Category: Economy and Markets
Sri Lanka state trading firm imports Pakistan rice to cool crisis
Jan 14, 2010 (LBO) – A Sri Lankan state trading firm has imported a stock of rice from Pakistan as domestic prices shot up in a market mired in heavy handed state intervention. Shops run of supplies, a situation known as a ‘shortage’ in economic terms, happens only when there are price controls. Without government […]
‘s ruling party in election: report
January 14, 2010 (AFP) – Sri Lanka stopped using heavy weapons against Tamil Tiger rebels to help the re-election bid of neighbouring India’s ruling party, a top official in Colombo said Thursday. Sri Lanka’s 12.5 percent minority Tamil community has close cultural and religious links with India’s Tamil Nadu state, which was once the staging […]
Sri Lanka opposition says better governance will preserve trade concessions
Jan 13, 2010 (LBO) – Sri Lanka’s opposition presidential candidate promised better governance which will lead to a continuation of trade concessions from the European Union and tough new anti corruption laws. Analysts say a currency depreciation would help improve the competitiveness of exporters and also help increase nominal state revenues to help finance a […]
Sri Lankan shares close 0.94-pct up
Jan 13, 2010 (LBO) – Sri Lankan stocks closed up 0. 9 percent Wednesday reversing two days of losses and heavy buying in diversified Distilleries and another firm which has made a cash call helping turnover top 2.0 billion rupees, brokers said. The All Share Price Index closed at 3,536.71, up 1.20 percent (42.09 points) […]
Sri Lankan finance firm sells money broking unit
Jan 12, 2010 (LBO) – Sri Lanka listed Nation Lanka Finance Limited said it had sold its money broking unit, CSF Money Brokering Company, to unlisted Navara Capital for 9.24 million rupees. Nation Lanka Finance had sold 85.71 percent of the money broker, the firm said in a stock exchange filing. The statement said Navara […]
Sri Lanka treasuries yields edge up
Jan 12, 2010 (LBO) – Sri Lanka’s Treasury bill yields edged up across maturities at Wednesday’s auction, the government’s debt office said. The 3-month yield was up 07 basis points to 7.84 percent, the 6-month yield was up 05 basis points to 8. 82 percent and the 12-month yield was up 03 basis points to […]
‘s war-torn areas to get more funds: World Bank
Jan 12, 2010, (LBO) – Sri Lanka’s war torn areas would get more World Bank funds this year as the region recovers from a 30-year war, with a little over 250 million US dollars already approved, country director Naoko Ishii said. “We have another four programs which will go for board approval when negotiations are […]
Sri Lanka opposition says politicians could be taxed
Jan 12, 2010 (LBO) – Sri Lanka’s opposition says the issue of politicians being taxed could be looked at early in a future new administration if common candidate ex-general Sarath Fonseka becomes president. Fonseka who is backed by both the United National Party and Marxists Janatha Vimukthi Peramuna has promised the 10,000 rupee salary hike […]
‘s speech to the business community
Jan 12, 2010 (LBO) – Sri Lanka’s common opposition candidate for upcoming presidential polls, retired general Sarath Fonseka met the business community Tuesday. The following is the prepared text of his speech. The nation’s wealth is being squandered on self- perpetuating projects that are both wasteful and meaningless. Billions have been lost due to corruption, […]
Sri Lankan stocks close 0.7-pct lower
Jan 12, 2010 (LBO) – Sri Lanka stocks closed down Tuesday as index heavy banking sector pulled the market down, while trading in conglomerate John Keells Holdings (JKH) boosted turnover, brokers said. National Development Bank closed at 204.25 rupees, 3.00 down, and DFCC bank closed at 168. 00 rupees, down 1.75. The All Share Price […]
Sri Lanka president promises state worker salary hike
Jan 11, 2009 (LBO) – Sri Lanka’s president Mahinda Rajapaksa has promised a 2,500 rupee a month salary hike to state workers, from the next budget due in April, the government’s information office said. In Sri Lanka people outside the state have to bear most of the burden of handouts Sri Lanka’s people have to […]
Sri Lankan shares close flat
Jan 11, 2010 (LBO) – Sri Lankan shares closed flat Monday as investors continued to bet on hotel, property and plantation stocks while retailers took profits on selected blue chip companies, brokers said. Balangoda Plantations closed at 25.75 rupees, up 75 cents, Bogawantalawa Tea Estates closed at 40.75 rupees, up 1.50, Horana Plantations closed at […]