Category: Economy and Markets
Global economic recovery may be W shaped: Steve Hanke
May 08, 2009 (LBO) – Recent rallies in stock markets may be short-lived, and a ‘W’ patterned economic revival is more likely if the Fed fails to quell an expected inflation bout early, a top monetary economist has warned. “I believe we are headed for a W-shaped recovery, with a down-up-down pattern,” Steve Hanke, professor […]
Sri Lankan stocks end the week up, rupee strengthens
May 07, 2009 (LBO) – Sri Lankan shares closed flat Thursday but gained 2.86 percent during a short week propelled by institutional and high net worth investors, while the rupee strengthened against the US dollar amidst weak import demand, brokers and dealers said. The spot dollar was trading at 117. 00/25 levels by mid afternoon […]
Sri Lanka rupee at right level: CB Governor
May 07, 2009 (LBO) – The rupee is at the right level, central bank governor Nivard Cabraal said as the local currency floated between 116.50 to 117.70 rupees against the US dollar in spot trade Thursday. Sri Lanka has asked for a 1.9 billion US dollar loan from the International Monetary Fund which reports said […]
Sri Lanka rupee peaks at 116.50 in volatile trade
May 07, 2009 (LBO) – The Sri Lanka rupee peaked at 116.50 in intra-day trading against the US dollar, Thursday before weakening to 117.70/90 levels, as state bank buying returned to the market, dealers said.The rupee gained steeply with foreign banks on the sell side in morning trade and a state bank bought at 116.60 […]
Sri Lanka set to submit seabed claim
May 06, 2009 (LBO) – Sri Lanka is set to formally submit its claim for sovereignty over a bigger area of the ocean floor surrounding the island under international law, officials said. “The survey confirmed the assumptions made by Sri Lanka’s Law of the Sea delegation in 1970s and 1980s regarding the location of 1km […]
Sri Lanka rupee climbs higher
May 06, 2009 (LBO) – The Sri Lanka rupee closed at 118.10/20 against the spot US dollar Wednesday after floating higher from opening levels of around 119.80/120.00 levels with weak import demand, dealers said. In February the central bank’s real effective exchange showed the rupee was 26 percent overvalued against the US dollar. State banks, […]
Sri Lankan shares close up, rupee gains
May 06, 2009 (LBO) – Sri Lankan shares gained on Wednesday supported by institutional and high net worth interest on blue chip stocks, while the rupee gained against the US dollar mid weak import buying, dealers said.A parcel of 276,000 of Ceylon Tobacco Company changed hands at 116.00 rupees. CTC, a subsidiary of global tobacco […]
Canada ups relief aid for Sri Lanka
OTTAWA, May 4, 2009 (AFP) – Canada’s Minister of International Cooperation Beverley Oda announced Monday an increase in humanitarian aid for civilians displaced by ongoing civil war in Sri Lanka.Ottawa will provide three million dollars (2.5 million US) to the International Committee of the Red Cross, Doctors Without Borders (MSF), the World Food Programme and […]
Sri Lanka banks asked to cut lending rates, says Central Bank
May 5, 2009 (LBO) – Sri Lanka’s central bank said it had asked banks to cut interest charged on loans which remain high despite policy rate cuts, while its grip on overnight is also tenuous due to quantity restrictions on discount windows.The Central Bank said it has “informed the licensed banks to take appropriate measures […]
Sri Lanka treasuries fall
May 5, 2009 (LBO) – Sri Lanka’s Treasuries yields fell across the board with the 12-month yield falling 27 basis points to 13.78 percent at Tuesday’s auction, the government’s debt office said. The 6-month yield fell 51 basis points to 13.44 percent and the 3-month yield fell 43 basis points to 12.22 percent. The government […]
Sri Lankan stocks up, rupee stable
May 05, (2009) – Sri Lankan shares were boosted by heavy trading in high-value stocks with a foreign fund continuing to sell its stake in National Development Bank (NDB) while the rupee was stable at 119.90/120.10 during late afternoon trading, brokers and dealers said. A source close to the deal said fund manager Raj Rajaratnam’s […]
Bitter with West, Sri Lanka turns East for cash and support
May 4, 2009 (AFP) – The Sri Lankan government is increasingly tilting towards Iran, Libya and China for foreign aid as its traditional Western allies ramp up their criticism of the war against Tamil rebels. Many Western nations have outlawed the Tamil Tigers and cut off their funding networks, but the Colombo administration is deeply […]