Category: Economy and Markets
‘s sharp reversal of fortunes
DUBAI, November 26, 2009 (AFP) – The plan by state-owned Dubai World to suspend payments on its large debts highlights the sharp economic reversal in the once-booming Gulf Emirate.A timeline of events since the global economic crisis began: 2008 – Oct 5:The frenetic expansion of Dubai appears relentless as state-owned Nakheel announces plans for a […]
Dubai debt fears hit world stock markets
LONDON, November 26, 2009 (AFP) – Global equities slumped Thursday, with Europe down three percent after Dubai’s shock call to suspend the debt of a key state company fuelled anxiety about excessive public borrowing, analysts said. The government of Dubai shocked financial markets on Wednesday when it said it would ask creditors of its Dubai […]
Sri Lanka needs monetary tightening to head off inflation spike: economists
Nov 25, 2009 (LBO) – Sri Lanka’s inflation may top 10 percent next year unless corrective action is taken, and recent trends in the island’s most widely watched index should not make policymakers complacent, economists have said. Prices in Sri Lanka’s capital, measured by a revised Colombo Consumer Price Index, rose 1.4 percent in October […]
Sri Lanka says move to fair value accounting difficult
Nov 25, 2009 (LBO) – The global move towards fair value accounting might prove difficult for south Asian countries as they lack active markets to support such valuations, a senior Sri Lankan accountant said. Reyaz Mihular, chairman of the Accounting and Auditing Standards Committee of South Asian Federation of Accountants, said a key point of […]
Sri Lanka stocks end weaker
Nov 25, 2009 (LBO) – Sri Lankan shares ended slightly weaker Wednesday in thin trade with investors taking profits in anticipation of further falls amid uncertainty created by forthcoming polls and, brokers and analysts said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price […]
‘re running out of gold: miners
MONTREAL, November 25, 2009 (AFP) – Gold production will continue to fall, despite a brief boost in 2009 and soaring prices, as deposits are exhausted and new discoveries remain elusive, say miners.“It’s not like a water tap you can turn on and it comes right away.” Barrick and Newmont expect nevertheless to continue increasing production […]
Sri Lanka bill yields flat
Nov 25, 2009 (LBO) – Sri Lanka’s Treasury bills yields were flat at this weeks auction, with the government rolling over 11.5 billion rupees of securities and raising 241 million rupees in fresh debt at Wednesday’s auction. The government’s debt office said the 3-month yield was 7.25 percent, the 6-month yield was 8.33 percent and […]
Sri Lanka foreign reserves US$5.2bn in November
Nov 25, 2009 (LBO) – Sri Lanka’s foreign reserves had climbed to 5.2 billion US dollars by November 20, helped by strong capital inflows and International Monetary Fund loans, the Central Bank said. Sri Lanka went to the IMF when reserves dipped to around a billion US dollars in March following an extended period of […]
Sri Lanka will not collect back taxes from war torn areas: official
Nov 25, 2009 (LBO) – Sri Lanka’s revenue office will not collect back-taxes from areas that have emerged from a 30-years war but will set up branches to start tax collection as economic activities pick up, an official said.“We are not trying to collect taxes due in previous years,” commissioner general of Sri Lanka’s Inland […]
Sri Lankan shares fall 1.9-pct
Nov 24, 2009 (LBBO) – Sri Lankan stock prices fell across the board Tuesday on retail investor worries about the political and economic future after the government announced a snap presidential poll, brokers said. The All Share Price Index closed at 2,875.39, down 1.90 percent (55.68 points) while the Milanka Price Index of more liquid […]
Sri Lanka corporate debt killed by nuisance tax: market participants
Nov 24, 2009 (LBO) – The corporate debt market in Sri Lanka is being held back by the complex way a tax is charged by the government which has killed secondary market trading in debt securities, market participants have said. “But the way it’s collected allows secondary market trading without any problem. They basically collect […]
Sri Lankan shares close flat
Nov 23, 2009 (LBO) – Sri Lankan stocks closed flat Monday as investors remained cautious and trading sluggish, while selected high value counters made small gains, brokers said. The All Share Price Index closed at 2,931.07, down 0.08 percent (2.27 points) while the Milanka Price Index of more liquid stocks closed at 3,345.00, up 0.34 […]