Category: Economy and Markets
Sri Lanka exporters to get incentives next month
July 21, 2009 (LBO) – Over 200 Sri Lankan firms have qualified for a government export incentive scheme the first payments of which are expected next month, but many claims have been rejected owing to errors in applications, officials said. “It is a reward to direct exporters in manufacturing processing industries who have survived the […]
Sri Lankan stocks up 1.16-pct
July 20, 2009 (LBO) – Sri Lankan shares rose Monday, as investors chased high value counters, while there was some speculative interest on Lanka Cement and Hotel Developers, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.16 percent (27.90 points) to end at 2,422.92 Monday, while the Milanka index of liquid […]
Sri Lanka higher education needs quality upgrade, more investment
July 20, 2009 (LBO) – Sri Lanka’s higher education system needs to be revamped with more investment to produce graduates with information technology and English skills, while private providers need regulation, a World Bank study has said.Higher education minister Wiswa Warnapala says expansion of the arts and humanities stream, low quality external degree programs, and […]
Sri Lanka signs IMF loan deal; awaits board nod
July 20, 2009 (LBO) – Sri Lanka has signed a formal document setting out an agreed program with International Monetary Fund staff that is now awaiting approval from its top decision making body, a top official said.On Monday 2013 bonds were offered at 12.95/13.00 percent, down 05 basis points from Friday.A 3-year bond maturing in […]
Sri Lanka Commercial Bank promotes dollar bonds
July 19, 2009 (LBO) – Sri Lankans living overseas and foreigners can earn a higher interest by investing in US dollar denominated Sri Lanka Development Bonds (SLDBs) through the Commercial Bank of Ceylon, a statement by the bank said. Commercial Bank’s Head of Global Treasury Dula Weeratunga said that under the scheme, the Income Tax […]
Sri Lanka central bank withdraws some printed money
July 18, 2008 (LBO) – Sri Lanka’s central bank has Friday withdrawn seven billion rupees, a part of the money printed to finance a government cash deficit earlier in the week, reducing the risk of triggering another balance of payments crisis. “So long as open market purchases of Government securities are allowed (as, of course, […]
Sri Lanka says milk prices to fall a little
July 18, 2009 (LBO) – Sri Lanka which taxes imported milk powder at very high levels, has asked importers to bring the price of a one kilogram pack to fall by 37 rupees and 400 gram pack by 15 rupees, official reports said.According to official data a kilogram of imported milk powders was taxed at […]
Sri Lankan stocks up 1.35-pct during week
July 17, 2009 (LBO) – Sri Lankan shares closed up Friday with renewed interest on some selected blue chips, while retailers were seen actively going after plantation, hotels, and medium and small capped stocks, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.03 percent (24.47 points) to end at 2,395.02 Friday, […]
Sri Lanka IMF loan; IC views to be taken up at executive board
July 17, 2009 (LBO) – A recent IMF mission to Sri Lanka had “good discussions” with the authorities, but the views of the international community on a loan would still be considered at an executive board meeting, an official said. A ‘staff level’ deal also had to be reached. “Because the first thing that happens […]
Sri Lanka combs economy for new tax payers
July 17, 2009 (LBO) – Sri Lanka is widening the tax net to catch small shop owners and hair dressers to fluff up flagging government income, while excise revenues had also lost it usual buzz, officials said. “Most businesses such as boutiques, hair salons and retailers don’t pay value added tax (VAT),” the head of […]
Fed sees end to recession, eyes exit strategy
WASHINGTON, July 16, 2009 (AFP) – The Federal Reserve signaled Wednesday it sees an end this year to the brutal recession and hinted that it was preparing an “exit strategy” for its unprecedented stimulus efforts.The central bank raised its outlook for 2009 and 2010 economic output, projecting a rebound in the second half of 2009 […]
Sri Lanka calls for debt relief, non-aligned emergency lender
July 16, 2009 (LBO) – Developing countries need debt relief to overcome a global economic slump, and a non-aligned emergency bailout fund, Sri Lanka’s president Mahinda Rajapaksa has said.“The world is today confronted by a crisis that is essentially the creation of the financial markets of certain developed countries,” President Rajapaksa said in the published […]