Category: Economy and Markets
Sri Lanka repays Citibank, ICIC loans
Dec 31, 2008 (LBO) – Sri Lanka has repaid 175 million US dollars in commercial loans, involving Citibank and India’s ICICI Bank, and raised only 150 million dollars in new loans, in 2008, the government’s debt office said.A 100 million US dollar syndicated loan arranged by Citibank in 2005, a balance 25 million US dollar […]
Sri Lanka repays Citibank, ICICI Bank loans
Dec 31, 2008 (LBO) – Sri Lanka has repaid 175 million US dollars in commercial loans, involving Citibank and India’s ICICI Bank, and raised only 150 million dollars in new loans, in 2008, the government’s debt office said. A 100 million US dollar syndicated loan arranged by Citibank in 2005, a balance 25 million US […]
Sri Lanka Seylan Bank up sharply on takeover expectations
Dec 30, 2008 (LBO) – Sri Lankan stocks continued to weaken Tuesday but Seylan Bank shares shot up almost 29 percent on anticipation of a takeover after it was placed under a state-owned bank when depositors began withdrawing funds. The All Share Price Index eased 0.79 percent (11.85 points) to 1,484.53 while the Milanka lost […]
Sri Lanka rupee gains to 112.90 against greenback after limit cut
Dec 30, 2008 9LBO) – The Sri Lanka rupee rose to 112.90/113.00 levels after the Central Bank cut overnight trading positions of banks, dealers said.The spot dollar opened around 113.60/80 levels Tuesday. The rupee edged towards 113.80/114.00 levels Monday. Overnight rates in the inter bank market was around 13.00/13.50 with excess liquidity at most banks, […]
Sri Lanka gives incentives to tea, rubber sectors
Dec 30, 2008 (LBO) – Sri Lanka’s government has moved to protect and revive the tea and rubber industries with a host of incentives announced in a wide-ranging economic stimulus package. These measures meet long-standing demand of tea cultivators, especially small farmers, and factory owners. The government will also set up a state trading institution […]
” to maintain growth
Dec 30, 2008 (LBO) – Sri Lanka has announced a ‘stimulus package’ valued at 16 billion rupees to maintain growth at an optimistic 6.0 to 6.5 percent in 2009, with cuts in energy prices and incentives for exporters. “We have been able to maintain a growth rate of 6.0 percent or above in the past […]
Sri Lankan stocks open the week marginally down
Dec 29, 2008 (LBO) – Sri Lankan stocks Monday opened the week with both indices down due to lack of buyers and steadily falling prices of blue chip stocks pulling trading volumes down, brokers said. The All Share Price Index dipped slightly by 0.65 percent (9.72 points) to close at 1,496.38 points while the more […]
Sri Lanka government statisticians defend numbers
Dec 29, 2008 (LBO) – Sri Lanka’s statistics office has defended their numbers from a growing tide of skepticism amid further revelations about the involvement of the island’s policymakers in manipulating the country’s price index. The skepticism about Sri Lanka’s growth numbers came at first because two different numbers were generated from the Central Bank […]
State workers to take less pay to save country
SAIPAN, December 29, 2008 (AFP) – The Northern Mariana Islands, faced with an escalating economic crisis, needs a four-day working week to cut costs, Governor Benigno Fitial said Monday. Fitial, who rejected a proposed budget bill that contained pay increases for department heads, said cost-cutting measures were “critical.” The department of finance said the Northern […]
Sri Lanka stocks open flat, forex markets quiet
Dec 29, 2008 (LBO) – The Sri Lanka stocks opened flat Monday with trading in Seylan Bank shares halted pending an official announcement regarding a possible exit by the Ceylinco group, while the spot dollar was quoted at 112.95/113.15, dealers said. Money markets were liquid with call rates at 13.00/13.50 percent. The Colombo All Share […]
Sri Lanka rupee dips to 113.80
Dec 29, 2008 (LBO) – The Sri Lanka rupee dipped to a low of 113.80 against the greenback in spot trade Monday as it continued to adjust amidst excess liquidity in the inter bank market, dealers said. In late trading, the rupee steadied at 113.65/113.80 after opening at 112.95/113.15 levels. Authorities announced a repo auction […]
Gloomy year-end picture for global economy
WASHINGTON, December 27, 2008 (AFP) – Christmas retail sales plunged in the United States, a poll showed Friday, as Japan reported record cuts in production and more signs emerged that Spain has entered a recession. A leading think tank in London also forecast the British economy would shrink by 2.9 percent next year in the […]