Category: Economy and Markets
Sri Lanka upgrades growth forecast for 2010
Sept 23, 2010 (LBO) – Sri Lanka has upgraded its growth forecast to between 7.5 to 8.0 percent for 2010, on a better than expected second quarter economic expansion and stronger credit flows, Central Bank governor Nivard Cabraal said. The central bank which cut policy rates for two months in a row held rates in […]
Sri Lanka tax appeals process seen flawed, unjust
Sept 23, 2010 (LBO) – Sri Lankan tax payers are at the mercy of an unfair system with no proper appeal mechanism and aging members of a review board not bothering to turn up for hearings, an expert said. “Some members do not bother to turn up for the hearing of an appeal and delegate […]
Sri Lanka stocks close up 1.03-pct
Sept 23, 2010 (LBO) – Sri Lankan shares edged higher into record territory Thursday with prices of a couple of firms invoved in a change of ownership soaring, brokers said. The All Share Price Index closed at 6,772.34, up 1.03 percent (69.35 points) while the more liquid Milanka index rose 1. 56 percent (110.13) to […]
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Sept 22, 2010 (LBO) – Moody’s Investors Service said it had given a ‘B1’ sovereign rating for Sri Lanka with a ‘stable’ outlook on the end of a war, low inflation and efforts to contain the budget deficit, despite having high levels of debt. “The stable outlook also considers Sri Lanka’s small size, partial dollarization, […]
Sri Lanka stocks close up 2.8-pct
Sept 21, 2010 (LBO) – Sri Lankan shares closed higher Tuesday in trading marked by a change in control of an asset-rich pharamaceutical firm and the first imposiotn of a price band under new rules, brokers said. The All Share Price Index closed at 6,702.99, up 2.8 percent (181.56 points) while the more liquid Milanka […]
Sri Lanka B+ sovereign rating outlook lifted to positive: Fitch
Sept 21, 2010 (LBO) – The outlook on Sri Lanka’s ‘B+’ sovereign rating has been lifted to ‘positive’ from ‘stable’ on the end of a 30-year war and an agreement with the International Monetary Fund. The full statement issued by Fitch is reproduced below: Fitch Ratings has today affirmed Sri Lanka’s Long-term foreign and local […]
Sri Lanka central bank holds policy rates steady
Sept 21, 2010 (LBO) – Sri Lanka’s central bank said it has decided to hold policy interest rates steady at a meeting Tuesday given falling market rates and increased credit flows to the private sector. The central bank said it expects market interest rates to fall further. “Market interest rates continued to adjust downwards in […]
Sri Lankan stocks close up 0.99-pct
Sep 20, 2010 (LBO) – Sri Lankan stocks closed at another record high Monday, after a 10 percent upward and downward price band was lifted, while heavy buying of property development and finance firms boosted turnover, brokers said. The All Share Price Index shot up in early trade, with the previously announced expiry of the […]
Sri Lanka urban development agency making heavy losses
Sept 20, 2010 (LBO) – Sri Lanka’s Urban Development Authority (UDA) has been making losses from 2006 and the accumulated loss by December 2009 was 1.1 billion rupees, its debenture prospectus has revealed. People occupying state-owned land are to be resettled and the property they were on are to be opened up for development by […]
Sri Lanka budget revenues on track, expenses up in July
Sept 20, 2010 (LBO) – Sri Lanka’s state revenues were on track with a projected budget for the first seven months to July 2010 but current expenses have started to creep up, keeping the revenue deficit wide, official data show. Total revenues were up 22.7 percent to 355.4 billion rupees up to July, with non-tax […]
Sri Lanka probes negligence after dynamite depot blast
KARADIYANARU, September 18, 2010 (AFP) – Sri Lankan authorities on Saturday probed negligence as a possible cause of a powerful blast at a dynamite depot in the island’s east that killed 25 people. The military said that 16 policemen, two Chinese contractors and seven Sri Lankan civilians died in Friday’s explosion in Batticaloa district, while […]
Global brands face growing labour militancy in Asia
DHAKA, September 19, 2010 (AFP) – Global retailers fleeing China’s rising labour costs now find themselves facing growing pressure for higher wages in countries from Bangladesh to Cambodia, Vietnam, India and Indonesia. The latest sign that workers are becoming more militant in their demands for a larger share of the region’s economic success came in […]