Category: Economy and Markets
Sri Lankan shares rebound, heavy trading in Vallibel Power
June 20, 2008 (LBO) – Sri Lankan shares closed more than one percent higher Friday, ending several days of declines, with speculative trading in Vallibel Power Erathna boosting turnover, brokers said.The All Share Price Index gained 1.11 percent (26.91 points) to end at 2,459.98 while the more liquid Milanka rose 1.33 percent (38.68 points) to […]
Sri Lanka economic statistics questioned
June 18, 2008 (LBO) – Rosy growth figures put out by government outfits are suspect, a Sri Lankan think tank has said, calling for the collection and analysis of socio economic data to be entrusted to independent authorities. The Point Pedro Institute of Development, said the outlook for the island economy is bleak given rising […]
Sri Lanka stocks end little changed
June 17, 2008 (LBO) – Sri Lanka’s stock market closed flat Tuesday on retail interest with Ceylinco Insurance dominating the thin trading on speculation of a rights issue, brokers said.The All Share Price Index fell 0.19 percent (4.54 points) to end at 2,440.37 while the more liquid Milanka was down 0.16 percent (4.80 points) to […]
Sri Lanka stocks end weaker on inflation concerns
June 16, 2008 (LBO) – Sri Lanka stocks closed marginally lower on thin trading with high inflation and interest rates driving investors away from the market, brokers said. The All Share Price Index fell 0.43 percent (10.46 points) to end at 2,444.91 while the more liquid Milanka was down 0.62 percent (18.35 points) to end […]
Oil mania worse than dot-com craze: report
June 14, 2008 (LBO) – The current oil bubble which has seen crude rising 700-pct since November 2001 is worse than the dot-com bubble which saw the Nasdaq composite index rising 640 percent before it crashed, a media report said. Food riots in poor countries have increasingly put pressure on the Federal Reserve to alter […]
Sri Lanka to get US$900mn from World Bank for regional growth
June 13, 2008 (LBO) – Sri Lanka could get 900 million US dollars from the World Bank over the next three years to build infrastructure in lagging regions, improve health, education and safety nets, the multilateral lender said. The World Bank’s executive directors had endorsed a country assistance strategy (CAS) covering the period from July […]
Sri Lanka raises US$150mn dollars from international loan
June 13, 2008 (LBO) – Sri Lanka has raised 150 million US dollars from a loan put together by Standard Chartered Bank at 250 basis points above the London Interbank Offered Rate (LIBOR), the government’s debt office said. At a current 6-month LIBOR rate of 3.13 percent the loan costs 5.69 percent a year with […]
EU says Sri Lanka should improve rights record, media freedom
June 12, 2008 (LBO) – The European Union urged Sri Lanka to improve its human rights record and treatment of journalists as the country is set to re-apply for a trade concession extension later in the year. The EU was also helping build roads and do reconstruction but work was hampered due to a monopoly […]
Sri Lanka stocks buffeted by inflation
June 12, 2008 (LBO) – Sri Lanka stocks dropped 0.60 percent Thursday with brokers forecasting the slide to continue owing to raging inflation, high interest rates and a slowdown in the economy.The All Share Price Index fell 0.60 percent (14.94 points) to end at 2,459.99 while the more liquid Milanka was down 0.90 percent (26.84 […]
Sri Lanka blocks rice exports
June 12, 2008 (LBO) – Sri Lanka has slapped a minimum export price floor of 100,000 rupees (923 dollars) per metric tonne to block rice exports, information minister Anura Yapa said. World rice prices, which peaked in April, have since moderated. Global commodity prices have been booming amidst money printing in reserve currency countries, especially […]
Pakistan inflation caused by money printing for budget: finance minister
June 12, 2008 (LBO) – Unprecedented borrowings from the central bank or ‘money printing’ to finance subsidies have caused inflation in Pakistan to go to a historic high, the country’s finance minister has said. Finance minister Naveed Qamar told Pakistan’s parliament that large subsidies not financed in the original budget had been given by the […]
Sri Lanka stocks slip further, investors get ready for Janashakthi offer
June 11, 2008 (LBO) – Sri Lanka stocks slipped further on dampened sentiment with investors selling shares to raise funds for a forthcoming public offer by Janashakthi Insurance. The All Share Price Index fell 0.58 percent (14.32 points) to end at 2,474.93 while the more liquid Milanka was down 0.35 percent (10.45 points) to end […]