Category: Economy and Markets
Sri Lanka urges nationals in Lebanon to stay put
July 25, 2006 (AFP) – Sri Lanka, which has the largest contingent of expatriate workers in Lebanon, wants those trapped in the conflict to stay put and those who have fled the bombings to return, a minister said Tuesday. “We are not encouraging them to come back. In fact, we want them to go back […]
Sri Lanka Central Bank ups rates; more hikes likely
July 24, 2006 (Dow Jones)–The Central Bank of Sri Lanka raised the repurchase rate and the reverse repo rate by 12.5 points each over the weekend, the second consecutive hike this year, pushing both rates up to a three-year high in a bid to fight inflationary pressures and support the rupee. But analysts say the […]
IPS to develop action plan for Sri Lankan industrialists
July 18, 2006 (LBO) – The Industrial Association of Sri Lanka has commissioned a study to develop a national action plan to be presented to the government later this year. The Institute of Policy Studies, a government think tank, will carry out the study on behalf of the trade body, with financial assistance from the […]
Newly appointed monetary board member Nimal Welgama declines the job
July 16, 2006 (LBO) – Businessman Nimal Welgama has declined a seat on the country’s Monetary Board due to an ongoing inquiry by the Central Bank, according to newspaper reports. Welgama, who was appointed to the board by President Mahinda Rajapakse on July 3, is currently the Managing Director of the Upali Group. The Upali […]
Sri Lanka’s trade deficit widens despite strong export growth in May
July 13, 2006 (LBO) – Sri Lanka’s trade deficit expanded to 429 million dollars for the five months to May, amidst strong growth in export earnings. Exports from Sri Lanka rose 5.8 percent to 2,530 million dollars from Jan – May, as the island shipped more clothes, tea, rubber based products. During the month of […]
‘s trade deficit widens despite strong export growth in May
July 13, 2006 (LBO) – Sri Lanka’s trade deficit expanded to 429 million dollars for the five months to May, amidst strong growth in export earnings. Exports from Sri Lanka rose 5.8 percent to 2,530 million dollars from Jan – May, as the island shipped more clothes, tea, rubber based products. During the month of […]
Tsunami displaced asked to build their own houses to beat costs
July 13, 2006 (LBO) – International donors who signed up to build homes for Sri Lankans displaced by the tsunami, are now altering plans to beat bureaucratic delays and rising construction costs, officials said Thursday. Over 98,000 houses needed to be built following the December 2004 tsunami that killed over 31,000 people and left nearly […]
Sri Lanka fills monetary board vacancy
July 13, 2006 (LBO) – Upali Group chairman Nimal Welgama, has been appointed to the Monetary Board, the Central Bank of Sri Lanka said Thursday. Welgama has been appointed by the President with effect from July 3. His term of office will be for the remaining period of office of P D Rodrigo, appointed member […]
Sri Lankan rupee strengthens; shares close narrowly mixed
July 7, 2006 (LBO) – Colombo share prices closed little change in moderate trade Friday, but the rupee rallied a touch on some dollars sales by state banks, dealers said.They said the benchmark finished in the positive territory thanks to local retail interest in few smaller cap stocks, with institutional interest in selected bluechip counters. […]
Colombo stocks close flat on uninspiring trade; rupee dips marginally
July 6, 2006 (LBO) – Sri Lankan rupee dipped marginally while stock market closed virtually flat on Thursday in subdued trade, dealers said. The benchmark All Share Price Index crept up 0.13 percent or 2.75 points to close at 2,116.15 on volumes of 19.1 million shares worth 95.09 million rupees, according to Colombo Stock Exchange […]
Sri Lankan rupee ends tad higher; Colombo share prices gain
July 5, 2006 (LBO) – Sri Lankan rupee gained marginally, while shares prices in Colombo finished up Wednesday, as the government stepped up security amid fears of more bombings, dealers said.The Liberation Tigers of Tamil Ealam today observe “Black Tiger Day” to honour 261 suicide bombers who have carried out attacks since their first strike […]
‘s Mercantile Investments mulls subsidiary to hold leisure business
July 5, 2006 (LBO) — Finance company Mercantile Investments Ltd, plans to float a fully-owned subsidiary to hold their leisure investments, a credit rating report said.George Ondaatjie family, which controls 56 percent of Mercantile Investments, currently owns these investments as associate companies. Mercantile Investments has three associate companies catering to the tourism segment: Royal Palms […]