Category: Economy and Markets
‘s inflation eases to 20.2-pct
Oct 31, 2008 (LBO) – Consumer inflation in Sri Lanka’s capital Colombo fell to 20.2 percent in the 12-months to October from 24.3 percent a month ago, the central bank said. On Thursday the central bank broke its peg with the US dollar and the rupee fell by two rupees, but on Friday it continued […]
Sri Lanka IOC unit profits fall on taxes, hedging costs
Oct 31, 2008 (LBO) – Profits of Lanka IOC, a unit of India’s IOC fell 83 percent in the September quarter to 109 million rupees amidst high taxes and hedging costs, while six months profits were flat at 1.1 billion rupees, an official said. Lanka IOC managing director R Ramakrishnan said his firm was losing […]
Sri Lanka shares sustain gains
Oct 30, 2008 (LBO) – Sri Lankan shares ended higher for the second day running with brokers saying the rise on larger trading volumes may indicate improved investor sentiment and that the slide may have bottomed out. LIOC ended up 3.41 percent or 0.75 rupees at 22.75 rupees with 233,000 shares changing hands. To receive […]
Sri Lanka forex markets search for direction after announcement
Oct 30, 2008 (LBO) – Sri Lanka’s forex markets and debt ran out of quotes as dealers searched for direction after the central bank said it was breaking a peg with the US dollar at 108.00 following prolonged intervention lasting over seven weeks.“We are not yet quoting a rate,” a dealer told LBO soon after […]
Sri Lanka forex markets limp back to life
Oct 30, 2008 (LBO) – Sri Lanka’s forex markets limped back to life at 110 rupees to the dollar and edged lower to 111.35 in late trading after the central bank broke a US dollar peg kept at 108 local units. A state bank that usually represents the central bank was selling dollars to the […]
Sri Lanka central bank to allow dollar peg to move
Oct 30, 2008 (LBO) – Sri Lanka’s central bank said it was allowing ‘greater flexibility’ in foreign exchange markets signaling a depreciation in the rupee that can break a dangerous sterilized intervention cycle in forex markets and bring stability back to the monetary system. In the meantime, in order to ensure the financial market stability, […]
Sri Lanka central bank to buy back short term bills
Oct 30, 2008 (LBO) – Sri Lanka’s central bank has announced auctions to buy back six billion rupees of short term bills at market rates, while overnight liquidity injection volumes were at 21 billion rupees.The Central Bank Thursday offered to buy 2.0 billion rupees of 70-day bills, 2.0 billion rupees of 77 day bills and […]
Sri Lanka shares held up by gains in large cap stocks
Oct 29, 2008 (LBO) – Sri Lankan shares ended marginally firmer Wednesday, held up by gains in highly capitalized stocks, but sentiment remained weak as the outlook for economic and company growth was gloomy, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Sri Lanka private sector workers offered tax break to keep money in g-secs
Oct 29, 2008 (LBO) – Sri Lanka said it will give a tax refund to private sector retirees if they continue to keep their money in government securities after they retire and withdraw money from a state-controlled fund. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Under […]
With debt mounting, new US president to face tough choices
WASHINGTON, October 28, 2008 (AFP) – The next US president will inherit a mountain of debt from the latest government bailouts, making it difficult to implement new programs promised during the campaign, analysts say. The government closed its books on the 2008 fiscal year September 30 with a record deficit of 455 billion dollars, and […]
Iceland raises rates to 18.0-pct after currency collapse
REYKJAVIK, October 28, 2008 (AFP) – Iceland jacked up its key interest rate to 18 percent and announced a request for help from the European Central Bank and the US Federal Reserve in twin moves on Tuesday to stave off national bankruptcy. “Iceland’s central bank sent a request to the ECB, the Fed and the […]
Sri Lanka shares in free fall
Oct 28, 2008 (LBO) – Sri Lankan shares plunged Tuesday with heavy losses in some blue chips as investors sold on fears of worsening company profitability and the uncertainty keeping away buyers, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]