Category: Economy and Markets
Sri Lanka retirement fund gives 10-pct return for 2009
Mar 25, 2010 (LBO) – Sri Lanka’s Employees’ Provident Fund gave members a real rate of interest of 10.01 percent in 2009 with annual average inflation falling to 3.4 per cent, the Central Bank said. It said in a statement the fund, which it manages, has declared the highest-ever rate of interest of 13.75 per […]
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 0.21-pct down
Mar 24, (2010) – Sri Lankan shares closed down Wednesday as retail investors remained cautious, while a large deal on index heavy John Keells Holdings (JKH) and Distilleries Company of Sri Lanka boosted turnover, brokers said. JKH closed at 171.00 rupees, up 1.00 with 5.43 million changing hands, brokers said. Hayleys closed flat at 225.00 […]
Sri Lanka warned against excessive foreign reserves
Mar 24, 2010 (LBO) – Holding large foreign exchange reserves could actually be a burden for Sri Lanka’s government and deny funds from badly needed infrastructure and health care, a senior corporate executive has said. Sanjoy Ray, Finance Director of Finlays Colombo said that while foreign exchange reserves could act as a buffer against emergencies, […]
Sri Lanka Treasuries yields edge up
Mar 24, 2010 (LBO) – Sri Lanka’s 3-month Treasury bill yields moved up 05 basis points to 8. 45 percent at Wednesday’s auction, the government’s debt office said. The 6-month yield moved up 05 basis points to 9. 19 percent while the 12-month yield stayed flat at 9.47 percent. The government’s debt office said it […]
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 […]
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 […]
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 […]