Category: Economy and Markets
Sri Lanka central bank holds rates amid low inflation
Oct 13, 2009 (LBO) – Sri Lanka’s Central Bank is holding its main policy rate steady at 10.50 percent amid low inflation, expecting the effect of previous cuts to spread wider into the banking system. Weak Credit In the year to August private sector credit was down 4.6 percent according to Central Bank data, while […]
Sri Lanka stock close up 0.2 percent
Oct 13, 2009 (LBO) – Sri Lankan shares closed up 0.2 percent Tuesday, supported by banks extending gains, while NAMAL Acuity Venture Fund, a mutual fund, ended lower after yesterday’s debut, brokers said.Touchwood Investments closed at 92.75 rupees, up 75 cents, and Lanka Cement closed at 32.25 rupees, down 25 cents. Dialog Telekom, a unit […]
Sri Lanka post-war prospects scouted by US firms
Oct 13, 2009 (LBO) – American firms are scouting for business opportunities in post-war Sri Lanka in anticipation of accelerated economic growth, officials said.Senior executives, mainly from top US companies in India, are in Colombo for talks with Sri Lankan firms and government agencies. US investments could help rebuild the war-ravaged economy and contribute to […]
Sri Lankan shares close 0.5-pct up
Oct 12, 2009 (LBO) – Sri Lankan shares closed up Monday due to heavy price gains on index heavy counters Distilleries Company and Commercial Bank pushed market up, while first ever close-ended fund makes positive debut, brokers said. The All Share Price Index closed up 0.5 percent (15.95 points) to end at 3,131.29, while the […]
Investors reap peace dividend in Sri Lanka
October 11, 2009 (AFP) – Sri Lanka’s small stock exchange has become one of the world’s top performing bourses as investors reap the peace dividend from the end to the island’s bloody ethnic conflict.Investors are banking on renewed economic strength and profits in the country that emerged in May from a bloody and protracted civil […]
Indonesia detains 260 Sri Lankan migrants: police
BANTEN, October 11, 2009 (AFP) – Indonesia detained about 260 Sri Lankan migrants in the Sunda Strait between Java and Sumatra while attempting to make their way by wooden boat to Australia, police said Sunday.Indonesia is a key staging point for people smugglers bringing Afghans and other nationals for a perilous onward sea journey to […]
” IMF faces rough road toward bigger role
ISTANBUL, October 7, 2009 (AFP) – The IMF gained new stature as global lender at annual meetings with the World Bank in Istanbul that ended Wednesday, but is on a rough road between a fragile economic recovery and dissension among members.The finance chiefs from the 186 member nations of the institutions agreed after two days […]
Sri Lankan shares down on profit taking, volumes dip
Oct 09, 2009 (LBO) – Sri Lankan shares fell Friday, as investors took profits on selected counters, brokers said. Hatton National Bank closed at 173.00 rupees, up 1.00, and Commercial Bank of Ceylon closed at 180.00 rupees, down 1.50. National Development Bank closed at 195.00 rupees, down 25 cents, and DFCC Bank closed at 153.00 […]
Sri Lanka can avoid foreign pressure by putting economy right: think tank
Oct 09, 2009(LBO) – Sri Lankan can avoid foreign pressure tied to aid or trade concessions by putting its own economic house in order through better management, a think tank has said. Such reforms will sustain higher growth over the longer term, the IPS said. “The immediate task is to restore macroeconomic stability,” it said. […]
” rating confirmed, outlook raised to stable: Fitch
Oct 09, 2009(LBO) – Fitch Ratings said it has lifted the outlook on Sri Lanka’s ‘B+’ sovereign rating to ‘stable’ from ‘negative’ on the end of a war and a deal with the International Monetary Fund that has boosted foreign reserves. At the same time, the agency said in a statement it has confirmed the […]
” by regulations
Oct 08, 2009 (LBO) – Sri Lanka’s private sector is being strangled by a plethora of regulations and corrupt and inefficient bureaucrats and politicians that stifle entrepreneurship, a top company executive has said.The public sector, through the finance ministry and the central bank, have to manage effectively the budget deficit, the money supply, the foreign […]
Sri Lanka withdraws bonus interest on forex deposits
Oct 08, 2009 (LBO) – The Sri Lankan government has stopped paying bonus interest on the interest earned on foreign currency deposits in banks, the Sri Lanka Banks’ Association said.The Central Bank has withdrawn the payment of bonus interest in rupees on interest paid to foreign currency accounts from October 1, the association said in […]