Category: Economy and Markets
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 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 […]
Sri Lankans, other minorities growing in Canada
OTTAWA, March 9, 2010 (AFP) – Canada’s ethnic makeup will greatly change in the next 20 years as the number of non-Europeans or “visible minorities” rises to nearly one-third of the population, a government agency said Tuesday. The number of Chinese Canadians is projected to grow also, to around 3. 0 million. But as Chinese […]
Sri Lanka tax system, state consumption hurting private investment: analysts
Mar 10, 2010 (LBO) – Sri Lanka’s high income taxes is making local firms weaker against others in developing countries, while a government living beyond its means is eating up long terms funds available for private investment, analysts said. “I’m a firm believer until this country drops the tax rate to 15 percent or 20 […]
Sri Lankan stocks close 0.20-pct down
Mar 10, 2010 (LBO) – Sri Lankan stocks closed down Wednesday as retail investors took profits from midcaps and low value shares, while the Milanka index made small gains from a rise in the price of Environmental Resources Investments shares, brokers said. Touchwood Investments which dragged the market down on Tuesday made a sharp comeback, […]
Sri Lanka CB brought inflation down, but concerns rising: opposition
Mar 09, 2010 (LBO) – Sri Lanka central bank has brought inflation down in 2009 with tight monetary policy but excessive government spending is threatening stability, Sri Lanka’s main opposition United National Party has said. “The central bank raised interest rates, withdrew liquidity and kept tight monetary policy,” Harsha de Silva, an economist who has […]
Sri Lanka can build more infrastructure with project specific bonds: rating expert
Feb 09, 2010 (LBO) – Sri Lanka should follow Malaysia’s example in selling project specific bonds for infrastructure, which will give confidence that money is not mis-directed and make it easier to tap money for capital investment, a senior financial expert said. The island has under-invested in infrastructure for decades, leaving the country with weak […]
Sri Lanka forestry firm share price hit by court action
Mar 09, 2010 (LBO) – Sri Lankan stocks closed 0.68 percent lower Tuesday with forestry firm Touchwood Investments falling sharply after an accounting watchdog said its tree valuation method is being challenged in the Supreme Court, brokers said. The All Share Price Index closed at 3,809.01, down 26.05 points, while the Milanka index of more […]
Sri Lankan stocks close 0.28-pct up on retail buying
Mar 08, 2010 (LBO) – Sri Lankan stocks closed up Monday as retail investors bought low value shares and selected high value stocks, brokers said. The All Share Price Index closed at 3,835.06, up 10.89 points, while the Milanka index of more liquid shares gained 0.14 percent (6.26 points) to close at 4,393.89. Turnover was […]
Sri Lanka relaxes some forex controls
Mar 08, 2010 (LBO) – Sri Lanka has relaxed several exchange controls relating to opening bank accounts abroad, forward forex cover and imports margin deposits and prepayments from March 11 in the first phase of a forex liberalization plan announced earlier in the year. “This is the first series of relaxations,” Central Bank governor Nivard […]