Category: Economy and Markets
Sri Lanka will not sign economic pact with India: minister
July 24, 2008 (LBO) – Sri Lanka will not sign an economic pact with India until fears of local industrialists and professionals which suddenly cropped up despite four years of discussions are allayed, the island’s international trade minister said.On the same day, Wimal Weerawansa, a Marxist-nationalist lawmaker, challenged the government to release the draft CEPA […]
Sri Lanka stocks recover slightly
July 23, 2008 (LBO) – Sri Lankan stocks closed up Wednesday, ending several days of losses, on thin turnover with brokers saying sentiment remained weak over worries high inflation and interest rates would hit corporate earnings. The All Share Price Index closed up 0.77 percent (17.90 points) at 2,356.53 while the more liquid Milanka gained […]
Sri Lanka business chamber to form broad alliance for peace
July 23, 2008 (LBO) – The private sector of Sri Lanka must join together to work towards ending the conflict to attain peace and development, the newly appointed chairman of the Ceylon Chamber of Commerce (CCC) said. The 25-year ethnic conflict has affected the trade and commerce sector and slowed down the country’s growth, said […]
Sri Lanka stocks slump; losses in JKH, Janashakthi Insurance
July 22, 2008 (LBO) – Sri Lankan shares slumped 1.76 percent Tuesday, dragged down by losses in heavyweights like John Keells Holdings (JKH), as investors digested the news about a court ruling against the conglomerate’s lucrative bunker business.Debutant Janashakthi Insurance fell further as did several index-heavy stocks. The All Share Price Index shed 41.94 points […]
Sri Lanka economy, tourism targeted by Tamil Tigers: official
July 22, 2008 (LBO) – Sri Lanka’s hoteliers say the industry is heading for the worst crisis in its history amid an ongoing internal conflict, while a senior government official said the economy and tourism was targeted by Tamil Tiger guerillas.Foreign visitors to the island fell 9.3 percent in May, hard hit by travel warnings, […]
Sri Lanka Janashakthi Insurance starts trading
July 21, 2008 (LBO) – Sri Lanka’s Janashakthi Insurance began trading at the Colombo bourse Monday at 13.50 rupees, above its issue price of 12.00, dealers said. Property rich Association Electrical was up 50 rupees to 1,200, The Finance was down 1.00 rupee at 49.00 rupees, John Keells Holdings up 25 cents at 104.75 in […]
India to raise fishermen issue with Sri Lanka at regional summit: report
July 21, 2008 (LBO) – India’s prime minister has promised to raise the issue of alleged attacks by the Sri Lanka navy on Indian fishermen at a South Asian regional summit next month, a media report said.India’s Economic Times newspaper said the Tamil Nadu Congress president K V Thangkabalu had led a delegration to meet […]
Sri Lanka gets World Bank help to improve economic statistics, oversight
July 21, 2008 (LBO) – Sri Lanka is getting a 22.6 million US dollar credit from the World Bank’s concessionary window to improve the government statistics and audit offices, the multilateral lender said. “This project will help the government to further strengthen statistical capacity and audit functions which are at the core of public administration […]
Sri Lanka stocks close lower, Janashakthi Insurance fall below issue price
July 21, 2008 (LBO) – Sri Lankan shares ended lower Monday dragged down by falls in heavyweight stocks while Janashakthi Insurance Company ended below its issue price on its debut after briefly trading higher.The All Share Price Index fell 1.32 percent (31.81 points) to 2,380.57 while the Milanka fell 1.33 percent (38.23 points) to 2,843.68. […]
Sri Lanka clamps down on duty free import of white goods
July 19, 2008 (LBO) – Sri Lanka will ban the duty-free import of a range of white goods now allowed to be brought into the country by returning citizens that worked abroad, a senior revenue official said.Sri Lanka Customs would not allow any type of air conditioners, deep freezers or dishwashers and fully automatic washing […]
Sri Lanka gets more World Bank money for roads
July 18, 2008 (LBO) – The World Bank is giving 98 million US dollars in additional financing for road re-building in Sri Lanka amid soaring costs of oil based materials, the multilateral lender said. “The project has made good overall progress,” says World Bank infrastructure specialist Amali Rajapaksa. “Importantly, it has played a pivotal role […]
Sri Lanka trade deficit up on oil imports, slow industrial exports
July 18, 2008 LBO) – Sri Lanka’s trade gap had expanded 79 percent to 2.5 billion US dollars in the five months to May 2008 on higher imports of oil while industrial exports slowed, government data showed. The Central Bank said 58 percent of the increase in imports came from oil and 21 percent from […]