Category: Economy and Markets
” to senior citizens as rates fall
Dec 28, 2009 (LBO) – Sri Lanka will give ’20 percent bonus’ interest for senior citizens as interest rates fell steeply over the past year on a scheme announced by the country’s president, a media report said.The Sunday Island newspaper said the Central Bank is preparing operating instructions for banks, which may be limit payments […]
Sri Lanka stocks re-rated upwards, up 122-pct
Dec 28, 2009 (LBO) – Sri Lankan retail stock buyers are focusing on mid capitalised firms while high net worth investors are chasing blue chips up in a fresh re-rating of the market, which is up 122-pct so far this year, analysts said. “The traders will be slowly shifting towards midcap stocks expecting prices to […]
‘s decade reoriented the world: analysts
HONG KONG, December 27, 2009 (AFP) – Explosive growth in economic and political power ensured that the past 10 years set the foundations for what many analysts predict will be the Asian Century as the world tilts firmly eastwards.Many dangers lie ahead, but observers say the world’s two most populous countries — China and India […]
Sri Lanka opposition presidential candidate defends economic prowess
Dec 26, 2009 (LBO) – Sri Lanka’s opposition presidential candidate, a former military general, defended his ability to manage the economy in a future administration saying he had the backing of the main opposition United National Party.The suffering of the people under a 1970s administration, where money printing led to price controls and shortages, largely […]
Sri Lanka labour force growth to lag region
Dec 26, 2009 (LBO) – Sri Lanka’s labour force has grown an average 1.0 percent from 1990 to 2008, and is projected to grow by only 0.3 percent a year till 2020 trailing other Asian nations, with low female participation, a government report has said. “This is driven by expected declines in the adult male […]
Sri Lanka gets Chinese funds to build international airport
Dec 25, 2009 (LBO) – Sri Lanka has signed up 410 million US dollars of funding from China including money to build an international airport in the south of the island, a foreign ministry statement said.Sri Lanka’s finance ministry secretary P B Jayasundera and China’s vice minister of commerce, Chen Jian had signed thee deals […]
Sri Lanka opposition state salary hike promise a big burden on people: minister
Dec 24, 2009 (LBO) – A steep state worker salary hike promised by opposition presidential candidate Sarath Fonseka would require 132 billion rupees to be extracted from the people through taxes each year, a government minister has warned.State revenue minister Ranjith Siyambalapitiya told reporters that the monthly salary bill of state workers was now 28 […]
Sri Lanka stocks edge higher
Dec 24, 2009 (LBO) – Sri Lankan shares closed slightly firmer Thursday ahead of the Christmas break, brokers said. Dankotuwa Porcelain, a tableware exporter that has been making losses after exports were hit by recession, was the most actively traded stock, and closed at 11.75, up 50 cents. The Colombo all share price index ended […]
Sri Lanka in talks with ADB on emergency loan
Dec 23, 2009 (LBO) – Sri Lanka is seeking a 150 million dollar emergency assistance loan from the Asian Development Bank that could help start urgent projects, especially in the former war zone, officials said. These include power supply schemes and refurbishment of hospitals in Mullaithivu and Kilinochchi, two towns that were former Tamil Tiger […]
Sri Lankan shares fall on profit taking
Dec 23, 2009 (LBO) – Sri Lankan stocks closed down Wednesday as investors took profits ahead of the festive season, while high interest on conglomerate John Keells Holdings (JKH) and Asian Hotels pushed turnover over a billion rupees, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.45 percent (14.82 points) to […]
Sri Lanka foreign reserves steady at US$5.2bn by Dec 18
Dec 23, 2009 (LBO) – Sri Lanka’s foreign reserves were steady at 5.2 billion US dollars by December 18, boosted by foreign inflows into debt markets and International Monetary Fund loans, the Central Bank said. But lately the Central Bank’s bill stock has started climbing and foreign reserve increases are also now tapering off. In […]
Sri Lanka stocks hit new high, up 1.44-pct
Dec 22, 2009 (LBO) – Sri Lankan shares closed up Tuesday as investors continued buying into the market to cash in on an anticipated market re-rating following presidential elections next month, brokers said.The benchmark Colombo All Share Price Index (ASPI) closed up 1.44 percent (46.54 points) to end at 3,280.82 while the Milanka index of […]