Category: Economy and Markets
”’ economic recovery
WASHINGTON, April 15, 2010 (AFP) – Federal Reserve chief Ben Bernanke warned on Wednesday the US economy will recover at a “moderate” pace and that significant time will be needed to claw back jobs lost in the recession. In cautious remarks that belied Wall Street’s gathering optimism, Bernanke cautioned that the US economy continued to […]
Sri Lanka gets $150mn ADB emergency loan
Apr 15, 2010 (LBO) – The Asian Development Bank (ADB) said it is providing 150 million US dollars in an emergency loan to Sri Lanka for projects to help people in the war-ravaged north and east. The loan will have a 32-year repayment term, including a grace period of eight years and an annual interest […]
” petroleum price formula: Central Bank
April 14, 2010 (LBO) – Sri Lanka needs a price formula to match import costs to retail prices as a part of a reform of the energy sector, the Central Bank said as the state petroleum utility lost 12. 3 billion rupees in 2009. “A realistic pricing formula needs to be developed to price petroleum […]
Sri Lanka shares end up 0.49-pct
Apr 12, 2010 (LBO) – Sri Lankan stocks closed firmer Monday with some large deals done while activity petered off towards the end of trading ahead of a long holiday this week although sentiment remained positive, brokers said. “Investors are placing buy orders but at lower levels compared to prevailing prices.” There were several large […]
Sri Lanka poverty subsidy helping not only the poor: CBSL
Apr 12, 2010 (LBO) – A Sri Lankan poverty alleviation subsidy programme provides benefits to well over a quarter of the people, an unrealistically high number, and not only the poor, the Central Bank has said. “The potential for linking some of these food programmes with community-driven development programmes needs to be explored as malnutrition […]
Sri Lanka Treasuries flat ahead of traditional New Year
Apr 12, 2010 (LBO) – Sri Lanka’s Treasury bills yields were flat at Monday’s auction, held early ahead of a two-day holiday for a traditional New Year, following a fully rejected auction a week earlier. The government’s debt office said 3-month bills were sold at 8. 52 percent, 6-month bills at 9.24 percent and 12-month […]
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 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 […]