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Sri Lanka gets new deputy finance minister
Jan 17, 2009 (LBO) – Sri Lankan president Mahinda Rajapaksa has appointed public administration and home affairs minister Sarath Amunugama as deputy minister of finance and planning, the president’s office said in a statement. Amunugama had been finance minister under previous administration and has also been a public servant before he took to politics. Amunugama […]
Sri Lanka rates up as liquidity tightens; CB bill stock Rs151bn
Jan 16, 2008 (LBO) – Overnight money rates spiked in Sri Lanka’s inter bank market and bond rates picked up amid tighter liquidity and the monetary authority opened its 12.00 percent liquidity facility, dealers said. Market participants parked 7.7 billion rupees at the repo window of the central bank by Friday while borrowing 14.1 billion […]
Sri Lankan stocks firmer, JKH up 30% this week
Jan 16, 2008 (LBO) – Sri Lanka’s John Keells Holdings (JKH) closed the week up almost 30 percent at 66 rupees Friday after a media report that one of its largest shareholder would not divest any further, analyst said. “The market is not expecting good results, it depends on how much the market has absorbed […]
Port Performance
Jan 16, 2009 (LBO) – All Sri Lankan regional ports are loss-making and supported by earnings from Colombo harbour, Sri Lanka Ports Authority chairman Priyath Wickrema said.Sri Lankan ports are hugely overstaffed after successive governments stuffed them with supporters in order to win votes under the system of patronage politics practiced in the island. Ports […]
Sri Lanka fighting forces tens of thousands flee: ICRC
January 16, 2009 (AFP) – Intense fighting in northern Sri Lanka has forced tens of thousands of homeless civilians to flee areas controlled by the encircled Tamil Tiger rebels, the Red Cross said Thursday.The International Committee of the Red Cross (ICRC) reported “massive displacement” of civilians — many of them having already been forced to […]
Singapore Airlines cuts more than 200 flights
SINGAPORE, January 16, 2009 (AFP) – Singapore Airlines (SIA) is cutting more than 200 flights to Australia, China, Europe and India in response to falling passenger numbers, the company and travel agents said on Friday.Alicia Seah, a senior vice president at CTC Holidays travel agency, said many Singaporeans were opting for closer and cheaper holiday […]
‘s Kulasekara, Mendis restrict Bangladesh
DHAKA, January 16, 2009 (AFP) – Nuwan Kulasekara and Ajantha Mendis grabbed three wickets apiece as Sri Lanka dismissed Bangladesh for 152 in the triangular one-day series final here on Friday. Fast bowler Kulasekara picked three of the first five wickets in a lively opening spell to send Bangladesh reeling at 54-5 in the 19th […]
Sri Lanka tourist sector get relief on tsunami recovery loan
Jan 16, 2008 (LBO) – Sri Lanka’s tsunami affected tourism sector is to get repayment extensions running up to three years for loans taken up under the ‘Susahana’ and Small Business Revival Program (SBRP) lending schemes, the Central Bank said. Under the relief program, those who took SBRP and Sushana tsunami loans would receive a […]
Sri Lanka stocks close up 3.35-pct
Jan 15, 2008 (LBO) – Sri Lanka stocks rallied 3.3 percent Thursday with punters bullish on plantation stocks and steep falls in the risk free interest rates over the week, dealers said. The Colombo All Share Index closed up 3.34 percent (52.62 points) at 1,628.87. The Milanka Index of liquid stocks closed up 4.94 percent […]
Counter Measures
Jan 15, 2009 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm, is slowing new lending and focusing on recoveries as a prudential measure as economic conditions weaken, a top official said. “About six to seven months back we expected that there might be a problem in the industry,” says D P Kumarage, the […]
Sri Lanka tourist arrivals fall 18-pct in Nov 2008
Jan 15, 2008 (LBO) – Sri Lanka’s tourist arrivals fell 18.2 percent in November to 36,091 with key generating markets of Western Europe down 28.2 percent and South Asia down 12.6 percent, the tourist promotion office said. In the 11 months to November arrivals were down 10 percent to 389,550. November 2008, Western European arrivals […]
Indian inflation falls for tenth straight week
NEW DELHI, January 15, 2009 (AFP) – India’s inflation fell for a tenth straight week, according to official data Thursday, creating more room to boost the nation’s slowing economy, economists said.Annual inflation stood at 5.24 percent for the week to January 3, down from 5.91 percent a week earlier, according to the Wholesale Price Index, […]