Category: Economy and Markets
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 […]
Sri Lankan share prices sink again
July 03, 2008 (LBO) – Sri Lankan shares sank again Thursday with large trades in John Keells Holdings boosting turnover, brokers said.The All Share Price Index fell 0.55 percent (13.29 points) to end at 2,420.06 while the more liquid Milanka was down 1.11 percent (32.59 points) to 2,913.77. Turnover was 530 million rupees. “Foreigners were […]
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 […]
Sri Lanka fuel subsidy cuts a good move: Daim
July 2, 2008 (LBO) – Cutting fuel subsidies when the national budget is de-stabilized is a necessary move to keep the economy stable and development ticking, former Malaysian finance minister Daim Zainuddin has said.In Sri Lanka, left-oriented political parties led by the Janatha Vimukthi Peramuna (JVP) pushed state policy towards subsidizing imported commodities from mid-2004 […]
Sri Lanka government treasury chief says subsidies inefficient
July 02, 2008 (LBO) – The Sri Lankan government treasury secretary P B Jayasundera has described subsidies as an inefficient way of managing economic affairs and said the government was moving to reduce the burden of handouts with price increases in a range of commodities. “Any form of subsidy is inefficient,” Jayasundera, who is also […]
Sri Lankan share prices ease further
July 02, 2008 (LBO) – Sri Lankan shares continued their slide Wednesday with investor nervousness about a forthcoming anniversary of anti-Tamil riots that sparked the ethnic war adding to concerns over high inflation and interest rates, brokers said.The All Share Price Index fell 0.27 percent (6.61 points) to end at 2,433.35 while the more liquid […]
Sri Lanka British embassy land; gentry wanted
July 01, 2008 (LBO) – The former British High Commission property in Sri Lanka is for sale with the owners preferring the highest bidder to have a high pedigree as well, the auctioneers said. This could value the deal as much as 2.5 billion rupees, making it the single largest land auction in the island.The […]
Sri Lankan stocks weaken further
July 01, 2008 (LBO) – Sri Lankan shares sagged further Tuesday as investors remained cautious because of deteriorating economic conditions and uncertainty caused by the ethnic war. The All Share Price Index fell 0.73 percent (17.88 points) to end at 2,439.96 while the more liquid Milanka was down 1.23 percent (36.63 points) to 2,952.15. Turnover […]
” in hard times
July 01, 2008 (LBO) – Sri Lanka must now switch to an “investment driven economy” with businesses and people ‘going lean’ to survive and come out of the difficult times the island is going through, a productivity expert said. Lean production and working methods will help increase productivity and the standard of living as well […]
Sri Lanka inflation may fall after August: Central Bank
July 01, 2008 (LBO) – Sri Lanka’s central bank said inflation which hit the highest levels in the country’s record keeping history in the first half of 2008, may start to fall from August, in the wake of better monetary policy.Sri Lanka’s inflation measured by the Colombo Consumer’ Price Index rose to 28.2 percent in […]
Sri Lanka inflation hits new high of 28.2 percent in June
June 30, 2008 (LBO) – Sri Lanka consumer inflation in the capital Colombo accelerated to a new record of 28.2 percent in June 2008, from 26.2 percent in May, the government’s statistics office said. In the 30 days to June prices rose 3.7 percent in the most widely watched Colombo Consumer Price Index (CCPI). The […]
Sri Lankan shares end weaker
June 30, 2008 (LBO) – Sri Lanka’s shares ended weaker Monday with Diesel & Motor Engineering (DIMO) and Vallibel Power Erathna being among the most actively traded stocks, brokers said. The all share price index fell 0.51 percent (12.59 points) to 2,457.84 while the more liquid Milanka price index was down 0.40 percent (12.05 points) […]