Category: Economy and Markets
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 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 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 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 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 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 […]
” 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 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 […]