Category: Economy and Markets
Sri Lanka reveals haul of civilian gold from war zone
October 21, 2010 (AFP) – The Sri Lankan government has said its troops collected more than four million dollars worth of gold jewellery during the defeat of the Tamil Tiger rebels. Chief government whip Dinesh Gunawardena told parliament on Wednesday that security forces picked up the precious items during the final months of the decades-long […]
Sri Lanka halts overnight open market operations
Oct 20, 2010 (LBO) – Sri Lanka’s central bank has stopped overnight auctions to withdraw excess liquidity from money markets until further notice, but will continue term auctions of securities to sterilize excess liquidity, officials said. Last month Sri Lanka also raised a billion dollars in international markets of which only about half was used […]
Sri Lanka Treasuries yields up slightly
Oct 20, 2010 (LBO) – Sri Lanka’s Treasury bill yields edged up 05 basis points at Tuesday’s auction with the government also resuming the sale of 3-month bills at 7.02 percent, a statement from the debt office said. The government sold 6-month bills at 7.09 percent up 05 basis points, and 12-month bills at 7.22 […]
Sri Lanka can have growth, low inflation if budget deficit is tamed: IMF
Oct 20, 2010 (LBO) – Sri Lanka’s recently controlled inflation and an economic recovery can be maintained if state deficit spending can be tamed, giving ordinary citizens a chance to engage in growth creating economic activities, the International Monetary Fund has said. The IMF, in a statement issued following the annual ‘Article IV’ consultations with […]
Sri Lanka stocks close down 0.59-pct
Oct 20, 2010 (LBO) – Sri Lanka stocks closed down Wednesday, dragged down by falls in index heavy stocks like John Keells Holdings (JKH) and Hatton National Bank (HNB), brokers said. The Colombo All Share Index closed down 0.59 percent (39.39 points) to 6,664.22 points, while the Milanka Index of more liquid stocks dipped 1.07 […]
Sri Lanka urged to become part of global supply chain
Oct 19, 2010 (LBO) – Sri Lanka must integrate itself with global production processes and markets instead of trying to produce everything itself, W A Wijewardena, a former central bank deputy governor, has said. “Previously we thought it was English. Now we call it globish – global English – the language used by Chinese, Japanse […]
Sri Lanka central bank keeps policy rates unchanged
Oct 19, 2010 (LBO) – Sri Lanka’s central bank will maintain benchmark interest rates at current levels as inflation remains low, credit flows are picking up and economic growth strong, a statement said. The Monetary Board of the bank at Monday’s meeting decided to maintain the Repurchase rate and the Reverse Repurchase rate at 7.25 […]
Sri Lankan stocks close up 1.22-pct
Oct 19, 2010 (LBO) – Sri Lankan shares made a comeback Tuesday, boosted by gains from banking sector stocks that weigh heavily on the index, while a big private deal in a hospital boosted turnover past three billion rupees, brokers said. John Keells Holdings, an index heavy conglomerate closed at 310.00 rupees, up 1.00 (0.32 […]
Sri Lankan stocks close flat
Oct 18, 2010 (LBO) – Sri Lankan shares closed flat Monday as retail investors continued to stay on the sidelines, while heavy buying interest on index heavy stocks pushed the Milanka index up, brokers said. Ceylon Leather Products, a unit of ERI closed at 97.30 rupees, up 4.00 (2.3 percent), while its Warrants 0012 closed […]
Sri Lanka may have 20,000 illegals mainly from Pakistan, India: report
Oct 17, 2010 (LBO) – Sri Lanka may have about 20,000 guest workers, mainly from India and Pakistan working as labourers, domestic workers, cooks and waiters in restaurants in several towns without proper authority, a media report said. Sri Lanka’s The Sunday Times newspaper said the number was an ‘official estimate’ but the island’s immigration […]
Sri Lanka rulers can set example by paying taxes: ex public servant
Oct 16, 2010 (LBO) – Sri Lanka’s rulers can set an example to the people by starting to pay taxes and the increasing privileges of elected officials can permeate wider into a bloated state, a retired public servant who has spent his life batting on the side of the people said. “For instance there is […]
Sri Lanka mini-hydro firm looks for cash to expand
Oct 15, 2010 (LBO) – Sri Lanka’s Hydro Power Free Lanka is looking for 350 million rupees in equity to build three new plants while the firm also has a revenue stream from two existing plants, officials said. Hydro Power Free Lanka posted revenues of 114. 9 million rupees and earned profits of 56.7 million […]