministers said. Analysts say many laws passed in the legislature contain clauses such as the need for ‘ministers’ concurrence’ which promotes […]
Sri Lanka stocks close 0.53-pct down
Nov 16, 2010 (LBO) – Sri Lanka stocks closed 0.53 percent lower, extending losses with index heavy stocks dragging the market down, brokers said. Turnover was 3.5 billion rupees. There were 53 gainers and 137 losers. “Sector wise 2.3 billion of the revenue came from diversified sector, 667 million from the hotels and 187 from […]
Sri Lanka Treasuries flat
Nov 16, 2010 (LBO) – Sri Lanka’s Treasuries yields were steady at Tuesday’s auction with 13.0 billion rupees in bills being sold with 12.0 billion maturing, the government’s debt office said. The government sold 2.7 billion rupees in 3-month bills, 6.6 billion rupees in 6-month bills and 3.8 billion rupees in 12-month bills. The 3-month […]
Sri Lanka holds policy rates, amid stronger credit growth
Nov 16, 2010 (LBO) – Sri Lanka’s central bank said it was holding its policy rates steady with credit growth picking up to 15. 5 percent in September 2010 from a year earlier and inflation despite an increase in commodity prices. “However, broad money growth remains compatible with the targeted path, with year-on-year growth in […]
Sri Lanka stocks close 1.4-pct lower
Nov 15, 2010 (LBO) – Sri Lanka stocks closed 1.4 percent lower Monday in a broad sell-off in a continuing correction in thin trade, as buyers awaited a budget next week, brokers said. The All Share Price Index closed at 6,507.15, down 1.41 percent (92.91 points) while the more liquid Milanka index fell 1.81 percent […]
Sri Lanka forex sales pick up amid excess liquidity
Nov 15, 2010 (LBO) – Sri Lanka’s central bank has sold 288. 7 million US dollars in foreign exchange markets in October in one of the biggest monthly sell-off of accumulated reserves in two years. In a sustainable pegged exchange rate regime such sales are an automatic quantity adjustment process that trims the monetary base […]
Sri Lanka floods force up to 300,000 from their homes
November 11, 2010 (AFP) – Sri Lanka sent in troops to rescue residents marooned in the capital Colombo on Thursday after the heaviest rains in 18 years flooded the city, forcing up to 300,000 people from their homes. At least one man was struck down by lightning and killed while a woman was injured when […]