Category:
Sri Lanka policy rates frozen amid debt monetization, inflation
Feb 16, 2010 (LBO) – Sri Lanka has held policy rates steady in February as inflation accelerated, the budget deficit expanded and excess bank reserves were created through a ‘quantity easing’ exercise as debt was monetized. Central Bank said it was holding its main ‘reverse repo’ policy rate through which money is being injected to […]
Sri Lankan shares close 0.2-pct higher
Feb 15, 2010 (LBO) – Sri Lankan stocks closed up 0. 2 percent Monday but an index of liquid shares fell as investors sold blue chips, brokers said. The All Share Price Index closed at 3,717.51, up 0.20 percent (7.54 points) while the Milanka index of more liquid shares fell 0.48 percent (20.05 points) to […]
Tele Trend
Feb 15, 2009 (LBO) – Sri Lanka Dialog Telecom lost 2.2 billion rupees in the December 2009 quarter down from a 3.9 billion rupees loss a year earlier, while full year losses hit 12.2 billion rupees as the firm took large write offs during the period. Revenues had grown 12 percent from a quarter earlier […]
Cell Meet
BARCELONA, February 15, 2010 (AFP) – The mobile phone industry’s biggest event opens Monday as it begins to emerge from the global economic crisis with the promise of new devices that will revolutionise the way people communicate. Global shipments of handsets had been falling every quarter since the third quarter of 2008, when the global […]
Sri Lanka cuts online tea export documentation charge
Feb 15, 2010 (LBO) – Sri Lanka intends to cut automated tea export document processing charges, reducing costs for shippers of the island’s main export commodity and making them more competitive, officials said. Sri Lanka’s electronic export documentation project is, however, years behind schedule and exporters say the island is far behind other trading nations […]
Sri Lanka lawyers criticise government over crackdown
February 15, 2010 (AFP) – Lawyers in Sri Lanka accused the government Monday of illegally suppressing protests at the arrest of former army chief Sarath Fonseka. On Sunday, the heads of Sri Lanka’s influential Buddhist clergy backed opposition demands for the immediate release of Fonseka, a decorated war hero who helped crush Tamil Tiger rebels […]
EU to cut Sri Lanka trade benefits over rights
BRUSSELS, February 15, 2010 (AFP) – European Union nations decided Monday to withdraw preferential trade benefits from Sri Lanka due to “significant shortcomings” on human rights issues, the EU Commission announced. Sri Lanka gains about 150 million dollars annually due to preferential tariffs, according to trade estimates. The island’s clothing industry is the main beneficiary, […]
Sri Lanka budget deficit hit 8.5-pct of GDP for 10-months
Feb 15, 2010 (LBO) – Sri Lanka’s budget deficit has hit an estimated 8.5 percent of gross domestic product (GDP) in the first ten months of the year, despite a recovery in revenues as expenses grew at a faster pace, the latest data showed. Up to October the government was able to borrow domestically without […]
Net Monitoring
Feb 14, 2010 (LBO) – Sri Lanka’s telecom regulatory authority has not received orders to devise a law to control internet news websites, though monitoring cannot be ruled out in the future, a top official said. “There is nothing in the cards,” Anusha Pelpita, director general the Telecom Regulatory Commission of Sri Lanka (TRC) said. […]
Sri Lanka monks back arrested ex-army chief
February 14, 2010 (AFP) – Leaders of Sri Lanka’s influential Buddhist clergy backed opposition demands Sunday for the immediate release of former army chief and defeated presidential candidate Sarath Fonseka. Top monks representing four sects made a joint appeal to President Mahinda Rajapakse to free Fonseka who was arrested last Monday by the military on […]
Sri Lanka eyes 10-year sovereign bond
Feb 13, 2010 (LBO) – Sri Lanka is eyeing a 10-year 500 million US dollar sovereign bond after May 2010 when funding needs becomes clear after a budget is passed in April, an official said. Sri Lanka has sold two 500 million US dollar sovereign bonds in 2007 and 2009 with a 5-year maturity. “We […]
Northern Finance
Feb 13, 2010 (LBO) – Sri Lanka’s central bank is planning a 100 million US dollar re-finance fund for the northern Jaffna peninsular which is seeing an economic revival after a highway to the south was opened with the end of a decades long conflict. The Northern Regional Development Fund will channel loans to businesses […]