Category: Economy and Markets
IMF warns Asia of spillovers from European crisis
SINGAPORE, June 9, 2010 (AFP) – The IMF warned Asia Wednesday of the potential spillovers of the European debt crisis, saying it could dampen trade, make capital flows volatile and overheat economies in the region. Greece is at the epicentre of a mounting debt crisis that threatens to spread across the eurozone and has pulled […]
Sri Lanka consumer spending rebounds: FMCG firm
June 09, 2010 (LBO) – Sri Lanka’s Hemas group said its fast moving consumer goods (FMCG) division grew revenues at double digit rates in the latest financial year and it re-launched brands as consumer spending rebounded. Sri Lanka had high inflation in 2008. It hit a peak of 28 percent in mid-2009 but fell thereafter. […]
‘s post-war boom accelerates
June 9, 2010 (AFP) – Sri Lanka’s central bank raised its growth forecast for the year on Wednesday, citing strong post-war expansion in reconstruction and agriculture, particularly in former conflict zones. Cabraal also said the central bank was in the process of evaluating two international banks who have sought to open branches in Sri Lanka. […]
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June 09, 2010 (LBO) – Sri Lankan stocks recovered Wednesday with gains in banks pushing the market up and retail investors seen chasing midcap and ‘penny stocks’ with heavy speculative trading on Ceylon Leather Products, brokers said. The All Share Price Index closed at 4,464.41, up 37.14 points, while the Milanka index of more liquid […]
Sri Lanka must reduce deficits, debt; contain inflation: World Bank
June 08, 2010 (LBO) – South Asian countries like Sri Lanka must reduce high budget deficits and public debt to gain from the global economic recovery that is underway, the World Bank said in a report. The region weathered global recession much better than any other, showing remarkable resilience and is the second-fastest growing area […]
Sri Lanka outlines spending plans for 2010
June 08, 2010 (LBO) – Sri Lanka will spend at least 202 billion rupees on defence, 87. 8 billion rupees on roads, 53 billion rupees on health, 26. 2 billion rupees on ports and 25.1 billion rupees on water supply this year, a bill submitted to parliament said. In 2009 Sri Lanka spent 188.6 billion […]
Sri Lanka must cut business costs to lure investors: World Bank
June 08, 2010 – Sri Lanka’s investment climate must be improved and cost of doing business reduced to attract the private investment needed to speed up growth and improve people’s lives, a senior World Bank official said. Sri Lanka needs to sharply increase private investment in order to accelerate growth, Ernesto May, handling private sector […]
Sri Lankan stocks becalmed
June 08, 2010 (LBO) – Sri Lankan stocks closed almost flat Tuesday as investors took profits from selected shares seen as over-priced and re-invested in those with potential for short-term gains, while foreign investors were net sellers, brokers said. The All Share Price Index closed at 4,427.27, down 4.05 points, while the Milanka index of […]
Sri Lanka retail buying push shares up 1.77-pct
June 07, 2010 (LBO) – Sri Lankan stocks closed higher Monday with strong buying by retail investors pushing up blue chips and ‘mid-cap’ stocks and sending the Milanka index across the 5,000 point mark, brokers said. The All Share Price Index closed at 4,431. 32, up 1.77 percent (77.12 points) while the more liquid Milanka […]
Sri Lanka John Keells retains top rating, buoyed by container terminal
June 07, 2010 (LBO) – Sri Lanka’s John Keells Holdings has retained its ‘AAA(lka)’ rating with a ‘stable’ outlook with strong cashflows from dividends of its container terminal in Colombo port, Fitch Ratings said. “JKH’s ratings reflect its strong financial profile as a result of strong dividend inflows to its parent, significantly low net-debt level […]
Sri Lanka firms struggle with rising labour costs: reports
June 06, 2010 (LBO) – A coir factory in a coconut growing northeastern district in Sri Lanka is facing labour problems and a yet another state enterprises is facing financial difficulties, media reports said. The Sunday Times newspaper said a four year old export oriented coir factory with Indian and Israeli collaboration has run into […]
Sri Lanka aims for investment grade rating by 2013: CB Governor
June 05, 2010 (LBO) – Sri Lanka is aiming to push its speculative sovereign rating to investment grade by 2013 by fixing government finances, keeping inflation low and growth high, Central Bank Governor Nivard Cabraal said. Sri Lanka was downgraded a notch from its original rating as the country went on a deficit spending and […]