Category: Economy and Markets
Sri Lanka short term Treasuries barely changed
Mar 17, 2010 (LBO) – Sri Lanka Treasuries yields were barely changed at Wednesday’s auction though the short end moved up 02 basis points, the government’s debt office said. The central bank has been frantically trying to mop up liquidity generated from deficit financing. The central bank’s Treasury bill stock shot up to 58 billion […]
Sri Lankan stocks close 0.45-pct down on retail profit taking
Mar 17, 2010 (LBO) – Sri Lankan shares closed lower almost across the board Wednesday as retail investors took profits, while a large deal on Lighthouse Hotel boosted turnover, brokers said. Environmental Resources Investments ordinary voting shares closed at 258.50 rupees, up 1.00. Its 0000 warrants closed at 158.50 rupees, up 2.00, and 0001 warrants […]
EU in talks with Sri Lanka on maintaining trade privileges
BRUSSELS, March 16, 2010 (AFP) – The European Union wants to work with Colombo to avoid the withdrawal of Sri Lanka’s trade privileges with the bloc, under threat due to rights concerns, an official said Tuesday. “The Commission remains committed to work with Sri Lanka to see whether the conditions for a reversal” of a […]
Sri Lanka has 10-pct of foreign reserves in gold: WGC
Mar 17, 2010 (LBO) – Gold now makes up 10 percent of Sri Lanka’s foreign reserve assets after the country tripled its gold holdings with a purchase from the International Monetary Fund in 2009, industry data showed. The United States remained the largest gold holder with 8,133. 5 tonnes, Germany second with 3,406.8 tonnes and […]
Sri Lankan stocks 1.58-pct down
Mar 16, 2010 (LBO) – Sri Lankan stocks ended lower Tuesday dragged down by falls in speculative and retail driven stocks, brokers said. The All Share Price Index closed at 3,782.84, down 1.58 percent (60.71 points) Tuesday, while the Milanka index of more liquid shares dived 2.35 percent (104.22 points) to close at 4,335.39. Turnover […]
Sri Lanka to sell US$100mn in bonds
Mar 15, 2010 (LBO) – Sri Lanka is offering 100 million US dollars in two and three year floating rates bonds, paying interest every six months mainly targeting the domestic market with bids closing on March 18, the government’s debt office said. Sri Lanka has an outstanding dollar denominated ‘development bond’ debt stock of 1,469 […]
Sri Lankan stocks becalmed
Mar 15, 2010 (LBO) – Sri Lanka stocks closed flat Monday as investors took profits and reinvested in selected midcap and hotels stocks, while heavy interest in John Keells Holdings (JKH) and Hotel Services (Ceylon) boosted turnover past a billion rupees, brokers said. The All Share Price Index closed at 3,843.55, down 0.03 percent (1.29 […]
Sri Lanka state worker cost climbs to new high
Mar 15, 2010 (LBO) – Sri Lanka state workers took away 57 cents as salaries and wages out of every tax rupee paid by the people in 2009, as the government continued to expand a bloated public service amid an economic slump, the latest official data showed. Salaries and pensions of workers climbed to 353 […]
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 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 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 […]