Category: Economy and Markets
” perceptions: WGC
Nov 12, 2010 (LBO) – India, the top global consumer of gold, will see higher demand helped by a stronger perception that the metal is a reliable and safe “monetary asset” amid rising inflation, an industry body said. The report from the World Gold Council, an body representing mining interests, came shortly after Robert Zoellick, […]
Sri Lanka Hayleys rating on negative watch after acquisition
Nov 12, 2010 (LBO) – Sri Lanka’s Hayleys’ rating has been place on a ‘negative’ watch after the firm took on 2. 0 billion rupees in debt to buy Alumex, an aluminum extrusion company for 2.1 billion rupees, Fitch Ratings Lanka said. The ‘rating watch negative’ could result in a downgrade of the firm’s AA-(lka) […]
Sri Lanka stocks end up 0.5-pct
Nov 12, 2010 (LBO) – Sri Lankan stocks closed higher Friday in thin trade as businesses recovered from devastating floods in the capital Colombo caused by heavy rains the day before, brokers said. The All Share Price Index closed at 6,600.06, up 0.46 percent (30.45 points) while the more liquid Milanka index rose 0.50 percent […]
Sri Lanka in new campaign to promote tea
Nov 11, 2010 (LBO) – Sri Lanka’s tea industry will launch a marketing campaign to promote Ceylon tea next year with funds from a new export tax on exports, a senior Tea Board official said. The levy of 3.50 rupees a kilo that came into effect in November will raise about a billion rupees or […]
Sri Lanka capital flooded, rains lash island
Nov 11, 2010 (LBO) – Parts of Sri Lanka’s capital Colombo went under water as unprecedented rains lashed the island, and authorities warned residents to use public transport to avoid traffic jams amid flood warnings in other parts of the country. Many of Colombo’s streets, including the approach roads to Sri Lanka’s parliament was impassable […]
World moving towards new monetary system: Zoellick
SINGAPORE, November 10, 2010 (AFP) – The global economy is moving towards a new monetary system with gold emerging as a preferred alternative to existing asset, World Bank president Robert Zoellick said Wednesday. “So in relative terms, gold is appealing to people who ask ‘where should I put my money’…. it’s a hedge on uncertainty.” […]
Sri Lanka passes gaming law
Nov 10, 2010 (LBO) – Sri Lanka passed a gaming law which allowed casinos to be set up in areas designated by a minister, legalizing an activity that has anyway operated as clubs with members earlier. The bill was labeled by Sri Lanka’s main opposition United National Party as a move that will hurt “the […]
Sri Lanka Treasuries yields flat after moving above policy rate
Nov 10, 2010 (LBO) – Sri Lanka’s Treasury bill yields were flat at Wednesday’s auction after yields of all maturities moved over the central bank’s policy rate of 7. 25 percent a week earlier, data released by the government’s debt office showed. The 3-month yield edged up one basis point to 7.30 percent, the 6-month […]
Sri Lanka Asiri Hospitals group net down 52-pct
Nov 10, 2010 (LBO) – Sri Lanka’s Asiri Hospitals group profit fell 52 percent to 23.3 million rupees though revenues rose 22. 2 percent to 1,197 million rupees in the September 2010 quarter from a year earlier, interim accounts showed. Administrative costs rose 54 percent to 324 million rupees. Finance costs also rose 36 percent […]
Sri Lanka stocks end weaker
Nov 10, 2010 (LBO) – Sri Lankan stocks slumped again Wednesday, extending a losing streak, with trading drying up and a few private deals in units of the John Keells Holdings group, brokers said. The All Share Price Index closed at 6,535. 09, down 0.87 percent (57.29 points) while the more liquid Milanka index fell […]
Sri Lankan shares close 0.7-pct down
Nov 09, 2010 (LBO) – Sri Lankan stocks closed down Tuesday as investors stayed out expecting further falls in future following a ban on stock brokers extending credit beyond January 01, 2011, brokers said. The Colombo All Share Index was down 0.72 percent (47.81 points) to 6,592.38 points, while the Milanka Index of more liquid […]
World Bank chief fires gold standard debate amid Fed money printing
Nov 09, 2010 (LBO) – World Bank chief Robert Zoellick has fired a debate on a return to gold as a monetary anchor with the United States engaging in new money printing, threatening to send food and other commodity prices higher. Federal Reserve chief Ben Bernanke dubbed ‘Bubble Ben’ by his detractors who are critical […]