Category: Economy and Markets
Sri Lanka western province economic dominance slips
July 10, 2008 (LBO) – The dominance of Sri Lanka’s Western province which housed the capital Colombo, in the country’s economic activity has fallen below 50 percent in 2007, the island’s central bank said.Using gross domestic product (GDP) data compiled by the government’s statistics office, Sri Lanka’s central bank said the share of Western province […]
Sri Lanka private bus operators ignore strike call
July 9, 2008 (LBO) – Sri Lanka’s privately-run bus operators said they would keep their buses on the road on July 10, ignoring the token strike call of a Marxist-Nationalist former ally of the ruling coalition. The Marxist Janatha Vimukthi Peramuna (JVP) which popularized policies of wholesale government recruitment, indiscriminate subsidies and increased state intervention […]
Sri Lanka share slide ends on telecom gains
July 09, 2008 (LBO) – A slight recovery in the price of heavyweight Sri Lanka Telecom ended a lengthy slide in the Colombo stock market indices Wednesday but turnover was thin. Brokers said the negative sentiment was likely to continue with record inflation and high interest rates hurting consumers and companies alike. The All Share […]
Sri Lanka rejects bids for 12-month treasuries
July 09, 2008 (LBO) – Sri Lanka has rejected bids for 12-month treasuries at an auction Wednesday and sold 3.6 billion rupees out of 8 billion rupees of maturing bills, the government’s debt office said. Last Wednesday 6-month bills edged up 08 basis points, and 12-month bills 7 basis points. Yields of 3-month bills were […]
Sri Lankan share prices sink as security concerns loom
July 08, 2008 (LBO) – Sri Lankan shares sank Tuesday with the indices dragged down by losses in heavyweight stocks as security fears added to investor concerns about deteriorating economic conditions, brokers said.The All Share Price Index lost 1.19 percent (28.67 points) to end at 2,372.50 while the more liquid Milanka was down 1.40 percent […]
Sri Lanka opposition backs new state salary hike
July 07, 2008 (LBO) – Sri Lanka’s main opposition United National Party (UNP) is backing calls for new salary hikes for the island’s already bloated state sector, continuing a tradition that has created a class of super citizens and high inflation in the country.The UNP and its trade union arm, the Jathika Sevaka Sangamaya (JSS), […]
Sri Lanka nature reserve threatened by politicians, business say activists
July 06, 2008 (LBO) – One of the three top nature reserves in Sri Lanka, a biodiversity hotspot, is being threatened by encroachment and commercial cultivation involving corrupt politicians, bureaucrats and business, a new report says.“Once title is given, the land soon passes to the politically powerful or their cronies,” says Environmental Foundation Ltd., which […]
Sri Lanka exchange rate policy under fire
July 05, 2008 (LBO) – Sri Lanka’s central bank which has debauched the rupee since its creation in 1950, has made a strong case for a stable national currency, but a top industrialist warned that high inflation was making the policy backfire on industry. Sri Lanka lost exchange rate stability shortly after 1950, when a […]
Sri Lanka DIMO price drops after share buy-back
July 04, 2008 (LBO) – The share price of Diesel and Motor Engineering (DIMO) dropped below 100 rupees Friday amidst investor concern that last month’s share buyback at 160 rupees would push up debt and trim profits. The overall market ended lower, continuing the weak trend as investors believe high inflation and interest rates could […]
Sri Lanka firm to lobby G8 on water
July 3, 2008 (LBO) – Sri Lanka’s Hayleys group has joined top global firms to lobby the eight leading industrial nations to make water availability a priority at an upcoming meeting in Japan next week, the company said. Hayleys is one of 19 companies that have signed the CEO Water Mandate, an initiative of the […]
Sri Lanka private sector calls for prudent reforms
July 03, 2008 (LBO) – Sri Lanka’s private sector has called on the government to implement politically difficult reforms and austerity measures to put the economy on a better footing. Anura Ekanayake, deputy vice chairman of the Ceylon Chamber of Commerce, said the government should do reforms to correct the wrong policies that hinder growth […]
World Bank appoints new South Asia chief
July 3, 2008 (LBO) – The World Bank has appointed Isabel Guerrero, country director for India as vice president for the South Asia region, replacing Praful Patel who retired on July 02, the multilateral lender said. “It is a most special privilege to be invited to take on this role in one of the most […]