Category: Economy and Markets
Sri Lankan stocks fall 1.0-pct
Oct 26, 2009 (LBO) – Sri Lankan stocks closed down 1.0 percent Monday as buyers stayed in the sidelines, awaiting September quarter earnings season which has just begun, brokers said. The All Share Price Index closed down 1.07 percent (32.60 points) to end at 3,024.02, while the Milanka Index of more liquid stocks lost 1.01 […]
Euro hits 14-month high vs dollar
TOKYO, October 26, 2009 (AFP) – The euro hit a 14-month high against the dollar in Asian trade Monday on signs that China may increase its holdings of the European currency, dealers said. The euro rose to 1.5061 dollars in Tokyo midday trade, its highest level since August 11, 2008 and up from 1.5027 in […]
Sri Lanka doctors, accountants lead brain drain
Oct 25, 2009 (LBO) – Doctors and accountants top the outflow of skilled professionals from Sri Lanka, seeking better opportunities in developed countries, a study on migration has said.But government forces defeated the Tamil Tiger separatists in May, ending the 30-year conflict, and raising hopes of an economic revival. The government has said it is […]
Sri Lanka political stability seen key to foreign investment
Oct 24, 2009 (LBO) – Post-war Sri Lanka’s ability to attract foreign investments would depend on how the island resolves minority Tamil grievances, eliminates residual security threats and improves its finances, a World Bank report said. “The end of armed conflict provides Sri Lanka with a historic opportunity to achieve a dual transition from a […]
Sri Lankan shares end bad week on high note
Oct 23, 2009 (LBO) – Sri Lankan stocks bounced backed strongly Friday, as retailer’s regained confidence to hold their investments and were upbeat on future company performance, but trading was low, brokers said. The All Share Price Index closed up 2.13 percent (63.75 points) to end at 3,056.62, while the Milaka Index of more liquid […]
Sri Lanka urged to cut tax breaks
Oct 23, 2009 (LBO) – Sri Lanka should cut down on tax incentives to attract Foreign Direct Investments (FDI) and concentrate on improving the business climate to maximize the benefits of peace, a senior economist said. Despite vast concessions offered to investors Sri Lanka could only muster 900 million dollars in FDI in 2008. Most […]
Sri Lankan shares down 0.85-pct
Oct 22, 2009 (LBO) – Sri Lankan shares failed to hold onto morning gains Thursday as retailers with weak finances sold to meet margin calls, while some investors were seen taking profits from yesterday’s gains, brokers said. The All Share Price Index closed down 0.85 percent (25.73 points) to end at 2,992.87, while the Milanka […]
‘s high taxes said to encourage illegal economy
Oct 22, 2009 (LBO) – Sri Lanka’s complex tax structure and high rates are working against the government by pushing consumers to move towards the informal economy that doesn’t pay taxes, a senior economist said. “The Central Bank estimates that revenue losses at import entry points due to illegal importation and under valuation of imports […]
Sri Lankan shares bounce back
Oct 21, 2009 (LBO) – Sri Lankan shares made a strong recovery to edge back over 3,000 points in late afternoon trade Wednesday as panicky investors calmed down on news a US hedge fund whose founder faces fraud charges had claimed adequate liquidity, brokers said. Conglomerate John Keells Holdings recovered to close at 140.25 rupees, […]
Sri Lanka gross foreign reserves at US$4.5bn mid Oct
Oct 21, 2009 (LBO) – Sri Lanka’s gross official foreign reserves topped 4.5 billion US dollars by October 13, and end-August reserves were at 3,890.1 million US dollars, the Central Bank said. The Central Bank said it had bought 2,529.3 million US dollars from the forex markets this year. During the year 212.7 million US […]
Sri Lanka Treasuries yields ease
Oct 21, 2009 (LBO) – Sri Lanka Treasuries yields eased across the board at Wednesday’s auction with the 3-month yield falling 05 basis points to 9.10 percent, the government’s debt office said. The debt office, which is a unit of the Central Bank, said 7.5 billion rupees of bills were offered for roll over and […]
Sri Lanka exports picking up: Central Bank
Oct 21, 2009 (LBO) – Sri Lanka’s exports, which down 6.7 percent in August from a year earlier were showing a steady month on month rise with a recovery seen in the key apparel sector, the Central Bank said. Mineral exports recorded a decline of 30.1 per cent, largely due to lower gem exports. In […]