Category: Economy and Markets
Sri Lanka Hayleys profits down on lower margins, exports
June 04, 2009 (LBO) – Sri Lanka’s Hayleys said net profit for the 2008-09 financial year fell 31 percent to 311 million rupees from a year ago as the export-oriented group was hit by the global economic slump.Gross turnover rose five percent to 32 billion rupees in the year ended March 31, 2009, according to […]
Sri Lanka Insurance Corp sale reversed by court- Update
June 4, 2009 (LBO) – Sri Lanka’s Supreme Court said a 2003 privatization of Sri Lanka Insurance Corporation (SLIC) to listed Distilleries group was illegal and ordered the firm to be returned to the government and the purchase price refunded.Court ordered the government to repay more than six billion rupees originally paid by the private […]
Sri Lankan stocks hit by Distilleries verdict
June 04, 2009 (LBO) – Sri Lankan shares dived on Thursday after courts reversed the privatization of an insurer controlled by a listed firm, saying it was illegal, while the rupee held steady against the greenback. The spot dollar was trading at 114.90/95 levels in late afternoon trade, dealers said. Distilleries Company of Sri Lanka […]
Sri Lankan shares close flat, rupee rock steady
June 03, 2009 (LBO) – Sri Lankan stocks close flat on Wednesday as the market stabilized at current price levels, while the rupee continued to be steady against the greenback, brokers and dealers said. The spot dollar was trading at 114.85/114.95 levels in late afternoon trade, dealers said. The Colombo All Share Price Index was […]
High inflation increases hunger in South Asia: UNICEF
NEW DELHI, June 2, 2009 (AFP) – The global financial crisis and a spike in fuel and food prices have left 100 million more people without adequate food in South Asia compared to two years ago, according to a UNICEF report Tuesday. More than 400 million people face hunger in a region where over 75 […]
Sri Lanka should drop popular politics to boost economy: President
June 3, 2009 (LBO) – Sri Lanka should cut the budget deficit, drop popular politics and ideologies in meeting the challenge of developing the country, President Mahinda Rajapaksa said.“Reducing the budget deficit, investment promotion and economic development is possible after defeating terrorism,” President Rajapaksa said in a nationally televised speech at a ceremony in Colombo. […]
Sri Lanka offered investment by Canadian business council
June 03, 2009 (LBO) – Two bilateral business councils promoting trade and investment between Sri Lanka and Canada have offered their support to revive the island’s economy with the end of the ethnic war.The Ceylon Chamber of Commerce, which represents the Sri Lanka-Canada business councils, said they had written to President Mahinda Rajapaksa offering support […]
Sri Lankan minister seeks Japanese aid, rejects rights probe
TOKYO, June 3, 2009 (AFP) – Sri Lanka’s trade minister on Wednesday sought Japan’s help for its recovery from ethnic conflict, while reiterating his government’s rejection of any probe into alleged human rights violations.Colombo has faced allegations that thousands of civilians perished in the final battle last month against Tamil Tiger separatists, as the island […]
” inflation 15.8-pct
June 02, 2009 (LBO) – A controversial core inflation index of selected items in Sri Lanka was at 13.5 percent in May 2009, the central bank said, while the country’s headline index rose 3.3 percent, from 2.9 percent. Core inflation is claimed by central banks to better reflect their monetary policy actions, and drops food […]
Sri Lankan stocks down as investors pause
June 02, 2009 (LBO) – Sri Lankan stocks fell 1.1 percent Tuesday as investors took a breathe, halting a two-week bull run, while the rupee remained firmly fixed to the greenback, brokers and dealers said. The spot dollar was trading at 114.80/90 in late afternoon trade, after expansionary central bank interventions ended, dealers said. The […]
Sri Lanka shares weaken
June 01, 2009 (LBO) – Sri Lankan shares ended weaker Monday as investors took profits after last week’s sharp rise on euphoria that followed a military victory over the Tamil Tigers, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index fell […]
Sri Lanka g-secs see foreign interest trickling in
June 01, 2009 (LBO) – Sri Lanka’s government securities market has seen a trickle of foreign investment as the country is slowly emerged from a balance of payments crisis, official data showed. The central bank said the volume of Treasury bonds held by foreign investors increased by about 1,500 million rupees (about 10 million US […]