Category: Economy and Markets
‘s African families fade away
SIRAMBIADIYA, November 15, 2009 (AFP) – In a village deep in west Sri Lanka, one of the island’s few remaining communities of African descent breaks into song — a poignant elegy to a disappearing culture. The music starts with a slow, gentle rhythm played on a tambourine, spoons and coconut shells, before it builds to […]
” for Sri Lanka foreign reserves: CB Governor
Nov 14, 2009 (LBO) – Sri Lanka’s central bank, which maintains a soft peg with the US dollar, said gold would be an ‘important anchor’ for its foreign reserves, which have zoomed in 2009 with large foreign inflows.Gold has hit new highs in recent weeks, with the US dollar again weakening under extended loose monetary […]
Sri Lanka stocks end up 1.77-pct
Nov 13, 2009 (LBO) – Sri Lankan shares ended firmer Friday with investors encouraged by the latest crop of quarterly company earnings although trading volumes were low, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index closed at 2,979.41, up 1.77 […]
Sri Lanka Treasuries yields fall 950bp over past year: Central Bank
Nov 11, 2009 (LBO) – Sri Lanka’s Treasury bill yields have fallen 947 to 950 basis points at primary auctions over the past year, helped by easier monetary policy, foreign investment into Treasuries and lower inflation, the Central Bank said.At Wednesday’s auction 3-month yields fell to 7.73 percent, the 6-month yield fell 22 basis points […]
Sri Lanka expects 6.0-pct growth from 4Q: CB Governor
Nov 12, 2009 (LBO) – Sri Lanka’s economic growth is projected to touch 6.0 percent in the fourth quarter of 2009 allowing the country to return to a higher growth path from 2010, Central Bank Governor Nivard Cabraal said.Cabraal said government tax revenues, another direct indicator of economic activity, have also picked up. “Overall we […]
‘s top general quits: military source
November 12, 2009 (AFP) – Sri Lanka’s top general, Sarath Fonseka, the architect of the army’s victory over Tamil rebels who was switched to a more ceremonial position, quit Thursday, a military source said.Fonseka declared during a visit to the United States last month that he was willing to shed his uniform and take up […]
Sri Lankan stocks up in low volume trade
Nov 12, 2009 (LBO) – Sri Lankan stocks closed up almost across the board Thursday, boosted by gains in selected index heavy blue chips despite low trade volumes, while retail investor sentiment remained poor, brokers said. The All Share Price Index closed at 2,927.56, up 2.57 percent (73.32 points) while the Milanka Price Index of […]
‘s boat people: Dying to strike it rich
MARAWILA, November 11, 2009 (AFP) – For 50 young Sri Lankans who had paid up to 1,500 dollars each for the chance of a new life, a five-week voyage in the hold of a fishing boat ended in an Australian camp for illegal migrants.Their families had sold property and whatever other assets they had to […]
Sri Lanka state to recruit 17,000 unemployable graduates
Nov 11, 2009 (LBO) – Sri Lanka’s government is to recruit 17,000 graduates from state universities unemployable in productive sectors, expanding an already bloated public sector, ahead of planned national polls due early next year.Graduates from state universities, who are educated at the expense of the people through general taxes, have successfully cultivated a perception […]
‘s central bank battles inflation expectations
Nov 11, 2009 (LBO) – Sri Lanka’s central bank is in a battle to dampen high public inflation expectations after capping price rises in the island’s capital Colombo to low single digits for more than a year.In 2009 the Central Bank is hoping to end the year with inflation at 3.5 percent after seeing only […]
Sri Lankans should ask for single digit wage hikes: Treasury official
Nov 11, 2009 (LBO) – Sri Lankan workers should ask for to 3.0 to 5.0 percent annual wage hikes with the Central Bank targeting low inflation in the future, the island’s most senior Treasury official said. The output of Sri Lanka’s people have largely appropriated by a top heavy state sector. Last year more than […]
Sri Lanka 3-month Treasuries fall below repo rate
Nov 11, 2009 (LBO) – Sri Lanka’s 3-month Treasuries yield fell below the repo rate of 8.00 percent at which the Central Bank drains cash from the banking system in a currency board-style free fall of interest rates amid excess liquidity and weak credit demand.The 3-month yield fell 41 basis points to 7.73 percent, the […]