Category: Economy and Markets
Sri Lankan shares close flat
Feb 23, 2010 (LBO) – Sri Lankan shares closed flat Tuesday as investors took profits in afternoon trade, while heavy buying interest on selected insurance companies pushed turnover up, brokers said. Commercial Bank of Ceylon closed at 197.75 rupees, up 4.00, Hatton National Bank closed flat at 176.00, Sampath Bank closed at 231.00 rupees, up […]
Sri Lanka business loans grows in December: data
Feb 22, 2010 (LBO) – Sri Lanka’s loans from commercial banks to private businesses expanded in December 2009 continuing a credit recovery that started in September, the latest official data shows. Central bank credit to government which fell to a low of 69. 9 billion rupees in September had risen to 109 billion rupees in […]
Sri Lanka needs more business freedom, says top entrepreneur
Feb 22, 2010 (LBO) – People who are quick witted can develop business opportunities in Sri Lanka by challenging state or private controls and by busting monopolies to bring in competition, a veteran entrepreneur has said. Wijesuriya’s latest acquisition is the Colombo Continental Hotel, the first five-star hotel that was built in Sri Lanka’s commercial […]
Sri Lanka former war zone seen as economic catalyst
Feb 22, 2010 (LBO) – The revival of Sri Lanka’s northern and eastern provinces can position them as economic catalysts for the country in the long term, its investment promotion chief Dhammika Perera said. It will provide opportunities for further policy reforms and private-public partnerships, Perera, chairman of the Board if Investment said in a […]
Sri Lankan stocks up 0.13-pct, plantation shares gain
Feb 22, 2010 (LBO) – Sri Lankan stocks closed marginally higher Monday as investors took profit from high valued stocks and reinvested on strategic midcap shares with a high concentration on the plantation sector, brokers said. The All Share Price Index closed at 3,773. 55, up 4.74 points Monday, while the Milanka index of more […]
Sri Lanka to stop value added tax refunds to 1700 firms: report
Feb 21, 2010 (LBO) – Sri Lanka’s revenue office will stop refunding value added taxes (VAT) to 1725 firms on the grounds that they have not submitted documents on time, a media report said. A VAT regime works effectively when there is a flat rate (such as 20 percent) and all sectors are included. The […]
Fed hikes rate on discount window amid easing financial crisis
WASHINGTON, February 18, 2010 (AFP) – The US Federal Reserve said Thursday it was increasing the interest rate it charged on emergency loans to banks in a move to normalize lending after radical measures to jolt the economy from recession. “The modifications are not expected to lead to tighter financial conditions for households and businesses […]
Sri Lankan stocks close 0.97-pct higher
Feb 19, 2010 (LBO) – Sri Lankan stocks closed up Friday as investors bought high value shares, while a private deal on trading company C W Mackie boosted turnover, brokers said. The All Share Price Index closed at 3,768. 81, up 36.04 points Friday, while the Milanka index of more liquid shares gained 1. 97 […]
Sri Lanka shares becalmed
Feb 18, 2010 (LBO) – Sri Lankan shares closed virtually stagnant Thursday with trading in a speculative stock boosting turnover and some interest in property stocks, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index closed at 3,732.77, up 0.31 percent […]
Sri Lanka draws Chinese investors
Feb 17, 2010 (LBO) – A Chinese economic delegation from its Yunnan province is visiting Sri Lanka to study the economic and investment climate in Sri Lanka, the Board of Investment said. The island’s investment promotion agency said in a statement the 15-member delegation consists of senior Chinese economists and researchers. The BOI statement quoted […]
Sri Lankan stocks close 0.81-pct up
Feb 17, 2010 (LBO) – Sri Lankan stocks recovered Wednesday on gains in the prices of shares with a heavy weighting on the indices like Distilleries, Sampath Bank, Aitken Spence and Environmental Resources, brokers said. The All Share Price Index closed at 3,721.12, up 0.81 percent (30.08) points while the Milanka index of more liquid […]
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 […]