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Yellen says printing to continue, denies bubble charges
WASHINGTON, November 14, 2013 (AFP) – Janet Yellen, the White House nominee to lead the Federal Reserve, said Thursday that the central bank’s stimulus must remain in place to bolster an economy where growth remains fragile. Staking out her support for policies crafted by current chairman Ben Bernanke, Yellen, the Fed vice chair, told senators […]
Sri Lanka GDP grows 7.8-pct in 2013 third quarter: Census Dept
Nov 15, 2013 (LBO) – Sri Lanka’s gross domestic product expanded 7.8 percent in the third quarter of 2013 from a year earlier, and accelerating from 6.8 percent in the second quarter, the state statistics office said.The statistics office said agriculture grew 7.0 percent against a 0.5 percent contraction last year with tea down 5.1 […]
Sri Lanka stocks close up 0.2-pct
Nov 14, 2013 (LBO) – Sri Lanka stocks closed higher helped by food and hotel firms, brokers said. Commercial Bank closed 10 cents higher at 113.00 rupees and Cargills Ceylon closed 3.00 rupees higher at 150.00 rupees. Distilleries closed flat at 184.00 rupees. HNB closed 10 cents lower at 144.90 rupees and Sampath Bank closed […]
Bank Net
Nov 14, 2013 (LBO) – Profits at Sri Lanka’s Commercial Bank of Ceylon group rose to 2.7 billion rupees, up 21 percent from a year earlier, helped by other operating income, despite higher loan losses, interim accounts showed. The group reported earnings of 3.25 rupees for the quarter. For the nine months to September the […]
Sri Lanka to sign up US$2.0bn in property developments
Nov 14, 2013 (LBO) – Sri Lanka is to sign up 2.0 billion US dollars of property development deals for which tax concessions will be given, investment promotions minister Lakshman Abeywardene said. China Communications Constructions Company will reclaim the sea near Colombo port in a 1.3 billion US dollar project. The 8-year project will be […]
Common sense on the Commonwealth
Nov 14, 2013 (LBO) – My children made their own decisions on what to study and where. But when I found that my son was about to complete his undergraduate education without taking a single course in economics, I pleaded that he should. It was not that I wanted him to be an economist, but […]
Sri Lanka cracks down on opposition ahead of summit
COLOMBO, November 13, 2013 (AFP) – Sri Lanka’s military stopped scores of ethnic Tamils protesters from entering the capital Wednesday ahead of a Commonwealth summit as a British TV crew was barred from a former warzone.A UN panel in 2011 found as many as 40,000 civilians may have been killed in the final months of […]
Sri Lanka Treasuries yields ease
Nov 13, 2013 (LBO) – Sri Lanka’s Treasuries yields eased at Wednesday’s auction with the 12-month yield down 3 basis points to 9.79 percent, data from the state debt office showed.The 6-month yield was down 5 basis points to 8.89 percent. There were no sales of 3-month bills. The debt office said 415 million rupees […]
Sri Lanka stocks close flat
Nov 13, 2013 (LBO) – Sri Lanka stocks closed flat despite net foreign selling, brokers said. The Colombo benchmark All Share Price Index closed 3.20 points higher at 5,816.04, up 0.06 percent. The S&P SL20 closed 12.38 points lower at 3,178.28, down 0.39 percent. Turnover was 710.41 million rupees, up from 579.86 million rupees a […]
Sri Lanka stocks close down 0.8-pct
Nov 13, 2013 (LBO) – Sri Lanka stocks closed 0.85 percent lower with tobacco and diversified stocks losing ground, brokers said. The Colombo benchmark All Share Price Index closed 49.98 points lower at 5,812.84, down 0.85 percent. The S&P SL20 closed 39.70 points lower at 3,190.66, down 1.23 percent. Turnover was 579.86 million rupees, up […]
Debt Sale
Nov 13, 2013 (LBO) – Sri Lanka’s National Development Bank said it was planning a junior debt sale of up to 10 billion rupees.The bank wanted to sell 5.0 billion rupees in unsecured subordinated redeemable debt with an option to sell a further 5.0 billion rupees. There has been a spate of listed debt issues […]
Sri Lanka could be tourist mecca for rising Asian middle class: James Packer
Nov 13, 2013 (LBO) – Changing demographics in India and China could make Sri Lanka ‘a leading tourist mecca’ for the rising middle class in Asia, head of Crown Australia, James Packer said.Wealthy Chinese wanted luxury travel, luxury hotels, signature restaurants, quality entertainment, gaming, casinos and high-end retail, he said. “These factors explain why Chinese […]