Category: Economy and Markets
US consumer prices jump 1.1 pct in June
WASHINGTON, July 16, 2008 (AFP) – US consumer prices soared at the strongest pace in 26 years in June, rising 1.1 percent from May, the Labor Department said Wednesday. On a 12-month basis, CPI was up 5.0 percent in June and core CPI was 2.4 percent higher. Core prices excluding energy and food climbed 0.3 […]
‘s Dhammika Perera sells Lanka Ceramic stake to Ceylon Theatres
July 15, 2008 (LBO) – Sri Lankan businessman Dhammika Perera sold his 26 percent stake in Lanka Ceramics to its parent firm Ceylon Theatres towards the end of trading on the Colombo bourse Tuesday. “We sold at 47 rupees a share. It was bought by the Ceylon Theatres group,” said Nimal Perera, Dhammika Perera’s investment […]
Sri Lanka shares end higher
July 14, 2008 (LBO) – Sri Lankan share prices ended higher Monday with gains in heavyweight Sri Lanka Telecom and John Keells Holdings pushing up the indices.Brokers said a slight recovery anticipated this week would offer profit taking opportunities for investors who bought during the downturn. The All Share Price Index ended up 0.80 percent […]
Iran tops Sri Lanka donors up to May 2008, displacing Japan
July 14, 2008 (LBO) – Iran emerged as the biggest lender to Sri Lanka, displacing traditional top donors Japan and the Asian Development Bank (ADB), in the five months up to May 2008, aid commitments disclosed by the finance ministry show. Germany, which had earlier said it was cutting off aid to the island owing […]
Sri Lanka shares rise, CDIC stake changes hands
July 11, 2008 (LBO) – Sri Lankan share prices ended higher Friday with a big deal between two banks pushing up turnover to over a billion rupees and indices rising on gains in Dialog Telekom and John Keels Holdings.There was some trading in plantations stocks although volumes were thin, he said. Updated The All Share […]
Sri Lanka-India trade deal to open investment, services from August
July 11, 2008 (LBO) – The Comprehensive Economic Partnership Agreement (CEPA) to be signed between India and Sri Lanka in August will allow professionals to work in either country but with safeguards to meet local concerns, economists said.The CEPA deal will make it easier for Sri Lankan companies to invest in India in areas like […]
Sri Lanka urged to relax exchange controls
July 11, 2008 (LBO) – A top Sri Lankan businessman whose companies have invested overseas says the government should relax exchange controls to make it easier for local firms to invest abroad, especially India with which trade deals are being struck.“We need a system where the central bank gives us freedom to invest in India […]
Sri Lanka state cash flows hit by revenue shortfalls
July 11, 2008 (LBO) – Sri Lanka’s finance ministry had to rely on bank overdrafts and additional domestic borrowing to bridge cash gaps in the first five months of 2008 as revenues were below target, a government report said. The finance ministry said the cash deficit forecast for its operations by the end of May […]
Sri Lanka token strike gets off to quiet start
July 10, 2008 (LBO) – A one day token strike called by Sri Lanka’s opposition parties got off to a peaceful start with slightly reduced traffic in the capital Colombo and most public services operating as usual, officials and residents said.Sri Lanka’s state-run railways system’s chief Lalithasiri Gunaruwan said train services were operating normally but […]
Sri Lanka strike forces minister, state workers, to boost productivity
July 10, 2008 (LBO) – Sri Lanka’s post minister, one of a coterie of 108 ministers in the island, said he had personally got the postal service moving during a one-day token strike, while the head of an over-staffed state enterprise wished for strikes every day. There has been no general strike in the island […]
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 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 […]