Category: Economy and Markets
Sri Lanka share trading boosted by Carson oil palm deals
March 26, 2009 (LBO) – Sri Lankan shares ended almost flat Thursday but turnover was pushed up to 915 million rupees by large transactions in three oil palm companies of the Carson Cumberbatch group, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Sri Lankan shares up on JKH deal
Mar 25, 2009 (LBO) – Sri Lankan stocks ended higher Wednesday, pushed up after a foreign investment fund divested a five percent stake in the island’s biggest conglomerate John Keells Holdings (JKH) to a local insurance company, brokers said. The All Share Price Index gained 0.72 percent (11.75 points) to end at 1,637.23 while the […]
Sri Lanka state enterprises a big burden: minister
March 25, 2009 (LBO) – Sri Lankan state enterprises come begging to the Treasury for money to pay staff salaries, instead of making profits and contributing to national development, a senior government minister said.“One of the strange functions as the minister of finance in Sri Lanka is to handout checks at the end of the […]
Sri Lanka injects Rs19.4bn through term auction; bill yields plunge
Mar 25, 2009 (LBO) – Yields of treasury bills fell across the board at Wednesday’s auction as the Central Bank injected 19 billion rupees through its new term auction facility on the back of earlier rate cuts, dealers said.The 3-month average auction yield fell 32 basis points to 14.62 percent, the 6-month yield fell 31 […]
Sri Lankan underweight bread fools consumer minister
Mar 24, 2009 (LBO) – Sri Lanka’s minister of consumer affairs has admitted being fooled by crafty bakers who sell underweight bread and exploit consumers. Consumer affairs minister Bandula Gunawardena called on bakers to stick to a certain standard when making bread. According to an investigation carried out by the consumer affairs authority most of […]
Sri Lanka shares end weaker
March 24, 2009 (LBO) – Sri Lankan shares ended slightly weaker Tuesday with a single Sampath Bank block of 744,155 shares traded at 65.75 rupees accounting for almost half the day’s turnover, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
‘s economic troubles mostly home brewed: economists
Mar 22, 2009 (LBO) – Sri Lanka’s current balance of payments troubles are mostly home brewed and an expected return to an International Money Fund bailout is simply a new cycle in a long history of economic mismanagement, economists said.“This is a home brewed macro economic crisis,” Razeen Sally from the London School of Economics, […]
Sri Lanka central bank in bid to push credit
Mar 21, 2009 (LBO) – Sri Lanka’s central bank has asked banks to lend to the private sector amidst a peg defence exercise that has created a liquidity crunch, heavy state borrowing and banks that are wary of rising bad loans. The central bank said it had cut its de facto main policy signal rate, […]
Sri Lanka shares slide
March 20, 2009 (LBO) – Sri Lankan shares ended slightly weaker Friday, dragged down by heavyweights, in thin trade with conglomerate John Keells Holdings ending firmer after its AAA rating was confirmed, 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 puts on brave face before IMF bailout
March 19, 2009 (LBO) – Sri Lanka is putting on a brave face after being forced into an International Monetary Fund bailout having spent its way into trouble and busted up billions of dollars of foreign reserves on an ill-fated peg defence exercise.“This is a special measure taken by the IMF to help countries cope […]
Sri Lanka gets US$85mn from ADB for water supply
March 19, 2009 (LBO) – Sri Lanka will get 85 million US dollars in loans and grants from the Asian Development Bank for water supply and sanitation in four regional urban areas, a government minister said. The National Water Supply and Drainage Board will use the funds to rehabilitate and develop water and sanitation infrastructure […]
Sri Lanka treasuries yields fall after rate cut
Mar 19, 2009 (LBO) – Sri Lanka Treasury bill and bond yields fell across the board Wednesday by around 40 basis points following a 175 basis point rate cut, the government’s debt office and dealers said.A bond maturing on 01.08.2013 fell from around 17.90 levels to 17.20 percent levels, dealers said. At the weekly auction […]