Category: Economy and Markets
Sri Lanka standby loan still not ready for board approval: IMF official
June 20, 2009 (LBO) – An International Monetary Fund loan for Sri Lanka is still not ready for approval for its executive board, an official said, though the country is rapidly emerging from a balance of payments crisis. Declining foreign reserves makes investors jittery and can trigger capital flight, while rising interests can cause banking […]
Sri Lankans are encouraged to be poor by politicians: minister
June 20, 2009 (LBO) – Politicians are responsible for killing the entrepreneur spirit of Sri Lankans by making them believe ‘capitalism’ is evil and poverty is better, a senior minister has said. Deng had originally studied and worked in France where he is said to have learned Marxism. Under his rule, very basic reforms ranging […]
Sri Lankan stocks up 8.9-pct over week, 63.5-pct in 2009
June 19, 2009 (LBO) – Sri Lankan stocks closed up 8.9 percent for the week Friday, up 63.5 percent for the year, with stronger foreign buying interest coming to the market, brokers said. The benchmark Colombo All Share Price Index closed up 1.99 percent (47.94 points) to end at 2,451.91 Friday while the Milanka index […]
Sri Lanka repays US$125mn in foreign loans
June 19, 2009 (LBO) – Sri Lanka has repaid 125 million US dollars from a dollar loan arranged by Standard Chartered Bank last year, as lenders exercised an option, Central Bank Governor Nivard Cabraal said. Under Sri Lanka’s monetary law, the Central Bank acts as ‘banker’ to the government.The government’s debt office is also a […]
Sri Lanka sells 2-year bonds for US$115.8mn
June 19, 2009 (LBO) – Sri Lanka has sold bonds worth 115.8 million US dollars in an offer to roll over 50 million US dollars in 2-year bonds, raising 66 million US dollars in fresh funds, the government’s debt office said. The bonds were sold at a weighted average margin of 497 basis points above […]
Sri Lanka buys US218mn from forex markets in June: CB Governor
June 18, 2009 (LBO) – Sri Lanka’s central bank has bought 218 million US dollars from forex markets so far in June on top of 160 million US dollars bought during the last two months, Central Bank Governor Nivard Cabraal said. Since a float of the rupee in March ahead of an International Monetary Fund […]
Sri Lankan stocks up 2.4-pct
June 18, 2009 (LBO) – Sri Lankan stocks extended gains Thursday closing up 2.4 percent with heavy trading on conglomerate John Keells Holdings (JKH) and financial sector companies activating the market, brokers said. The market has grown 59.9 perecent year to date, brokers said. The benchmark Colombo All Share Price Index closed up 2.41 percent […]
Sri Lanka meeting admits Maldives into regional clearing group
June 18, 2009 (LBO) – the Asian Clearing Union (ACU), regional transaction settlement arrangement that tries aimed at by passing hard currency use, has admitted Maldives at a meeting held in Sri Lanka’s capital Colombo. The ACU headquartered in Iran is made up of the Bangladesh Bank, Royal Monetary Authority of Bhutan, Reserve Bank of […]
Sri Lanka lose 96,000 industrial jobs: official survey
June 18, 2009 (LBO) – Sri Lanka’s industrial sector has lost 96,000 jobs in the first quarter of 2009 with the apparel workers losing 60,000 jobs and construction workers losing 36,000 jobs, according to a government survey. But Fernando said the change was not statistically significant. The latest data includes Sri Lanka’s Eastern province, but […]
Sri Lanka public sector scam vies with private sector ones: minister
June 17, 2009 (LBO) – Sections of Sri Lanka’s bloated public sector are stealing peoples’ money in the same corrupt manner as high profile private sector scams, a senior minister said. “More than 140 state owned institutions are running at losses and have to be supported by the Treasury. Some workers don’t even come to […]
Sri Lanka GDP growth slows to 1.5-pct in 2009 first quarter
June 17, 2009 (LBO) – Sri Lanka’s economic growth slowed to 1.5 percent in the first quarter of the 2009, against 6.2 in 2008 and 4.3 percent in the December quarter, officials said. Passenger kilometres flown by Sri Lankan Airlines had fallen 25.0 percent, railway passenger kilometres fell 7.7 percent, while in state bus service […]
Sri Lankan stocks close up 2.2-pct
June 17, 2009 (LBO) – Sri Lankan stocks extended gains Wednesday, as high volume transactions on diversified conglomerates, banks and hotels propped up the market, brokers said. Dialog Telekom, a unit of Telekom Malaysia was active with 1.37 million shares trading mostly at 5.50 rupees, its closing price. Brokers said hotel stocks were also active […]