Category: Economy and Markets
Sri Lanka businesses told: be prepared, watch warning signs
Mar 24, 2010 (LBO) – Sri Lankan businesses should be prepared for economic downturns and watch for warning signs from other economies to avoid being hurt during crises, Central Bank governor Nivard Cabraal said. “The first lesson is, strengthen yourself in good times,” he said, recalling how the central bank prepared to face the global […]
Sri Lankan stocks close 0.33-pct down
Mar 23, 2010 (LBO) – Sri Lankan shares closed down Tuesday as retail investors continued to stay on the sidelines, while private deal on John Keells Holdings (JKH) pushed turnover past a billion rupees, brokers said. The All Share Price Index closed at 3,730. 67, down 12.33 points, while the Milanka index of more liquid […]
Sri Lanka loosened monetary policy without damage: IMF
HANOI, Mar 23, 2010 (LBO) – Sri Lanka was among the countries that ran counter-cyclical monetary policy in 2009 without damaging fallouts but low income Asian nations have to invest more, International Monetary Fund officials said. Sri Lanka is estimated to have grown by about 3. 5 percent in 2009 recovering from a slump from […]
Sri Lanka invites investors for township development
Mar 23, 2010 (LBO) – Development of townships around Sri Lanka’s capital Colombo offers investors a range of investment opportunities to build infrastructure and supply services, a senior official said. The Greater Colombo township development, known as the ‘3K’ project from the three towns covered – Kottawa, Kaduwela and Kadawatha – is connected with construction […]
‘s main opposition touts new policies
Mar 23, 2010 (LBO) – Sri Lanka’s right wing United National Party (UNP) promises socialist style intervention to fix economic problems by clamping down on errant banks, increasing state-sector pensions and wages and threatening to cancel foreign commercial loans. Troubled assets of the Sri Lanka’s banking system will be absorbed into the state by a […]
IMF Vietnam forum debates post-crisis way forward for developing Asia
HANOI, Mar 22, 2010 (LBO) – Government officials, international financial institutions and policy researchers are discussing developing Asia’s response to the global crisis and the way ahead for lower poverty and growth at a forum in Hanoi Monday. Sri Lanka’s finance secretary P B Jayasundera, Nepal’s minister of finance, Surendra Pandey and advisor to Bangladesh’s […]
Vietnam lauds role of policy advice, international support, in recovery
Hanoi, Mar 22, 2010 (LBO) – International support and policy advice on macro-economic management has helped Vietnam recover from a slowdown in 2009 and the country intended to use global links to cut poverty, officials said. Vietnam’s economy slumped in the fist part of 2009 but recovered later and the country was expected to record […]
Sri Lanka expects more support from multilateral lenders: Treasury chief
HANOI, Mar 22, 2010 (LBO) – Sri Lanka is looking for more flexibility and backing from multilateral lenders as the country emerges from a war and a global crisis and is planning sustainable growth for the future, a top official said. IMF only lends money to the central bank to boost its reserves and budgetary […]
Sri Lankan stocks becalmed
Mar 22, 2010 (LBO) – Sri Lankan stocks closed barely changed Monday and trading was lower than that of recent days as retail investors bought into conglomerate John Keells Holdings (JKH) and selected midcap stocks, brokers said. The All Share Price Index closed at 3,743.00, 0.05 percent or 1.92 points down, while the Milanka index […]
Sri Lankan shares close 0.27-pct down on retail selling
Mar 19, 2010 (LBO) – Sri Lankan shares closed down Friday as investors took profits from selected midcap stocks, while Sunshine Holdings, John Keells Hotels and First Capital were heavily traded, brokers said. Commercial Bank of Ceylon closed at 191. 50. The All Share Price Index closed at 3,744. 92, down 10.27 points, while the […]
Sri Lanka sells US$93mn in dollar bonds
Mar 19, 2010 (LBO) – Sri Lanka has raised 92 million US dollars by selling two and three year dollar denominated bonds at rates slightly lower than the previous year, the government’s debt office said. In March severe cashflow strains usually emerge in government finances as state employees are paid two salaries ahead of a […]
Sri Lanka policy rates frozen amid rising inflation, excess liquidity
Mar 18, 2010 (LBO) – Sri Lanka held policy rates frozen in March as inflation accelerated, central bank financing of the budget deficit increased to new highs amid frantic attempts to mop excess liquidity. The International Monetary Fund has already suspended a deal after the 2009 budget deficit went off the rails to 10.3 percent […]