Category: Economy and Markets
Sri Lanka, developing countries, face more challenges and poverty from downturn: economists
Feb 20, 2009 (LBO) – While developed countries are facing economic contraction, developing nations are facing increases of absolute poverty, with some countries like Sri Lanka having little fiscal room to maneuver, economists have said. A global economic crunch from a collapsing housing, financial and commodity bubble was slowing ‘economic growth’ worldwide, with world growth […]
Sri Lanka inflation to fall to 8.0-pct by end-Feb: CB Governor
Feb 20, 2009 (LBO) – Falling inflation is giving Sri Lanka more room to loosen monetary policy, Central Bank Governor Nivard Cabraal said Friday, though the island is grappling with a balance of payments problem. Sri Lanka’s 12-month inflation would fall to around 8.0 percent in February from 10.7 percent in January and year-end inflation […]
Sri Lanka stocks enlivened by JKH deals
Feb 20, 2009 (LBO) – Sri Lankan market was boosted Friday with conglomerate John Keells Holdings increasing control of Union Assurance, Ceylon Cold Stores and brokerage John Keells Ltd. by buying stakes held by Carson Cumberbatch, brokers said. A crossing of 4.36 million CCS shares was done at 115 rupees. CCS was up three rupees […]
Sri Lanka official reserves US$1.7 billion in December
Feb 19, 2009 (LBO) – Sri Lanka’s foreign reserves fell to 1,753 million US dollars in December from 2,030 million US dollars in November which was enough to finance 1.5 months of imports, the Central Bank said. Gross official reserves with Asian Clearing Union (ACU) funds was 2,561 million US dollars which was enough to […]
Sri Lanka treasury bill yields flat
Feb 19, 2008 (LBO) – Sri Lanka Treasury bill yields were flat at an auction Wednesday, with the government selling 4.2 billion of the 7.0 billion bills offered for sale.The 12-month yield eased 01 basis points to 17.73 percent, the 6-month also by a basis point to 16.93 percent and the 3-month by 02 basis […]
Sri Lanka must sacrifice growth for stability: economist
Feb 19, 2009 (LBO) – Sri Lanka’s government should focus on restoring macro-economic fundamentals which have deteriorated in recent years to help it overcome the global economic crisis, even if means slower growth, an economist has said. Resources had to be set aside for both while the government had to do normal development activities. But […]
Sri Lankan stocks attract foreign investors
Feb 19, 2009 (LBO) – Sri Lankan shares closed down Thursday but foreign investors have begun taking medium to long-term positions on blue chips like John Keells Holdings (JKH), Hemas Holdings and Dialog Telekom, brokers said. Dialog Telekom lost 10 cents to close at 4.90 rupees, while Sri Lanka Telecom lost 50 cents to close […]
Sri Lankan shares draw foreign interest
Feb 18, 2009 (LBO) – Sri Lanka shares lost early gains on Wednesday despite high volume trading due to foreigners taking strategic positions on high liquid shares such as Dialog Telekom and Lanka Cement, brokers said.A crossings of 200,000 shares of conglomerate John Keells Holdings changed hands at 65 rupees. JKH closed at 59 rupees […]
Sri Lanka to trim own contribution to push multilateral projects: minister
Feb 18, 2009 (LBO) – Sri Lanka is hoping to push through foreign funded projects which have been held up due to lack of ‘counterparty funds’, with a lower contribution from the government, a senior minister said. Deputy finance minister Sarath Amunugama said there were “a lot of projects” awaiting a 15 percent government contribution, […]
Sri Lanka JKH, Dialog in big trades
Feb 17, 2009 (LBO) – Sri Lankan shares ended weaker Tuesday but large trades in John Keells Holdings, Dialog Telekom and National Development Bank boosted turnover, although institutions were still inactive, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index eased […]
Sri Lankan stocks close up
Feb 16, 2009 (LBO) – Sri Lankan shares closed marginally up Monday driven by retail interest on the construction sector, as news of the war coming to a close highlighted the prospects of new development contracts, brokers said. He anticipated that the indices would try to consolidate at the present levels with investors hoping for […]
Sri Lanka needs prompt coherent action to survive global slump: think tank
Feb 16, 2009 (LBO) – Sri Lanka needs “prompt and coherent” policy action to counter a global slump which was slowing demand for exports and making it difficult for the government and private firms to borrow abroad, a top think tank has said. “It is essential that prompt and coherent policy action is taken in […]