Category: Economy and Markets
Sri Lanka June inflation at 0.9-pct
June 30, 2009 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 0.9 percent in June from a year earlier, down from 3.3 in May, while prices during the month moved up 1.3 percent, the government’s statistics office said. So far this year Sri Lanka’s central bank has technically ‘loosened’ monetary policy, cutting policy […]
Sri Lanka creates economic zone for Chinese investors
June 30, 2009 (LBO) – Sri Lanka’s investment promotion agency, the Board of Investment, said it signed a deal with China’s Huichen Investment to manage a special economic zone dedicated to Chinese investors.Industries earmarked for the zone include manufacture of machinery and equipment, electric motorcycles, buses, ambulances and agricultural machinery, and light vehicle assembly. Yapa […]
Sri Lankan shares becalmed, investors wary
June 30, 2009 (LBO) – Sri Lankan stocks closed almost flat Tuesday as retail investors took defensive positions on mid cap shares and some selected blue chip counters, brokers said. The benchmark Colombo All Share Price Index closed down 0.32 percent (7.72 points) to end at 2,432.15, while the Milanka index of liquid stocks gained […]
Sri Lankan stocks down on travel warning, profit taking
June 29, 2009 (LBO) – Sri Lankan shares closed down on Monday partly owing to the customary month-end profit taking by retailers, while a US government travel warning dampened investor spirits, brokers said.Mahaweli Reach Hotel closed at 19.00 rupees, down 1.00, while The Light House closed at 66.00 rupees, down 2.00. Trans Asia Hotel closed […]
Sri Lanka public enterprises eating development capital: minister
June 29, 2009 (LBO) – Sri Lanka’s state enterprises are eating capital that could have been used for the country’s growth, while some workers are getting a salary and not even reporting to work, a senior government minister said. “For almost 50 years our state enterprises have stolen from the treasury,” deputy finance minister Sarath […]
Sri Lanka accuses IMF of playing politics
WASHINGTON, June 27, 2009 (AFP) – Sri Lanka on Friday accused the International Monetary Fund of politicizing financial aid following the fund’s delay in considering a 1.9-billion-dollar bailout for the war-ravaged economy. “Never ever has the IMF taken political factors into account. Now, it seems for the first time they are doing that — indirectly,” […]
Sri Lanka to extend services of sovereign rating agencies
June 26, 2009 (LBO) – Sri Lanka will extend the contracts of Standard and Poor’s (S&P) and Fitch Rating, the two agencies that are issuing the country’s sovereign rating, the government’s information office has said. The cabinet of ministers had empowered the central bank to sign fresh agreements with the two rating agencies for three […]
Sri Lankan shares down 0.2-pct during week
June 26, 2009 (LBO) – Sri Lankan stocks recovered on Friday, pushed up by retail investors who targeted blue chips and midcap shares, while foreign investors were net sellers during the week, brokers said. The benchmark Colombo All Share Price Index closed up 1.16 percent (28.03 points) to end at 2,447.04 Friday while the Milanka […]
Sri Lanka to buy back debt
June 25, 2009 (LBO) – Sri Lanka’s public debt office has announced a ‘reverse auction’ to retire a part of the bonds maturing in August, which would help reduce bunching up of maturities, dealers said. The banking system is also flushed with liquidly from central bank dollar purchases.The government is offering to buy back 7.6 […]
Sri Lanka to resettle war refugees soon: official
NEW DELHI, June 24, 2009 (AFP) – A Sri Lankan official delegation visiting India said on Wednesday Colombo was working to resettle tens of thousands of civilians displaced by fighting on the island.The team said Sri Lanka was also working for the “democratisation” of the country’s north, where fierce fighting earlier this year led to […]
Sri Lanka Treasuries yields fall across the board
June 25, 2009 (LBO) – Sri Lanka’s Treasuries yields fell across the board at an Auction Wednesday and the government raised 11.6 billion from an original offer to sell only 9.0 billion rupees of bills, the debt office said.The 3-month yield fell 15 basis points to 11.41 percent; the 6-month yield fell 53 basis points […]
Sri Lanka to plans high yield forex securities for expat workers
June 25, 2009 (LBO) – Sri Lanka’s government is planning a new high yield retail foreign exchange denominated security that will pay an attractive premium over London benchmark rates, targeting expatriate workers.“India did a successful issue of that nature some time ago, and we are studying it,” Central Bank governor Nivard Cabraal said. “We want […]