Category: Economy and Markets
Sri Lanka newspaper poll shows support for IMF, EU stance
Mar 14, 2010 (LBO) – A decision by the International Monetary Fund to suspend its program to Sri Lanka and a European Union decision to lift trade benefits have found wide support in a newspaper poll. A poll by the business news section of The Sunday Times, an influential weekly, found that 74 percent of […]
Sri Lanka lifts taxes on gold imports
Mar 13, 2010 (LBO) – Sri Lanka has lifted taxes and levies on gold imports from to promote jewellery industries in the country, the central bank said. “The removal of all applicable import taxes and other levies on gold imports will reduce the gold prices in the market and contribute to promote gold and jewellery […]
Sri Lanka must curb state consumption, inflate less to raise incomes: economist
Mar 12, 2010 (LBO) – Sri Lanka has to curb excessive state consumption, keep inflation low to encourage private savings, and improve governance to draw foreign capital to promote growth and incomes, a top economist has said. Higher savings were required to increase growth and achieve the targets of replicating the economic success of East […]
Sri Lanka stocks close 0.33-pct up, Hotel Services heavy traded
Mar 12, 2010 (LBO) – Sri Lankan stocks closed up Friday as investors bought selected blue chip and midcap shares, while the sale of a controlling stake in Hotel Services pushed turnover past 2.8 billion rupees, brokers said. The All Share Price Index closed at 3,844.84, up 12.54 points, while the Milanka index of more […]
Sri Lanka rejects bids at Treasuries auction
Feb 11, 2010 (LBO) – Sri Lanka has rejected all bids at the Treasuries auction Wednesday which offered to roll over 10. 5 billion rupees of maturing, bills the government’s debt office said. The central bank also mopped up 3. 6 billion rupees through a central bank securities auction where 10 billion was originally released. […]
Sri Lanka rupee strengthens against greenback
Mar 11, 2010 (LBO) – Sri Lanka rupee strengthened to 114.0 to the greenback with the spot dollar quoted at 113. 95/114.05 with banks unwilling to hold dollars with high short term rupee interest rates, and the central bank staying in the sidelines, dealers said. On Wednesday the central bank rejected bids for an entire […]
Sri Lanka gets US$67.4mn more from India for railways
Mar 11, 2010 (LBO) – The Export Import Bank of India is giving Sri Lanka 67. 4 million US dollars in top funding in a project which will slash travel times along a coastal railway track, the finance ministry said. Rolling stock maintenance facilities will be built in Alutgama, Galle and Colombo. In 2008 India […]
Sri Lanka gets US$250mn in loans from Japan for power, roads
Mar 11, 2010 (LBO) – Sri Lanka will get 22. 5 billion yen in loans (250 million US dollars) from Japan for hydro power, water supply and provincial road development in former war torn areas in the east, a government minister said. JICA will also loan 9,156 million yen (101 million US dollars) for 0rovincial […]
Sri Lanka tourist arrivals up 68-pct in February: data
Mar 11, 2010 (LBO) – Sri Lanka tourist arrivals surge 67.7 percent to 57,300 in February 2010 from a year earlier, with steep increases in generating markets in India, UK and Germany, official data showed. Visitors from Singapore rose 112 percent to 829. Sri Lanka has seen a surge of tourist arrivals with the industry […]
‘s consumer prices soar to 2.7-pct in February
BEIJING, March 11, 2010 (AFP) – Chinese consumer prices rose for the fourth straight month in February while new lending slowed sharply, data showed Thursday, adding pressure on Beijing to fulfill its vow to control inflation. Analysts said the jump in prices would not trigger a knee-jerk response from policymakers in the world’s third-largest economy […]
Sri Lanka shares end up 0.82-pct
Mar 11, 2010 (LBO) – Sri Lankan stocks closed firmer Thursday with interest in banking stocks mainly by institutional or high-net-worth individual investors, brokers said. Hotel Services (Ceylon) closed at 21 rupees, up one rupee, with over four million shares traded, including two blocks of 500,000 at 20 rupees a share. Janashakthi Insurance Company closed […]
Sri Lanka signs up US$290mn in railway, airport loans from China
Mar 10, 2010 (LBO) – Sri Lanka has signed up 290 million US dollars in financing from China’s Exim Bank to build an airport in the south of the island and expand railways, the foreign ministry said. The ‘A9’ is the main highway that links the northern Jaffna peninsular with the South. The highway is […]