Category: Economy and Markets
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 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 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 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 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, […]
Sri Lanka stocks fall on blue chip losses
Sept 17, 2008 (LBO) – Share prices fell in Wednesday’s trading with the indices dragged down by falls in blue chips and confusion in the market over the pricing of Brown and Company after a share split and ‘bonus’ issue. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
Sri Lanka economists to talk inflation at annual parley
Sept 17 2008 (LBO) – Sri Lanka’s economists are debating inflation, competitiveness and growth this Friday and Saturday at a time when inflation has hit a historic record in the island and subsequent tight monetary policy has strengthened the rupee. “The extent of such gap in aggregate supply will depend on whether the economy is […]
‘s Treasury chief leaves
Sept 17, 2008 (LBO) – Sri Lanka’s Treasury Secretary P B Jayasundera is leaving his position having completed preparatory work on the 2009 budget, a senior government official said.Jayasundera originally handed over his resignation shortly after a court order faulted him on a privatization deal, but it was not immediately accepted. An official said the […]