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Sri Lankan stocks end weaker
Feb 27, 2009 (LBO) – Sri Lankan shares ended weaker Friday with several Ceylinco group company share prices falling after news of the chairman’s arrest although Seylan Bank ended up, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index eased 0.26 […]
Last Resort
Feb 27, 2009 (LBO) – Sri Lanka’s central bank may open a liquidity facility as a last resort, in a bailout package for troubled finance and leasing companies which has a 4.2 billion rupee fiscal component, officials said.In recent times the Reserve Bank of Zimbabwe has used such tactics to finance agricultural sector credit and […]
Ancient Kenya fossil footprints show modern feet
WASHINGTON, February 27, 2009 (AFP) – Anthropologists have uncovered ancient fossil footprints in Kenya dating back 1.5 million years, the oldest evidence yet that our ancestors walked like present-day humans, a study showed Thursday. The footprints were discovered in two sedimentary layers near Ileret in northern Kenya and revealed an essentially modern human-like foot anatomy. […]
UN braces for Sri Lankans fleeing conflict
GENEVA, February 27, 2009 (AFP) – The UN refugee agency said Friday it was preparing for the arrival of tens of thousands of displaced people fleeing the conflict zone in northern Sri Lanka over the coming weeks.The Office of the United Nations High Commissioner for Refugees (UNHCR) said it had received 300 acres of land […]
Sri Lanka February inflation falls to 7.6-pct
Feb 27, 2009 (LBO) – Sri Lanka’s inflation in the 12 months to February 2009 measured by the revised Colombo Consumer Price Index (CCPI) fell to 7.6 percent from 10.7 percent in January, the government statistics office said. However Sri Lanka is now in the middle of a severe balance of payments crisis, and the […]
Sri Lanka outlook lowered to negative by Fitch, B+ rating affirmed
Feb 27, 2009 (LBO) – Fitch Ratings has lowered Sri Lanka’s long-term foreign currency sovereign credit outlook to negative from stable while confirming its rating at ‘B+’ and short-term rating at ‘B’. In 2009, Fitch forecasts the trade deficit will fall to 3.5 billion dollars and the current account will decline to 2.1 billion dollars, […]
Sri Lanka rupee intervention rate lowered
Feb 26, 2009 (LBO) – An intervention rate quoted by a state bank in Sri Lanka’s US dollar spot market was raised to 114.25 rupees from 113.85 Thursday, and quotes in the value tomorrow market moved up to 114. 95/115.10 rupees, dealers said. The rupee hit a low of 114.80 on Wednesday in the value […]
Sri Lankan stocks weaken amid foreign selling
Feb 26, 2009 (LBO) – Sri Lankan shares lost ground Thursday, with the benchmark index slipping below the 1,700 point mark amid heavy foreign selling, brokers said.There was also active trading in Lanka India Oil Corporation which ended up 25 cents at 17.50 rupees. In forex markets the US dollar fell as low as 115.30 […]
Big Guys
Feb 26, 2009 (LBO) – A call for bids to build a new container terminal in Colombo port has drawn the interest of some of the world’s top port operators and shipping lines as well Sri Lankan conglomerates.The SLPA official would not name the latest bidders except to say that all the companies which had […]
In Remand
Feb 26, 2009 (LBO) – Lalith Kotelawala, chairman of Sri Lanka’s Ceylinco group, has been arrested and remanded over an alleged fraud that caused the collapse of group firm Golden Key Credit Card Company. The magistrate court order to remand Kotelawala was given when the case on an alleged fraud at Golden Key was taken […]
Economic Lubricant
Feb 26, 2009 (LBO) – Sri Lanka’s cabinet of ministers has approved a bailout package for finance and leasing firms in a move to release assets seized from defaulting borrowers back into productive commercial use. “Equally, people who have bought lorries and lands will be able to once more use these assets for the purpose […]
Sri Lankan tea prices maintain upward trend
Feb 26, 2009 (LBO) – Sri Lankan tea prices rose again at this week’s Colombo auction, where volumes were lower than usual and are likely to fall further, brokers said. The main buyers from Russia and the Middle East were active in the market. Prices of teas from the estates of listed regional plantations companies […]