Category: Economy and Markets
Sri Lanka central bank created high inflation and reduced wealth: economist
Jan 16, 2010 (LBO) – Sri Lanka’s central bank has created average inflation of 11. 0 percent and must take the blame for impoverishing the people, a senior monetary economist and former central banker has said. After Sri Lanka got independence from Britain, the country had registered growth slightly over that of India, but had […]
Sri Lankan stocks close 0.7-pct up, hotels gain
Jan 15, 2010 (LBO) – Sri Lankan shares closed up Friday as investors chased after mid cap stock, especially hotels sector, while high interest on conglomerate John Keells (JKH) pushed turnover past 1.5 billion rupees, brokers said. The All Share Price Index closed at 3,563.14, up 0.75 percent (26.43 points) while the Milanka index of […]
Sri Lanka to pay extra interest to senior citizens
Jan 15, 2010 (LBO) – Sri Lanka’s government will pay an extra 20 percent ‘bonus interest’ for rupee deposits maintained at licensed commercial banks by senior citizens, the Central Bank said. The extra interest will be 20 percent of the interest earned after January 01, subject to a limit of 120,000 per person per year. […]
Sri Lanka RAM Ratings get new directors
Jan 15, 2010 (LBO) – Sri Lanka’s RAM Ratings unit said two new directors, Preethi Jayawardena and Liza Mohn Noor have been appointed to its board from January 2010. Jayawardena is a Fellow of the Institute of Chartered Accountants of Sri Lanka, is managing director of Chemanex Plc. , a listed firm, a member of […]
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 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 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 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 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 […]