Category: Economy and Markets
IMF chief says no to higher inflation to reduce debt
Apr 11, 2010 (LBO) – The head of the International Monetary Fund played down suggestions that inflation should be raised to slash the real value of state debt, but said future growth should be used cut the burden. Strauss-Khan said public debt in advanced economies were forecast to rise about 35 percentage points to about […]
Sri Lanka lose 39,000 industrial jobs
Apr 09, 2010 (LBO) – Sri Lanka has lost 39,700 industrial jobs and 136,000 agricultural jobs in the fourth quarter of 2009 from a year earlier but gained 56,200 service jobs, a government survey showed. There was a 16,600 nnet gain in non-farm jobs in the last quarter from a year earlier, a quarterly labour […]
Sri Lanka expects leisure to loom larger in FDI
Apr 08, 2010 (LBO) – Telecom and power sectors which accounted for 65 percent of foreign direct investment to Sri Lanka in recent years will play a less dominant role as cash pours into leisure with an upturn in tourism, an official said. In the first quarter of this year around 250 million US dollars […]
Sri Lanka stocks close 0.77-pct up
Apr 08, 2010 (LBO) – Sri Lankan stocks continued to rally and closed at a new high Thursday, as investors bought hotels and selected high value shares despite a shorter trading day owing to general elections, brokers said. Colombo’s All Share Price Index closed at 3,939.62, up 30.01 points, while the Milanka index of more […]
Sri Lankan stocks hit new high
Apr 07, 2010 (LBO) – Sri Lankan stocks hit a record high and passed 3,900 points Wednesday as institutional and high net-worth investors bought index-heavy, high-value shares, brokers said. Colombo’s All Share Price Index (ASPI) closed at 3,909.61, up 39.26 points, while the Milanka index of more liquid shares gained 1.26 percent (56.12 points) to […]
Sri Lankan stocks hit new high, end up 2.34-points
Apr 06, 2010 (LBO) – Sri Lankan stocks rallied across the board Tuesday with the All Share Price Index (ASPI) reaching a new high, passing the previous high of 3,844.80 points on March 12, 2010, brokers said. Colombo’s ASPI closed at 3,870.35, up 88.45 points, while the Milanka index of more liquid shares gained 2.12 […]
Sri Lanka needs stable economy to progress: CB governor
Apr 06, 2010 (LBO) – Sri Lanka needs a stable economy with low inflation and ‘reasonable’ interest rates to progress and reduce poverty, after recovering from a 30-year war, Central Bank Governor Nivard Cabraal said. In Sri Lanka, for the past several decades, deficit spending governments have created a need for high interest rates but […]
Sri Lanka apparel sector has vacancies: investment chief
Apr 06, 2010 (LBO) – Employment at Sri Lanka’s export processing zones have increased 3.7 percent by end 2009 and there are now unfilled vacancies at some firms, the head of Sri Lanka’s state investment promotion agency said. Deputy director general A M C Kulasekera said firms coming under the agency, which received tax concessions, […]
Sri Lanka to issue coin to replace note
Apr 05, 2010 (LBO) – Sri Lanka will issue a new ten rupee coin from April 05, to replace a note of a similar denomination now in circulation, the Central Bank said Monday. The nickel plated coin has a diameter of 26. 4 millimetres. The obverse has the armorial ensign of Sri Lanka with a […]
Sri Lanka economy seen growing 6.5-pct in 2010: central bank
Apr 05, 2010 (LBO) – Sri Lanka’s economy will bounce back from the effects of war and global recession with 6. 5 percent growth this year, and maintain 7-8 percent growth in the medium term, the Central Bank said. Gross domestic product growth of 7.5 percent is anticipated next year and eight percent in 2012, […]
Sri Lanka exporters have to face stronger rupee: Treasury Secretary
Apr 05, 2010 (LBO) – Sri Lanka’s exporters should get ready to face a steadily strengthening exchange rate and improve productivity to operate in the new environment, Treasury secretary P B Jayasundera said. “Our currency has depreciated but from this year, it will appreciate,” Jayasundera told a forum at central bank’s headquarters in Colombo. “Our […]
Sri Lankan stocks close 0.94-pct up, trading volumes low
Apr 05, 2010 (LBO) – Sri Lankan shares closed up Monday on price gains in selected midcap and high value stocks, while trading volumes remained low owing to market liquidity shortfalls, brokers said. Colombo’s All Share Price Index closed at 3,781. 90, up 35.40 points, while the Milanka index of more liquid shares gained 0.47 […]