Category: Economy and Markets
Sri Lanka refugees get more EU aid
June 24, 2009 (LBO) – The European Commission is giving 5 million Euros to help mainly ethnic Tamil refugees held in camps in northern Sri Lanka, on top of 37 million euros of humanitarian aid to the island since 2007.The latest tranche will be given for relief organizations and UN agencies to help 280,000 refugees […]
Sri Lanka still negotiating IMF deal: minister
June 24, 2009 (LBO) – Sri Lanka is still negotiating with the International Monetary Fund for a bailout package, and the first tranche may come in two months, a senior minister said, indicating that an unfinished economic agenda remained to be resolved.“We are still working things out; the doors are not shut yet,” Amunugama told […]
US to “carefully assess” Sri Lanka IMF loan: official
June 24, 2009 (LBO) – The United States is not blocking an International Monetary Fund (IMF) loan to Sri Lanka but the US Treasury and State Department “will carefully assess” the program, an official has said. “We are not threatening to block the loan and we will carefully assess any program in light of the […]
Sri Lankan stocks close flat
June 24, 2009 (LBO) – Sri Lankan shares closed flat Wednesday despite bank stocks losing ground on profit taking, brokers said. The benchmark Colombo All Share Price Index closed up 0.01 percent (0.23 points) to end at 2,439.94 while the Milanka index of liquid stocks fell 0.64 percent (17.39 points) to close at 2,716.29, according […]
Sri Lanka stocks close lower on profit taking
June 23, 2009 (LBO) – Sri Lankan shares extended losses Tuesday closing down 0.4 percent as retail investors took profits on blue chip banks and diversified groups, brokers said, The benchmark Colombo All Share Price Index closed down 0.44 percent (10.84 points) to end at 2,436.36 while the Milanka index of liquid stocks fell 1.02 […]
Sri Lanka private sector credit shrinks as government borrows
June 22, 2009 (LBO) – Sri Lanka’s private sector credit has shrunk for the fourth straight month, while government credit continues to rocket, amid falling revenues and rising expenses, the latest official data shows. In April 2009, credit to private sector from the banking system was down 3.2 percent to 1,247.8 billion rupees from December […]
Sri Lanka private equity fund to be started by Singapore firm: report
June 22, 2009 (LBO) – Calamander Group, a Singapore based fund, is starting a 50 million US dollar private equity fund to invest in export commodity processing firms, a media report said. Last week Bloomberg quoted Arjuna Mahendran, HSBC Private Bank’s chief investment strategist, as saying that Sri Lanka could benefit from its proximity to […]
Sri Lanka foreign reserves inch up in April
June 22, 2009 (LBO) – Sri Lanka’s official external reserves without advances to domestic banks had increased 59 million US dollars to 1,131 million US dollars in April from 1,072 million US dollars in March, the Central Bank said. Remittances were 228 million US dollars more than the trade deficit, the Central Bank said As […]
Sri Lankan stocks fall as investors take profits
June 22, 2009 (LBO) – Sri Lankan shares closed down Monday due to profit taking by retail investors, interrupting the previous week’s bull-run and while John Keells Holdings (JKH) continued to be actively traded, brokers said. The benchmark Colombo All Share Price Index closed down 0.39 percent (9.66 points) to end at 2,447.20 while the […]
Iran lashes out at West, media over unrest
TEHRAN, June 21, 2009 (AFP) – Iran accused Britain and the United States on Sunday of meddling in its affairs, amid an international outcry over its crackdown on protests over the results of last week’s presidential election. It hammered home its message by ordering the expulsion of BBC correspondent Jon Leyne just two days after […]
Fed to keep printing despite rising commodity prices: analysts
WASHINGTON, June 21, 2009 (AFP) – A jittery bond market and economic “green shoots” notwithstanding, the Federal Reserve is likely to reaffirm a commitment to keep pumping money into the economy to battle recession, analysts say. The Federal Open Market Committee (FOMC) led by chairman Ben Bernanke is expected at a two-day meeting opening Tuesday […]
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 […]