Category: Economy and Markets
Sri Lanka money broker in buyout
Sept 25, 2009 (LBO) – A money broking firm controlled by listed Seylan Merchant Bank, a unit of the Ceylinco group, will be sold to an investment vehicle promoted by key officials.A 51 percent stake in SMB Money Brokers (Pvt) Ltd, will be sold to ASIL Holdings, an investment vehicle, the company said in a […]
Sri Lanka overvalued rupee points to job losses: productive sector
Sept 25, 2009 (LBO) – Sri Lanka’s overvalued currency is hurting exports and a catch up in productivity inevitably points to more industrial job losses, private sector representatives have said.His comments came as an official survey by the government’s statistics office said 155,000 industrial jobs have been lost in the second quarter of 2009 from […]
Sri Lanka shares up slightly
Sept 25, 2009 (LBO) – Sri Lankan stocks ended marginally higher Friday with active trading in shares of Ceylinco group firms, especially Seylan Bank, but corporate and foreign participation was lower, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index rose […]
Sri Lanka still has room for foreigners to buy bonds: CB Governor
Sept 24, 2009 (LBO) – A limit of 10 percent of outstanding government bonds remains in place, and foreign investors still have room to buy Sri Lanka government bonds, Central Bank Governor Nivard Cabraal said.“The limits remains the same,” Governor Cabraal said. “There is no change. “The borrowings will take place as and when the […]
Sri Lanka to spend more than 0.5-pct of GDP on north rebuilding in 2010
Sept 24, 2009 (LBO) – Sri Lanka is expected to spend around 0.75 percent on reconstructing war-torn areas in the north and east in 2010, and it would be outside the program target agreed with the International Monetary Fund, an official said. A 20-month program agreed with the IMF in July 2008, set a target […]
Sri Lankan shares close down 0.83-pct
Sep 24, 2009 (LBO) – Sri Lankan shares closed down on Thursday as investors took profits from hotel and banking sector stocks, although renewed confidence in the economy after a war is expected to drive shares back up, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
Sri Lanka 3-month bill yield in single digits
Sept 23, 2009 (LBO) – Sri Lanka’s 3-month Treasury bill yields fell 34 basis points to 9.70 percent at Wednesday’s auction, the government’s debt office said. The debt office, which is a unit of the Central Bank said out of 9,500 million rupees maturing bills 9,500 million rupees’ worth had been sold to the market. […]
Sri Lanka IMF document suppressed by government decision: official
Sept 23, 2009 (LBO) – Detailed International Monetary Fund documents showing the underlying basis for a stand-by loan to Sri Lanka have not been released by a decision of the island’s government, an official said.A storm has brewing in Sri Lanka over the suppression of IMF documents. Muttukrishna Sarvananthan, from the Point Pedro Institute of […]
Sri Lankan stocks becalmed
Sep 23, 2009 (LBO) – Sri Lankan shares closed flat Wednesday as investors took profits while foreigners continued to be net buyers, brokers said.National Development Bank closed at 190.75 rupees, down 2.75, while Seylan Bank closed flat at 34.00 rupees. Retailer favorite Touchwood closed at 91.75 rupees, down 75 cents, while Lanka Cement closed flat […]
Sri Lanka lawmakers fiscally clueless: legal activist
Sept 22, 2009 (LBO) – Sri Lanka’s parliament lacked a permanent fiscal affairs committee paving the way for “mythical” budgets and lawmakers lacked capacity and research to constructively probe public spending and bodies, a legal activist has said. “Take, for example, the parliamentary oversight committee, COPE (Committee on Public Enterprises) tasked with dealing with all […]
Sri Lanka economic revival better than expected: IMF
Sept 22, 2009 (LBO) – Sri Lanka’s economic revival is better than originally expected when the International Monetary Fund approved a stand by loan, and tax revenues are improving, a review mission said in Colombo. The IMF was originally expecting 3.0 percent growth for the island for 2009 but has revised it up to 3.5 […]
Sri Lanka shares down on profit taking
Sept 22, 2009 (LBO) – Sri Lankan stocks fell Tuesday dragged down mainly by heavyweight Sri Lanka Telecom and banks as investors took profits from the rally in prices in recent weeks, brokers said.“The market came down mainly due to profit taking,” said Hatangala. “We saw prices dropping in banking stocks and SLT.” SLT closed […]