Category: Economy and Markets
” cheers up crisis-hit Latvia
RIGA, May 29, 2010 (AFP) – Decked out in pink, their locks glinting in the sunshine, hundreds of blondes marched arm-in-arm through the Latvian capital Riga Saturday, in a bid to raise spirits in the slump-stricken Baltic state. Tourists and locals marvelled as more than 800 blondes wove their way through the streets for the […]
Sri Lanka needs to contain deficit for long term growth: ADB chief
May 28, 2010 (LBO) – Sri Lanka has to contain its fiscal deficit to sustain growth and maintain stability as the country emerges from a 30-year conflict and rebuilds war damaged infrastructure, Asian Development Bank President Haruhiko Kuroda said. In 2009, Sri Lanka’s deficit expanded to 9.8 percent of gross domestic product overshooting a 7.0 […]
Sri Lanka forex reserve edge up in March
May 27, 2010 (LBO) – Sri Lanka foreign exchange reserves rose to 5,192 million US dollars in March 2010 from 5,032 million dollars a month earlier, with imports and remittances also expanding, the Central Bank said. Sri Lanka’s has a pegged exchange rate and foreign remittances as well as net foreign borrowings of the state […]
Sri Lanka stocks close 0.5-pct up
May 26, 2010 (LBO) – Sri Lankan stocks closed higher Wednesday helped by midcap and penny stocks, while Confifi Hotels stocks shot up 46.5 percent amidst low volume trading in take-over play, brokers said. Asia Capital, an investment bank with stock brokering licenses closed at 33.00 rupees, up 2.00, Ceylon Hospitals closed at 75. 75 […]
Sri Lankan stocks close 0.15-pct down
May 25, 2010 (LBO) – Sri Lankan stocks closed down Tuesday as investors continued to take profits from an overheating market, while large privately negotiated deals on hotels and financial services shares boosted turnover, brokers said. The All Share Price Index closed at 4,226.49, down 6.43 points, while the Milanka index of more liquid stocks […]
Sri Lanka to get ADB aid for post-war development
May 25, 2010 (LBO) – Asian Development Bank (ADB) President Haruhiko Kuroda will visit Sri Lanka on May 26-28 where he will pledge ADB’s continuing support for government’s post-war reconstruction and development programs, the bank said. During the visit Kuroda is scheduled to meet top government officials and discuss ADB’s ongoing assistance for the country’s […]
Sri Lankan stocks becalmed, retailers take profits
May 24, 2010 (LBO) – Sri Lankan stocks closed almost flat Monday as retail investors took profit while gains on selected high value shares prevented a deeper slide in the indices, brokers said. The All Share Price Index closed at 4,232. 92, down 2.77 points, while the Milanka index of more liquid stocks fell 0. […]
Sri Lanka 03 months yields fall, 06 and 12 month yields climb
May 24, 2010 (LBO) – Sri Lanka’s 3-month Treasury bill yields dipped 03 basis points to 8. 10 percent at Monday’s auction, the government’s debt office said. The central bank routinely prints money to bridge government recurrent expenditures, driving up inflation. The 6-month yield rose 03 basis points to 8.91 percent while the 12-month yield […]
Sri Lanka EPF contributors fall 300,000 in 2010
May 22, 2010 (LBO) – Active contributors to Sri Lanka’s Employees’ Provident Fund (EPF) of private sector workers dropped by 300,000 in 2009, a year in which the country went through an economic downturn, official data showed. EPF’s active accounts dropped 12 percent to 2.0 million from 2.3 million a year earlier. Contributing companies and […]
Sri Lanka IMF program back on track
May 22, 2010 (LBO) – Sri Lanka’s deal with the International Monetary Fund was back on track with a review mission being ready to hammer out a new deal with fresh targets to rein in its runaway fiscal deficit on the basis of a budget due in June. In 2009 Sri Lanka’s rulers busted a […]
Fiscal discipline urged to cure market ills
BERLIN, May 22, 2010 (AFP) – The head of Europe’s central bank and Pope Benedict XVI Saturday laid into governments for a lack of financial rigour, after investors battered the euro over fears of unsustainable debts. With the euro having plunged to a four-year low against the dollar in the past week, ECB chief Jean-Claude […]
Sri Lanka may get IMF funds in 4-6 weeks: official
May 21, 2010 (LBO) – The International Monetary Fund (IMF) is likely to release the next tranche of its program loan to Sri Lanka in 4-6 weeks if its management and board are satisfied with the island’s budget deficit for 2010, an official said. Policy talks were encouraging, visiting IMF mission chief Brian Aitken told […]