Category: Economy and Markets
Sri Lanka central bank lashes out at exporters engaging in policy debate
Dec 03, 2009 (LBO) – Sri Lanka’s central bank has lashed out at exporters who engaged in a policy debate on the island’s exchange rate saying they were “partisan” and were “driven by personal interests”, unlike its own stance which was “professional”. The Central Bank has been under fire for creating high inflation from 2004, […]
Sri Lanka private sector credit turns corner in Sept
Dec 02, 2009 (LBO) – Sri Lanka’s private sector credit started expanding in September 2009 ending eight months of contraction and the Central Bank says it would like to see more credit growth before tightening monetary policy.Growing private sector credit demand could also push risk free yields up as the risk appetite of banks increase. […]
Gold price storms to record above 1,200 dollars
LONDON, December 1, 2009 (AFP) – The price of gold reached above 1,200 dollars an ounce for the first time on Tuesday as a weak US currency pushed up demand for the precious metal viewed as a safe-haven investment, analysts said. Gold struck a record high 1,201.63 dollars an ounce on the London Bullion Market […]
Sri Lankan shares close up 1.33-pct on JKH sale
Dec 02, 2009 (LBO) – Sri Lankan shares closed up Monday boosted by the sale of 7.5 million John Keells Holdings (JKH) shares in an otherwise dull trading day, brokers said. The All Share Price Index closed at 2,952.16, up 1.33 percent (38.77 points) while the Milanka Price Index of more liquid stocks closed at […]
Sri Lanka inflation accelerates to 2.8-pct in November
Nov 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 2.8 percent in November 2009 from a year earlier, against 1.4 percent in October, indicating inflation is picking up, the government’s statistics office and analysts said. The statistics office said that in November 2009, the 12-month moving average, a seasonally adjusted inflation […]
Sri Lanka DFCC Bank stake sold by Galleon
Nov 30, 2009 (LBO) – Sri Lankan shares ended higher Monday with trading boosted by the sale of shares in DFCC by the Galleon hedge fund of billionaire Raj Rajaratnam, facing insider dealing charges in the US, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Dubai debt woes sting Gulf financial sector
KUWAIT CITY, November 28, 2009 (AFP) – Gulf banks, already reeling under defaults by two major Saudi groups and Kuwaiti investment firms, are bracing for more serious trouble with the unfolding Dubai debt crisis, analysts said on Saturday.The banks, which have already made huge provisions against other exposure, will be forced to make even more […]
Sri Lanka must tackle corruption to lure investors: US envoy
Nov 27, 2009 (LBO) – Sri Lanka must act against corrupt government officials and businessmen and ensure local firms play fair with foreign companies if it wants to attract investors, the American envoy to the island has said. It needs to unshackle the media, be more open to trade and better protect intellectual property rights […]
Sri Lanka stocks rebound, Galleon sells Ceylon Leather
Nov 27, 2009 (LBO) – Sri Lankan shares made a strong recovery Friday while Raj Rajaratnam, the billionaire fund manager accused of insider dealing in the US, sold out of Ceylon Leather Products, brokers and analysts said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All […]
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Nov 27, 2009 (LBO) – The Sri Lanka rupee started trading in a band Friday after a state bank that usually acts for the monetary authority quoted a wide two way price, dealers said. Many high inflation countries which are prone to macro-economic instability and balance of payments crisis, have experimented with soft pegs of […]
Sri Lanka buys 10 tonnes of gold from IMF
Nov 25, 2009 (LBO) – Sri Lanka has bought 10 metric tonnes of gold for 375 million US dollars from the International Monetary Fund, following in the wake of India and Mauritius, the international monetary watchdog said. The IMF said the deal was made at November 23 prices. Sri Lanka’s central bank Governor Nivard Cabraal […]
‘s sharp reversal of fortunes
DUBAI, November 26, 2009 (AFP) – The plan by state-owned Dubai World to suspend payments on its large debts highlights the sharp economic reversal in the once-booming Gulf Emirate.A timeline of events since the global economic crisis began: 2008 – Oct 5:The frenetic expansion of Dubai appears relentless as state-owned Nakheel announces plans for a […]