Category: Economy and Markets
Sri Lanka stocks open higher; rupee flat amid intervention
Nov 17, 2008 (LBO) – Sri Lanka stocks opened up 0.89 percent amid thin turnover following a slew of poor earnings over the past week, and the rupee was flat against the greenback at 110.0 amid intervention, dealers said. The Colombo All Share Index was up 16.0 points and the Milanka index of liquid stocks […]
Sri Lanka should tap IMF, get economic antibiotics: economists
Nov 17, 2008 (LBO) – Sri Lanka should tap the International Monetary Fund for a stabilization package early as the country is heading for balance of payments trouble and unsustainable budget deficits, a top economist has said. IMF conditions bring fiscal prudence, and tight monetary policy, making it difficult for politicians to coddle loss making […]
Sri Lanka blue chip gains nudge indices up
Nov 17, 2008 (LBO) – Sri Lankan shares ended barely changed Monday with gains in blue chips lifting the indices and transactions in John Keells Holdings (JKH), whose buy-back offer ends tomorrow, boosting turnover, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Sri Lanka cuts money target for third quarter, amid currency trouble
Nov 14, 2008 (LBO) – Sri Lanka’s central bank has cut the reserve money target for the fourth quarter of 2008, amid warnings that its monetary program has been severely de-stabilized by currency intervention and liquidity injections. The Central Bank said the fourth quarter reserve money target has been cut to 285 billion rupees, from […]
Sri Lanka shares weaken, DFCC trade pumps up volume
Nov 14, 2008 (LBO) – Sri Lankan shares continued to slide Friday with trading volumes increased by a large transaction in DFCC and a net inflow of foreign funds, although brokers said they expect the market to remain bearish.Foreign buying was 372 million rupees and sales 108 million rupees with a net inflow of foreign […]
Sri Lanka to issue coins commemorating pension fund
Nov 13, 2008 (LBO) – Sri Lanka’s central bank is issuing two coins to commemorate the 50 year anniversary of a state managed pension fund of private sector workers, the monetary authority said. The reverse has the value of the coin 1000 in large numerals while the word “RUPEES “in Sinhala, Tamil and English appear […]
Sri Lanka bilingual education gets World Bank priority
Nov 13, 2008 (LBO) – The World Bank said one of the aims of its new aid programme for Sri Lanka was to help achieve ethnic harmony through bilingual education and mixed schooling of the island’s two main communities. World Bank country director Naoko Ishii said the new country assistance strategy was designed to be […]
Sri Lanka scores poorly in ease of paying tax ranking
Nov 13, 2008 (LBO) – Sri Lanka has been ranked near the bottom of a new global ranking on paying taxes, making it one of the most difficult countries for business to pay their dues.Among the key findings of the study are that economies that rank highly on the ease of paying taxes tend to […]
Sri Lanka shares weaken further
Nov 13, 2008 (LBO) – Sri Lanka’s main share market index slumped two percent Thursday with liquidity drying up as investors stayed away from trading given uncertainties over economic and corporate growth, 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 petroleum utility hedged to save forex: official
Nov 13, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation hedged its imports after being pushed by the island’s central bank in a bid to save foreign currency reserves of the country, a top official said.CPC started hedging in early 2007 after the island’s cabinet of ministers and a committee in which the central […]
Descent into the financial vortex: a chronology of the crisis
PARIS, November 12, 2008 (AFP) – Key stages in the worldwide financial crisis, which is to be discussed at a summit in Washington on Saturday: – February 2007: First signs of strain in the US market for “subprime” property loans, granted to people who in many cases have no real prospect of paying them back. […]
Sri Lanka govt gives dates for new taxes
Nov 11, 2008 (LBO) – The Sri Lankan government has announced the dates on which new taxes imposed in the government budget for 2009 will become effective.The budget proposed to double the annual maximum ESC liability to 120 million rupees and also made big changes in income tax, widening the personal income tax slabs and […]