Category: Economy and Markets
Sri Lanka gets Chinese funds to build international airport
Dec 25, 2009 (LBO) – Sri Lanka has signed up 410 million US dollars of funding from China including money to build an international airport in the south of the island, a foreign ministry statement said.Sri Lanka’s finance ministry secretary P B Jayasundera and China’s vice minister of commerce, Chen Jian had signed thee deals […]
Sri Lanka opposition state salary hike promise a big burden on people: minister
Dec 24, 2009 (LBO) – A steep state worker salary hike promised by opposition presidential candidate Sarath Fonseka would require 132 billion rupees to be extracted from the people through taxes each year, a government minister has warned.State revenue minister Ranjith Siyambalapitiya told reporters that the monthly salary bill of state workers was now 28 […]
Sri Lanka stocks edge higher
Dec 24, 2009 (LBO) – Sri Lankan shares closed slightly firmer Thursday ahead of the Christmas break, brokers said. Dankotuwa Porcelain, a tableware exporter that has been making losses after exports were hit by recession, was the most actively traded stock, and closed at 11.75, up 50 cents. The Colombo all share price index ended […]
Sri Lankan shares fall on profit taking
Dec 23, 2009 (LBO) – Sri Lankan stocks closed down Wednesday as investors took profits ahead of the festive season, while high interest on conglomerate John Keells Holdings (JKH) and Asian Hotels pushed turnover over a billion rupees, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.45 percent (14.82 points) to […]
Sri Lanka foreign reserves steady at US$5.2bn by Dec 18
Dec 23, 2009 (LBO) – Sri Lanka’s foreign reserves were steady at 5.2 billion US dollars by December 18, boosted by foreign inflows into debt markets and International Monetary Fund loans, the Central Bank said. But lately the Central Bank’s bill stock has started climbing and foreign reserve increases are also now tapering off. In […]
Sri Lanka in talks with ADB on emergency loan
Dec 23, 2009 (LBO) – Sri Lanka is seeking a 150 million dollar emergency assistance loan from the Asian Development Bank that could help start urgent projects, especially in the former war zone, officials said. These include power supply schemes and refurbishment of hospitals in Mullaithivu and Kilinochchi, two towns that were former Tamil Tiger […]
Sri Lanka stocks hit new high, up 1.44-pct
Dec 22, 2009 (LBO) – Sri Lankan shares closed up Tuesday as investors continued buying into the market to cash in on an anticipated market re-rating following presidential elections next month, brokers said.The benchmark Colombo All Share Price Index (ASPI) closed up 1.44 percent (46.54 points) to end at 3,280.82 while the Milanka index of […]
Sri Lanka Treasuries yields, CB T-bill stock up
Dec 22, 2009 (LBO) – Sri Lanka’s Treasuries yields edged up marginally at Tuesday’s auction the government’s debt office said, while the Treasury bill stock held by the Central Bank continued to climb. The 3-month yield edged up 07 basis points to 7. 67 percent, the 6-month yield was also up exactly 07 percent, and […]
Sri Lanka banks gain as stocks hit new high
Dec 21, 2009 (LBO) – Sri Lanka stocks closed at a new high Monday, up 1.43 percent, with banks drawing interest as retail investors re-entered the market, gaining confidence from last few week’s foreign trading, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.43 percent (45.46 points) to end at 3,234, […]
Sri Lanka gains service sector jobs in 3Q: official survey
Dec 21, 2009 (LBO) – Sri Lanka has generated 234,000 service sector jobs in the third quarter of 2009 from a year earlier, though 89,000 jobs were lost in industry, and 240,000 were lost in the farming sector, a government survey showed. Fernando says there are a large number of seasonal workers in agriculture. Industry […]
Sri Lanka to get $350mn ADB aid next year
Dec 21, 2009 (LBO) – Sri Lanka is to get about 350 million US dollars of aid from the Asian Development Bank next year, much of it going for the north and east which was ravaged by war, a senior official said. The ADB forecasts Sri Lanka’s economy will grow by about 4-4.5 percent this […]
Sri Lanka firms should look overseas for expansion: corporate leader
Dec 21, 2009 (LBO) – Sri Lankan businesses are compelled to look overseas to expand sales as the domestic market is too small, a senior corporate executive said, calling for government policies to support expansion abroad. Inward-looking economic policies are making it difficult for firms to build their own brands, said Ranjith Page, chief executive […]