Category: Economy and Markets
‘s former rebels
October 30, 2009 (AFP) – The United States on Friday announced funding for up to 1,000 former Tamil guerrillas to reintegrate in society by starting their own businesses or learning new skills. The US embassy here said they were giving equipment and supplies to ex-fighters while vocational training was also being made available to help […]
Sri Lanka rupee weakens against Euro helping exporters: Central Bank
Oct 30, 2009 (LBO) – The Sri Lanka rupee has weakened against the Euro and Sterling since November 2008 increasing the edge of exporters to Europe and helping offset a possible hit from lost trade concessions, Central Bank Governor Nivard Cabraal said.“It is our contention that Sri Lanka’s exporters’ competitiveness to the European Union had […]
Sri Lanka state workers receive billions in subsidized housing credits
Oct 30, 2009 (LBO) – Sri Lanka’s state workers have recieved billions of rupees of housing loans at rates as low as 4.0 percent while homeless ordinary citizens were forced pay high rates as fiscal deficits pushed interest up, it has been revealed. Under a presidential directive issued this week, state banks have been ordered […]
Sri Lanka inflation accelerates to 1.4-pct in October
Oct 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 1.4 percent in October 2009 from a year earlier, against 0.7 percent in September, the government’s statistics office said.Treasury pressure to print money between 2004 and 2006 and keep interest rates low pushed Sri Lanka’s inflation to above 20 percent and created […]
Sri Lankan stocks close flat, low activity
Oct 30, 2009 (LBO) – Sri Lanka stocks closed flat Friday, with retail buyers awaiting positive news on earnings and political developments, while selected financial stocks took a beating, brokers said.The All Share Index closed at 2,976.93 points down 0.23 points while the Milanka Index of more liquid stocks closed down 0.34 percent (11.30 points) […]
Sri Lanka shares close 0.95-pct lower
Oct 29, 2009 (LBO) – Sri Lankan shares closed down 0.9 percent Thursday as investors took defensive positions and opted to stay out of the market, while the banking and hotel sector stocks took a hit, brokers said. The All Share Index closed at 2,977.16 points down 28.56 points while the Milanka Index of more […]
Norway raises rates, first in Europe in crisis
OSLO, October 28, 2009 (AFP) – Norway on Wednesday became the first European country to raise interest rates this year in the global financial crisis, which it managed to overcome thanks to its huge oil revenues. The Norwegian central bank raised its key demand deposit rate by a quarter of a point to 1.50 percent, […]
Sri Lanka 2009 end inflation to be 3.5-pct: CB Governor
Oct 29, 2009 (LBO) – Sri Lanka’s inflation would be 3.5 percent by end-2009 setting the stage for lower interest rates and higher growth as investor confidence in the economy was rising, Central Bank Governor Nivard Cabraal said. “We are having inflation of one percent and we intend to keep it that way,” Cabraal told […]
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Oct 28, 2009 (LBO) – Sri Lanka’s Treasuries yields plummeted across the board Wednesday, a day after country’s president ordered a 700 basis point lending rate cut in state banks.The 3-month bill yield fell 60 basis points to 8.50 percent, the 6-month yield fell 41 basis points to 9.35 percent and the 12-month yield fell […]
Sri Lanka central bank in massive liquidity mop up
Oct 28, 2009 (LBO) – Sri Lanka’s central bank is engaged in a record mop up of excess liquidity in the banking sector generated foreign from dollar borrowings, surpassing a previous high in 2007.Sri Lanka raised 500 million US dollars through a sovereign bond earlier this month. Inflows from an October 2007 sovereign bond pushed […]
Sri Lanka stocks close up
Oct 28, 2009 (LBO) – Sri Lanka stocks closed up 0.2 percent, reversing a losing streak, with hotel stocks among the gainers, a day after the country’s president ordered a lending rate cut in state banks, brokers said. Commercial Bank closed at 179.75 up 0.50 while HNB fell 2.75 to close at 165.0 At Wednesday’s […]
Sri Lankan stocks close lower in broad sell-off
Oct 27, 2009 (LBO) – Sri Lanka stocks closed lower for a second day Tuesday, falling 0.9 percent in a broad sell-off that saw while buyers were awaiting earnings reports, brokers said.The All Share Index closed at 2,989.05 points down 34.9 points while the Milanka Index of more liquid stocks closed down 1.19 percent (21.7 […]