Category: Economy and Markets
Sri Lanka stocks slump; money rates spike despite cash injections
March 24, 2008 (LBO) – Sri Lankan stocks slumped Monday with trades in index heavy Sri Lanka Telecom dominating turnover as speculation swirled about an imminent sale by major shareholder NTT Communications of Japan. Brokers said speculators were yet to get back in full swing following a weekend extended by two religious holidays. The All […]
Sri Lanka dollar risk rates shoot up as banks chase US currency
Mar 24, 2008 (LBO) – Premiums above benchmark rates for dollar loans in Sri Lanka’s interbank markets have rocketed as a global credit crunch made the US currency dearer and local demand was boosted by an active swap market, bankers said.. “Banks were borrowing in the interbank market at around 15 basis points above the […]
‘s Daim Zainuddin
Mar 22, 2008 (LBO) – Many East Asian Tiger economies like Malaysia are now famed for fiscal prudence, running surpluses on their current and overall budgets, and low inflation. But they were not always so disciplined. Countries like Sri Lanka are still not able to balance current spending with government revenues and the public sector […]
Sri Lanka stocks close lower, telecom deals drive turnover
March 19, 2008 (LBO) – Sri Lanka stocks closed lower Wednesday dragged down by heavy trading in telecom shares whose prices fell in afternoon trade.The All Share Index lost 0.59 percent (15.11 points) to close at 2,536.18 points while the Milanka Index shed 0.72 percent (23.16 points) to close at 3,195.84. Over 6.1 million shares […]
Sri Lanka government credit down; concern over petro borrowing: central bank
Mar 19, 2008 (LBO) – Central Bank credit to Sri Lanka’s government was down, money supply growth was falling but state enterprise borrowings was a concern, the island’s monetary authority said in its March policy statement. Growth in private sector credit had fallen to 18.3 percent while credit to the government from the banking sector […]
Sri Lankan firms told tough conditions at home should not decide foreign expansion
Mar 19, 2008 (LBO) – A top Indian consultant says fledgling firms should deal with government regulations and difficult business conditions at home instead of going abroad to avoid them. “You cannot go global based on a weak domestic position, that’s probably the worst way to do it,” says Adil Zainulbhai, who heads the Indian […]
Sri Lanka stocks close higher
March 18, 2008 (LBO) – Colombo stocks closed higher with Sri Lanka Telecom (SLT) gaining 1.25 rupees, on expectations of an imminent sale, driving the benchmark index higher, dealers said. Meanwhile, the spot dollar traded at 107.60 rupees Tuesday. The All Share Index closed up 0.32 percent (8.11 points) at 2,551.29 points Tuesday. The liquid […]
Sri Lanka central bank is creating inflation: economist
Mar 17, 2008 (LBO) — Sri Lanka’s central bank is accountable for inflation and claims of ‘cost push’ factors for rising prices cannot be accepted when well managed countries are reporting single digit price increases, an economist has said.“Inflation is a purely monetary phenomenon,” lead economist of LirneAsia Harsha de Silva, who is a strong […]
Sri Lanka stocks close lower despite Telecom rush
March 17, 2008 (LBO) – Sri Lanka shares closed lower, despite strong interest in Sri Lanka Telecom which saw turnover boosted to 1.2 billion rupees and 18 million shares traded, dealers said.The benchmark All Share Index closed 0.76 percent lower (19.47 points) at 2,546.56 points while the Milanka Index of liquid stocks slid 0.74 percent […]
Sri Lankan study sees politics, non-tariff barriers constraining South Asian trade
March 17, 2008 (LBO) – Politics and non-tariff barriers are likely to constrain trade among South Asian nations even if import tariffs are removed, a new study on the benefits of a regional trade pact had said. The study on the benefits of the South Asia Free Trade Agreement (SAFTA) says estimates show that the […]
Sri Lanka could gain more in next phase of trade liberalization: study
March 15, 2008 (LBO) – A new study on a south Asian regional trade deal has said Sri Lanka will gain more in the next phase of liberalisation but the island’s private sector representatives have expressed scepticism about the outcome. The study on the benefits of the South Asia Free Trade Agreement (SAFTA) found that […]
Sri Lanka central bank to drain foreign cash with own securities
Mar 13, 2008 (LBO) – Sri Lanka’s Central Bank said it would issue its own securities to drain excess cash generated from foreign exchange interventions after running out of Treasury Bills which are usually sold to drain liquidity.The Central Bank said its Treasury Bill stock has fallen to half a billion rupees by March 12, […]