Category: Economy and Markets
France calls for punishment as 2008 paper money debacle unfolds
Sept 23, 2008 (LBO) – French president Nicolas Sarkozy called for those responsible for a global financial crisis to be punished as the biggest debacle so far in a modern re-incarnation of fiat paper money unfolded on its 35th anniversary. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
Sri Lanka central bank is like a currency board: official
Sept 22, 2008 (LBO) – Sri Lanka’s monetary authority is now operating almost like a currency board and its currency issue is fully backed by reserves, a senior central banker has said. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 Sri Lanka abandoned a currency […]
Sri Lanka spreads some prices over two months in inflation reports
Sept 22, 2008 (LBO) – Sri Lanka is calculating point-to-point inflation by spreading some price increases across two months, an official said, adding to a series of recent actions that is casting a shadow over the integrity of the country’s economic statistics. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and […]
Sri Lanka shares weaken, trading dries up
Sept 22, 2008 (LBO) – Sri Lankan shares ended slightly weaker Monday with trading virtually drying up and small investors hunting for bargains in a becalmed market, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index was down 0.50 percent (11.14 […]
Sri Lanka needs low inflation, good institutions and governance to grow: economists
Sept 20, 2008 (LBO) – Sri Lanka needs good institutions, governance and economic tranquility that come with low inflation to grow, senior economists said, at a time when the island is suffering from the highest inflation in its history. The head of the Sri Lanka Economic Association (SLEA) A D V de S Indraratna said […]
Sri Lanka Tokyo Cement goes green to revive profitability
Sept 19, 2008 (LBO) – Sri Lanka’s Tokyo Cement group, whose profits dipped last year owing to higher raw material, energy and transport costs, says new eco-friendly manufacturing processes and products should help it revive profitability. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Chairman Edgar Gunatunga […]
Sri Lanka opens investment office in Shanghai
Sept 19, 2008 (LBO) – Sri Lanka has opened an investment centre in Shanghai and appointed an official of the Shin Kwan Group, a big investor in the island, as the honorary representative of the investment promotion agency.The Sri Lanka Centre in the Chinese port city is aimed at boosting bilateral economic relations between the […]
Sri Lanka gets US aid to develop eastern region
Sept 19, 2008 (LBO) – The United States has launched a programme to help develop Sri Lanka’s eastern region from where government forces have driven out Tamil Tigers and which for long has lagged behind other regions. “At the national level, CORE will focus on promoting business-friendly policies that will enable enterprises in the target […]
Sri Lanka Bank of Ceylon selling US$30mn 5-year bond
Sept 19, 2008 (LBO) – Sri Lanka’s state-run Bank of Ceylon is selling a 30 million US dollar 5-year bond which will pay a floating interest rate every six months, dealers and officials said. This week top central banks have been printing billions of dollars, Euro and Yen to fill disappearing liquidity with AIG Insurance […]
Sri Lanka shares rebound
Sept 19, 2008 (LBO) – Sri Lankan shares Friday recovered some of their losses the previous day, although volumes were moderate and local investors were still wary of buying, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index went up 1.28 […]
Sri Lanka shares tumble as foreign funds sell
Sept 18, 2008 (LBO) – Sri Lankan shares fell sharply Thursday as foreign funds sold to raise cash following global market turmoil, with losses in heavyweights Dialog Telekom and John Keells Holdings dragging down the indices, brokers said. Brokers said there was no risk of a similar sell-off in the other market heavyweight, Sri Lanka […]
Sri Lanka rates spike as markets tumble
Sept 18, 2008 (LBO) – Sri Lanka’s overnight money rates spiked to 18.75 percent and banks borrowed at a penal 19 percent from the central bank in a day that saw turmoil in global markets and stocks plunged 2.5 percent. A popular bond among foreign investors maturing in April 2012, traded close to 17.95/18.05 levels, […]