Category: Economy and Markets
Sri Lanka stocks edge down despite good company earnings
Nov 04, 2010 (LBO) – Sri Lankan shares closed lower Thursday, continuing a downtrend despite a crop of improved company quarterly earnings in what appears to be a cooling off after the market hit record highs, brokers said. The All Share Price Index closed at 6,658.45, down 0.25 percent (16.46 points) while the more liquid […]
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Nov 03, 2010 (LBO) – A 2011 budget that will broaden the tax base and cut tax holidays will help improve the outlook on Sri Lanka’s credit rating, but an contingent liabilities can undermine its credit, Moody’s Investors Services has said. Aninda Mitra, senior analyst and vice president of Moody’s Investors Services said the rating […]
Sri Lankan stocks close 0.5-pct down
Nov 03, 2010 (LBO) – Sri Lankan stocks closed lower with the fall softened by large deals on some high value shares, while Cargills Ceylon entered the dairy farm business with its takeover of Kotmale Holdings, brokers said. John Keells Holdings closed at 301.10 rupees, up 1.10 (0.37 percent), while Aitken Spence closed at 180.60 […]
Sri Lanka buys Shell LP Gas unit
Nov 03, 2010 (LBO) – Sri Lanka’s government has bought liquefied petroleum gas distribution operations of Royal Dutch Shell in the island for 63 million US dollars, officials said. Another 24 million US dollars had been invested in building other infrastructure. Hiran Seneviratne, a company official, said the agreement was signed at 11.00 am. Sri […]
Sri Lanka Treasuries move up across maturities
Nov 02, 2010 (LBO) – Sri Lanka’s Treasury bill yields moved up between 16 to 18 basis points across maturities at Tuesday’s auction, the government’s debt office said. The spot US dollar was quoted at 111. 69/70 rupees, dealers said. The 3-month yield rose 16 basis points to 7. 29 percent, the 6-month yield rose […]
Sri Lanka stocks close down 0.62-pct
Nov 02, (LBO) – Sri Lanka’s stocks closed down Tuesday, dragged down by index heavy stocks like John Keells Holdings (JKH) and Hayleys, brokers said. The Colombo All Share Index dipped 0.62 percent (41.79 points) to 6,710.64 points, while the Milanka Index of more liquid stocks also dipped 0. 65 percent (47.34 points) to 7,228.91, […]
Sri Lanka stocks close up 1.11-pct
Nov 01, (LBO) – Sri Lanka’s stocks closed up Monday, with gains shown yet again in the banking sector, brokers said. The Colombo All Share Index rose 1.11 percent (74.38 points) to 6,752.43 points, while the Milanka Index of more liquid stocks rose 0.48 percent (34.48 points) to 7,276.25, according to provisional Colombo Stock Exchange […]
Sri Lanka think tank warns against reliance on foreign loans
Nov 01, 2010 (LBO) – Depending too much on foreign borrowings to fuel growth in post-war Sri Lanka can be risky, the Institute of Policy Studies (IPS), a think tank, has warned in a new report. Its annual ‘Sri Lanka: State of the Economy’ report for 2010 is devoted to an assessment of the economic […]
Sri Lanka budget slightly behind target in August
Nov 01, 2010 (LBO) – Sri Lanka’s budget performance for the first eight months of the year is broadly on track though a gap between revenues and current spending has overshot the the full year target, official data show. The revenue deficit in the budget which involves cash items such as salaries puts pressure on […]
Sri Lanka could gain 1.5-pct of GDP revenue by tightening tax holidays: IMF
Nov 01, 2010 (LBO) – Sri Lanka can gain as much as 1.5 percent of gross domestic product in revenue by limiting tax holidays, and also cut tax rates if the base is broadened, an International Monetary Fund review has said. China had a standard rate of 17 percent and got 5.8 percent. Sri Lanka […]
Sri Lanka settles commercial bank overdrafts, Central Bank credit
Oct 29, 2010 (LBO) – Sri Lanka has settled high cost overdrafts from commercial banks and central bank credit taken to bridge the budget deficit with proceeds of a Euro bond which had contributed to excess reserves in the banking system, officials said. Record excess liquidity in the banking system which topped 80 billion rupees […]
Sri Lanka govt seeks more revenue from liquor, cigarettes
Oct 29, 2010 (LBO) – The Sri Lankan government is seeking to increase revenue for its cash-strapped Treasury by jacking up taxes on cigarettes and liquor, days ahead of the presentation of its annual budget, officials said. The tax on cigarettes has been raised by a rupee and that on a litre of 100 percent […]