Category: Economy and Markets
Sri Lanka to sign trade deals with China: official
June 11, 2010 (AFP) – Chinese Vice Premier Zhang Dejiang will hold talks with Sri Lanka’s president at the weekend and sign several trade and economic deals, the island’s foreign ministry said Friday. China is also building a port in the south of the island and is involved in constructing highways, power stations and petroleum […]
Sri Lankan stocks hit new high
June 11, 2010 (LBO) – Sri Lankan stocks rose to new highs Friday, passing the 4,500 points mark as institutional investors bought blue chips while retailers took profit from over-priced shares and re-invested in cheaper ones, brokers said. The All Share Price Index (ASPI) closed at 4,561.33, up 65.09 points, while the Milanka index of […]
Sri Lankan stocks close 0.71-pct up
June 10, 2010 (LBO) – Sri Lankan stocks closed up Thursday from institutional and high net worth interest on selected high value and midcap shares, while retail investors continued to chase after midcap and ‘penny stocks’, brokers said. The All Share Price Index (ASPI) closed at 4,496. 24, up 31.83 points, while the Milanka index […]
Sri Lanka CB appoints top committee to boost sovereign rating
June 10, 2010 (LBO) – A committee made up of top central bank, finance ministry and private sector representatives had been appointed to develop strategy to push Sri Lanka’s sovereign rating to investment grade, the island’s monetary authority said. The committee is charged with devising a strategy of taking Sri Lanka current speculative B+ (Fitch) […]
IMF warns Asia of spillovers from European crisis
SINGAPORE, June 9, 2010 (AFP) – The IMF warned Asia Wednesday of the potential spillovers of the European debt crisis, saying it could dampen trade, make capital flows volatile and overheat economies in the region. Greece is at the epicentre of a mounting debt crisis that threatens to spread across the eurozone and has pulled […]
Sri Lanka consumer spending rebounds: FMCG firm
June 09, 2010 (LBO) – Sri Lanka’s Hemas group said its fast moving consumer goods (FMCG) division grew revenues at double digit rates in the latest financial year and it re-launched brands as consumer spending rebounded. Sri Lanka had high inflation in 2008. It hit a peak of 28 percent in mid-2009 but fell thereafter. […]
‘s post-war boom accelerates
June 9, 2010 (AFP) – Sri Lanka’s central bank raised its growth forecast for the year on Wednesday, citing strong post-war expansion in reconstruction and agriculture, particularly in former conflict zones. Cabraal also said the central bank was in the process of evaluating two international banks who have sought to open branches in Sri Lanka. […]
”
June 09, 2010 (LBO) – Sri Lankan stocks recovered Wednesday with gains in banks pushing the market up and retail investors seen chasing midcap and ‘penny stocks’ with heavy speculative trading on Ceylon Leather Products, brokers said. The All Share Price Index closed at 4,464.41, up 37.14 points, while the Milanka index of more liquid […]
Sri Lanka Treasuries yields flat
June 09, 2010 (LBO) – Sri Lanka’s Treasury bill yields were steady at Wednesday’s auction, with the government selling more than the maturing volume to raise new money, the government’s debt office said. The debt office sold 1.7 billion rupees in 3-month bills, 4. 7 billion in 6-month bills and 3.9 billion rupees in 12-month […]
Sri Lanka must reduce deficits, debt; contain inflation: World Bank
June 08, 2010 (LBO) – South Asian countries like Sri Lanka must reduce high budget deficits and public debt to gain from the global economic recovery that is underway, the World Bank said in a report. The region weathered global recession much better than any other, showing remarkable resilience and is the second-fastest growing area […]
Sri Lanka outlines spending plans for 2010
June 08, 2010 (LBO) – Sri Lanka will spend at least 202 billion rupees on defence, 87. 8 billion rupees on roads, 53 billion rupees on health, 26. 2 billion rupees on ports and 25.1 billion rupees on water supply this year, a bill submitted to parliament said. In 2009 Sri Lanka spent 188.6 billion […]
Sri Lanka must cut business costs to lure investors: World Bank
June 08, 2010 – Sri Lanka’s investment climate must be improved and cost of doing business reduced to attract the private investment needed to speed up growth and improve people’s lives, a senior World Bank official said. Sri Lanka needs to sharply increase private investment in order to accelerate growth, Ernesto May, handling private sector […]