Category: Economy and Markets
Sri Lanka Overseas Realty apartment sales slow
March 05, 2009 (LBO) – Overseas Realty (Ceylon) Ltd. (ORCL) said it is finding it difficult to sell apartments in a new high-rise condominium complex being built in the Sri Lankan capital Colombo due to the economic crisis. But ORCL chairman S P Tao, head of Singapore’s Shing Kwan group, said he is confident of […]
Sri Lankan stocks end weaker
March 05, 2009 (LBO) – Sri Lankan shares ended weaker Friday Thursday as more firms reported losses or sharply lower profits with trading volumes thin as investors stayed away from the market, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Sri Lanka is at medium risk from global fall out: IMF
Mar 04, 2009 (LBO) – Sri Lanka is among low income countries (LICs) at “medium” risk from global economic turmoil, and some nations were at “high” risk needing foreign aid as commercial markets dry up, the International Monetary Fund (IMF) has said. Direct financial transmission of the crisis was spreading to countries like Ghana and […]
Sri Lanka negotiating US$1900mn facility from IMF: Central Bank
March 04, 2009 (LBO) – Sri Lanka has asked for a 1,900 million US dollar balance of payments support facility from the International Monetary Fund (IMF), and the first tranche was expected later this month, the central bank said. Sri Lanka also got support from the IMF after the Indian Ocean tsunami hit the country […]
Sri Lankan beer company profits down
Mar 04, 2009 (LBO) – Sri Lanka’s Lion Breweries December quarter profits have taken a hit from increased finance costs on loans taken to raise fresh capital and secure their 22.5 percent stake in Indian brewer, South Asian Breweries (SAB), analysts said. However, when a preference dividend of 32.8 million rupees is deducted, Lion Breweries […]
Sri Lankan shares close down
Mar 04, 2009 (LBO) – Sri Lankan blue chips once again took a beating on Wednesday as investors continued to stay away from the market owing to jitters over poor company earnings and liquidity shortages, broker said. The All Share Price Index lost 0.10 percent (1.62 points) to end at 1,637.85 while the more liquid […]
Sri Lankan shares down on earnings jitters
Mar 03, 2009 (LBO) – Sri Lankan stocks tumbled on Tuesday as blue chip counters took a beating due to worse-than-expected corporate results which kept investors on the sidelines, brokers said. The All Share Price Index lost 1.93 percent (32.22 points) to end at 1,639.47while the more liquid Milanka shed 2.27 percent (39.71 points) to […]
Sri Lanka in US$200mn bond sale
Mar 03, 2009 (LBO) – Sri Lanka is seeking buyers for 200 million US dollars of 2-year bonds, which pays a semi-annual coupon, the government’s debt office said, as debt markets remain risk averse and liquidity tight. This month 215 million US dollars of Sri Lanka Development Bonds (SLDBs) are maturing, but the government is […]
Sri Lanka comes under IMF microscope
Mar 03, 2009 (LBO) – The International Monetary Fund has sent a mission to Sri Lanka to look at the country’s “near-term outlook”, the global monetary watchdog said, as the island is grappling with the worst balance of payments crisis in a decade. The binges brought minor currency crises in 2004, 2006 and 2007 as […]
Sri Lankan stocks close down
Mar 02, 2009 (LBO) – Sri Lankan shares took a beating on Monday as investors preferring to stay away in the wake of poor corporate results published during the weekend, analysts said. Fixed line giant Sri Lanka Telecom was down 75 cents to close at 35. Foreign buying was at 17.5 million rupees, while foreign […]
Sri Lanka negotiating more forex swaps, Jan intervention U$251mn: Central Bank
Mar 02, 2009 (LBO) – Sri Lanka’s central bank says it is negotiating two swap agreements with central banks to boost the country’s flagging foreign reserves, as interventions continue to pressure the rupee. Sri Lanka’s gross official reserves fell to 1,753 million US dollars in December. The latest official data shows that the Central Bank […]
Sri Lanka at risk of economic damage from AIDS: World Bank
March 01, 2009 (LBO) – A new World Bank report says Sri Lanka must improve HIV/AIDS prevention programmes to prevent the disease causing economic damage.Conditions contributing to high vulnerability include the war, high mobility of soldiers and refugees, and separation of spouses due to overseas employment, said the report on how HIV and AIDS in […]