Category:
Sri Lanka IMF program back on track
May 22, 2010 (LBO) – Sri Lanka’s deal with the International Monetary Fund was back on track with a review mission being ready to hammer out a new deal with fresh targets to rein in its runaway fiscal deficit on the basis of a budget due in June. In 2009 Sri Lanka’s rulers busted a […]
Sri Lanka EPF contributors fall 300,000 in 2010
May 22, 2010 (LBO) – Active contributors to Sri Lanka’s Employees’ Provident Fund (EPF) of private sector workers dropped by 300,000 in 2009, a year in which the country went through an economic downturn, official data showed. EPF’s active accounts dropped 12 percent to 2.0 million from 2.3 million a year earlier. Contributing companies and […]
Sri Lanka stocks close down 0.30-pct on profit taking
May 21, 2010 (LBO) – Sri Lankan stocks closed down Friday as retail investors took profits ahead of a possible technical correction in future, while heavy interest on John Keells Holdings (JKH) and Hayleys boosted turnover, brokers said. The All Share Price Index closed at 4,235. 69, down 12.68 points, while the Milanka index of […]
Foreign Remittance
May 21, 2010 (LBO) – Inward remittances handled by Sri Lanka’s Bank of Ceylon (BOC) rose 22.7 percent in April 2010 despite other private commercial banks eating into its market share, a senior official said. “We see that our inward remittances are growing because people are sending hard currencies for savings and investments,” Gamini Wickramasinghe, […]
Sri Lankan tea prices fall
May 21, 2010 (LBO) – Sri Lankan tea prices fell sharply at this week’s Colombo auctions with a larger weight on sale, lower quality and reduced demand, brokers said. “Auction quantities were substantially higher this week and totalled 8.0 million kilos,” Forbes & Walker Tea Brokers said in a report. “There was less demand and […]
Sri Lanka palm oil firm sees demand growing
May 21, 2010 (LBO) – A Sri Lankan business group with palm oil plantations in east Asia has said demand for the edible oil is likely to grow, driven mainly by China and India, with prices having stabilized at more realistic levels. The Carson Cumberbatch group controls palm oil plantations in Indonesia and Malaysia through […]
‘s Dilshan to lead in Zimbabwe
May 20, 2010 (AFP) – Batsman Tillakaratne Dilshan has been appointed to lead the squad to Zimbabwe for a tri-nation one-day international series that also involves India, Sri Lanka Cricket said Thursday. Several senior players including captain Kumar Sangakkara, former skipper Mahela Jayawardene, Lasith Malinga and Sanath Jayasuriya, who had a dismal World Twenty20 tournament […]
Rights group offers new evidence of Sri Lanka war crimes
May 21, 2010 (AFP) – A global human rights monitor said Friday it had fresh evidence of possible war crimes committed in Sri Lanka during the final phase of the government’s war against Tamil Tiger rebels. The New York-based Human Rights Watch (HRW) said it had examined over 200 photos taken on the front lines […]
Sri Lanka may get IMF funds in 4-6 weeks: official
May 21, 2010 (LBO) – The International Monetary Fund (IMF) is likely to release the next tranche of its program loan to Sri Lanka in 4-6 weeks if its management and board are satisfied with the island’s budget deficit for 2010, an official said. Policy talks were encouraging, visiting IMF mission chief Brian Aitken told […]
Sri Lankan stocks close 0.11-pct up
May 20, 2010 (LBO) – Sri Lankan stocks closed up Thursday despite investors taking profits on selected shares, while considerable interest in banking stocks boosted turnover, brokers said. The All Share Price Index closed at 4,248.37, up 4.83 points, while the more liquid Milanka index fell 0.09 percent (4.13 points) to close at 4,788.58. Turnover […]
Donor Funding
May 20, 2010 (LBO) – Sri Lanka is to get 133.9 million dollars from the World Bank and the Asian Development Bank (ADB) to repair four rural roads, the cabinet office said in a statement. Sri Lanka will also get a loan of 50 million dollars from International Development Association (IDA) to support local government […]
Off Curve
May 20, 2010 (LBO) – Sri Lanka’s HDFC Bank’s profits for the March 2010 quarter soared to 224 million rupees turning around from a loss of 52 million a year earlier, as the firm recovered defaulted loans backed by pension fund balances. HDFC provided 40 million rupees for loan losses in the quarter up from […]