Category: Economy and Markets
Zimbabwe lifts foreign currency restrictions
HARARE, January 29, 2009 (AFP) – Zimbabwe scrapped restictions on foreign currency on Thursday to prop up its ailing economy, as the United Nations warned that more than half the population needs emergency food aid.Hours after grim estimates by UN agencies also showed that just six percent of its population is formally employed, acting finance […]
Sri Lanka inflation falls to 10.7-pct
Jan 30, 2009 (LBO) – Inflation in the 12-months to January 2009 measured by the revised Colombo Consumer Price Index (CCPI) fell to 10.7 percent from 14.4 percent in December, the government’s statistics office said. The moving average of the index, which is a lagging indicator, fell to 21.6 percent from 22.6 percent. Sri Lanka […]
Sri Lankan stocks slide 0.75 percent
Jan 30, 2009 (LBO) – Sri Lanka shares closed down 0.75 percent Friday, dragged down by worse-than-expected third quarter earnings of index heavy John Keells Holdings (JKH), dealer said. Foreign investors bought 27.3 million rupees with shares, and sold 85.4 million rupees worth shares, resulting in net sales of 58.1 million rupees. The All Share […]
Sri Lankan markets close up 1.2-pct
Jan 29, 2009 (LBO) – Sri Lanka stocks closed up 1.25 percent Thursday driven by renewed retail confidence on expectations of a quick end to the military conflict in the north, brokers said.Foreign buying was at 13.80 million rupees, while foreign selling was at 24.57 million rupees. The military said they found abandoned Tamil Tiger […]
Sri Lanka JKH profits drop 44-pct
Jan 29, 2009 (LBO) – Profits at Sri Lanka’s John Keells Holdings group fell 44 percent to 764 million rupees in the December 2008 quarter, with revenues dropping 16 percent to 9.3 billion, its interim accounts said.In the 9-months to December profits fell 19 percent to 2.6 billion rupees, while revenue grew 7 percent to […]
Sri Lanka stocks mixed, heavy trading in Lanka Cement
Jan 28, 2009 (LBO) – Sri Lankan shares ended barely changed Wednesday with Lanka Cement the most actively traded on anticipation of a revival in its fortunes if the war ends soon and construction activity picks up, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Sri Lanka banks asked to suspend oil derivatives by central bank
Jan 28, 2009 (LBO) – Sri Lanka’s central bank says it has asked commercial banks which sold oil derivatives to state-run Ceylon Petroleum Corporation (CPC) to suspend the deals because they violated its prudential rules and were ‘tainted’.The banks had already offered to ‘re-structure’ the deals by extending payments over a longer period.The deals were […]
Sri Lanka Treasuries yields extend fall
Jan 28, 2009 (LBO) – Sri Lanka’s Treasury bill yields extended falls with the popular 3-month yield falling 24 basis points to 15.94 percent and the 12-month yield falling 0.04 basis points to 17.56 percent, the government’s debt office said. Meanwhile in the inter bank market the central bank had printed 20 billion rupees to […]
Sri Lanka court allows oil derivative payments
Jan 27, 2009 (LBO) – Sri Lanka’s Supreme Court has ended a freeze on payments by state-run Ceylon Petroleum Corporation to commercial banks on derivatives of nearly a million barrels of crude and refined products.In November 2008 Sri Lanka’s Supreme Court halted payments by CPC on oil derivatives struck with Citibank, Standard Chartered, Deutsche Bank, […]
Sri Lanka stocks fall on profit taking
Jan 27, 2009 (LBO) – Sri Lankan share prices fell on profit taking Tuesday after a sharp rise the day before, but Commercial Bank gained on a court ruling that ended a freeze on oil hedge payments by the state oil refiner. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and […]
Sri Lanka stocks lifted by war victories, higher tea prices
Jan 26, 2009 (LBO) – Sri Lankan share prices rose 3.19 percent Monday as investor sentiment was buoyed by more military gains against Tamil Tiger rebels with the fall of a guerrilla stronghold and selective buying by funds.Investments funds and high-net-worth individual investors also appeared to be slowly returning to the market after staying away […]
Sri Lanka central bank targets diaspora, currency swaps: interview
Jan 21, 2009 (LBO) – Sri Lanka’s central bank says it will persevere with its quantity targeting regime this year but also use other instruments if needed. It is also negotiating currency swaps with other central banks to have greater access to foreign currency. A weakening economic outlook at home and global economic troubles has […]