Category: Economy and Markets
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 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 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 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 […]
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 […]
”’ bankrupts 2,000 bakers: industry
November 9, 2010 (AFP) – A Sri Lankan government campaign against bread and other wheat products has forced some 2,000 bakers out of business and left many more under threat, an industry body said Tuesday. The All Ceylon Bakery Owners’ Association said more than a quarter of bakers in the island had closed down this […]
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 […]
Sri Lanka stocks close weaker
Nov 08, 2010 (LBO) – Sri Lankan shares closed weaker Monday, with trading dull except for a private deal in Commercia Bank, as investors waited for the government budget, brokers said. The All Share Price Index closed at 6,640. 19, down 0.27 percent (18.26 points) while the more liquid Milanka index rose 0. 15 percent […]
Sri Lanka unemployment lower in 2Q, but industry jobs fall: survey
Nov 08, 2010 (LBO) – Sri Lanka’s unemployment fell to 5.4 percent of jobseekers in the second quarter of 2010, down from a peak of 6.2 percent a year earlier, but there was fall in industrial workers. Compared to the first quarter of 2010, unemployment rose from 5. 0 percent. In the first quarter farming […]
Sri Lanka gets World Bank loans for small business, tourism
Nov 08, 2010 (LBO) – The World Bank said it will give Sri Lanka 125.4 million US dollars for three projects to support Small and Medium Enterprises, tourism and local service improvements in the former north-east war zone. “The three projects will help Sri Lanka reap maximum benefits of the peace dividend and make further […]
Sri Lanka credit pick up may reduce excess liquidity: Deputy Governor
Nov 06, 2010 (LBO) – Growing credit and imports may reduce excess rupee reserves in Sri Lanka’s banking system which built up as the central bank bought foreign exchange to stop the currency appreciating, deputy governor Dharma Dheerasinghe said. “Credit is moving,” he said. “Total credit growth is now about 15 percent.” In 2009 credit […]