Category: Economy and Markets
Sri Lanka says move to fair value accounting difficult
Nov 25, 2009 (LBO) – The global move towards fair value accounting might prove difficult for south Asian countries as they lack active markets to support such valuations, a senior Sri Lankan accountant said. Reyaz Mihular, chairman of the Accounting and Auditing Standards Committee of South Asian Federation of Accountants, said a key point of […]
‘re running out of gold: miners
MONTREAL, November 25, 2009 (AFP) – Gold production will continue to fall, despite a brief boost in 2009 and soaring prices, as deposits are exhausted and new discoveries remain elusive, say miners.“It’s not like a water tap you can turn on and it comes right away.” Barrick and Newmont expect nevertheless to continue increasing production […]
Sri Lanka foreign reserves US$5.2bn in November
Nov 25, 2009 (LBO) – Sri Lanka’s foreign reserves had climbed to 5.2 billion US dollars by November 20, helped by strong capital inflows and International Monetary Fund loans, the Central Bank said. Sri Lanka went to the IMF when reserves dipped to around a billion US dollars in March following an extended period of […]
Sri Lanka bill yields flat
Nov 25, 2009 (LBO) – Sri Lanka’s Treasury bills yields were flat at this weeks auction, with the government rolling over 11.5 billion rupees of securities and raising 241 million rupees in fresh debt at Wednesday’s auction. The government’s debt office said the 3-month yield was 7.25 percent, the 6-month yield was 8.33 percent and […]
Sri Lanka corporate debt killed by nuisance tax: market participants
Nov 24, 2009 (LBO) – The corporate debt market in Sri Lanka is being held back by the complex way a tax is charged by the government which has killed secondary market trading in debt securities, market participants have said. “But the way it’s collected allows secondary market trading without any problem. They basically collect […]
Sri Lankan shares fall 1.9-pct
Nov 24, 2009 (LBBO) – Sri Lankan stock prices fell across the board Tuesday on retail investor worries about the political and economic future after the government announced a snap presidential poll, brokers said. The All Share Price Index closed at 2,875.39, down 1.90 percent (55.68 points) while the Milanka Price Index of more liquid […]
Iran gained 5 billion dollars by euro switch: banker
TEHRAN, November 23, 2009 (AFP) – Iran’s central bank chief said on Monday that the country has gained five billion dollars by replacing the US dollar with the euro in its currency basket, state-owned English language Press TV reported.“Iran has considerably reduced the total of US dollars in its currency basket,” Mahmoud Bahmani said at […]
Gold hits record high past 1,160 US dollars per ounce
HONG KONG, November 23, 2009 (AFP) – The price of gold soared to a record close of 1,166.00-1,167.00 US dollars an ounce in Hong Kong on Monday as dealers moved into the safe haven commodity due to the weak greenback, analysts said. It opened at 1,158.00-1,159.00 US dollars. The precious metal was up from Friday’s […]
Sri Lankan shares close flat
Nov 23, 2009 (LBO) – Sri Lankan stocks closed flat Monday as investors remained cautious and trading sluggish, while selected high value counters made small gains, brokers said. The All Share Price Index closed at 2,931.07, down 0.08 percent (2.27 points) while the Milanka Price Index of more liquid stocks closed at 3,345.00, up 0.34 […]
Sri Lanka rupee shows life in flexible regime
Nov 23, 2009 (LBO) – Sri Lanka rupee closed weaker against the US dollar at 114.40/50 Monday after opening stronger under a more flexible exchange rate adopted by the Central Bank, dealers said. The spot dollar opened at 114.25/30 rupee levels against the greenback Monday and peaked to around 114.50/60 level in intra-day trading, dealers […]
Sri Lanka resettlement plan needed: politicians, activists
November 22, 2009 (AFP) – The Sri Lankan government has failed to make adequate welfare provision for the 136,000 Tamil civilians it plans to release from internment camps, rights activists and opposition parties said Sunday. Heeding international calls for the camps to be closed, the authorities said the remaining detainees — held since the military […]
Sri Lanka inflation seen subdued: IMF
Nov 20, 2009 (LBO) – Visiting International Monetary Fund officials said Sri Lanka’s inflation is seen staying low with no sign of demand-driven inflationary as the economy and credit are still growing too slowly to generate inflation. IMF mission chief Brian Aitken said economic growth has been better than expected when it approved a 2.6 […]