Category: Economy and Markets
Norway raises rates, first in Europe in crisis
OSLO, October 28, 2009 (AFP) – Norway on Wednesday became the first European country to raise interest rates this year in the global financial crisis, which it managed to overcome thanks to its huge oil revenues. The Norwegian central bank raised its key demand deposit rate by a quarter of a point to 1.50 percent, […]
Sri Lanka 2009 end inflation to be 3.5-pct: CB Governor
Oct 29, 2009 (LBO) – Sri Lanka’s inflation would be 3.5 percent by end-2009 setting the stage for lower interest rates and higher growth as investor confidence in the economy was rising, Central Bank Governor Nivard Cabraal said. “We are having inflation of one percent and we intend to keep it that way,” Cabraal told […]
Sri Lanka shares close 0.95-pct lower
Oct 29, 2009 (LBO) – Sri Lankan shares closed down 0.9 percent Thursday as investors took defensive positions and opted to stay out of the market, while the banking and hotel sector stocks took a hit, brokers said. The All Share Index closed at 2,977.16 points down 28.56 points while the Milanka Index of more […]
Sri Lanka central bank in massive liquidity mop up
Oct 28, 2009 (LBO) – Sri Lanka’s central bank is engaged in a record mop up of excess liquidity in the banking sector generated foreign from dollar borrowings, surpassing a previous high in 2007.Sri Lanka raised 500 million US dollars through a sovereign bond earlier this month. Inflows from an October 2007 sovereign bond pushed […]
Sri Lanka stocks close up
Oct 28, 2009 (LBO) – Sri Lanka stocks closed up 0.2 percent, reversing a losing streak, with hotel stocks among the gainers, a day after the country’s president ordered a lending rate cut in state banks, brokers said. Commercial Bank closed at 179.75 up 0.50 while HNB fell 2.75 to close at 165.0 At Wednesday’s […]
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Oct 28, 2009 (LBO) – Sri Lanka’s Treasuries yields plummeted across the board Wednesday, a day after country’s president ordered a 700 basis point lending rate cut in state banks.The 3-month bill yield fell 60 basis points to 8.50 percent, the 6-month yield fell 41 basis points to 9.35 percent and the 12-month yield fell […]
Sri Lankan stocks close lower in broad sell-off
Oct 27, 2009 (LBO) – Sri Lanka stocks closed lower for a second day Tuesday, falling 0.9 percent in a broad sell-off that saw while buyers were awaiting earnings reports, brokers said.The All Share Index closed at 2,989.05 points down 34.9 points while the Milanka Index of more liquid stocks closed down 1.19 percent (21.7 […]
Sri Lankan stocks fall 1.0-pct
Oct 26, 2009 (LBO) – Sri Lankan stocks closed down 1.0 percent Monday as buyers stayed in the sidelines, awaiting September quarter earnings season which has just begun, brokers said. The All Share Price Index closed down 1.07 percent (32.60 points) to end at 3,024.02, while the Milanka Index of more liquid stocks lost 1.01 […]
Euro hits 14-month high vs dollar
TOKYO, October 26, 2009 (AFP) – The euro hit a 14-month high against the dollar in Asian trade Monday on signs that China may increase its holdings of the European currency, dealers said. The euro rose to 1.5061 dollars in Tokyo midday trade, its highest level since August 11, 2008 and up from 1.5027 in […]
Sri Lanka doctors, accountants lead brain drain
Oct 25, 2009 (LBO) – Doctors and accountants top the outflow of skilled professionals from Sri Lanka, seeking better opportunities in developed countries, a study on migration has said.But government forces defeated the Tamil Tiger separatists in May, ending the 30-year conflict, and raising hopes of an economic revival. The government has said it is […]
Sri Lanka political stability seen key to foreign investment
Oct 24, 2009 (LBO) – Post-war Sri Lanka’s ability to attract foreign investments would depend on how the island resolves minority Tamil grievances, eliminates residual security threats and improves its finances, a World Bank report said. “The end of armed conflict provides Sri Lanka with a historic opportunity to achieve a dual transition from a […]
Sri Lanka urged to cut tax breaks
Oct 23, 2009 (LBO) – Sri Lanka should cut down on tax incentives to attract Foreign Direct Investments (FDI) and concentrate on improving the business climate to maximize the benefits of peace, a senior economist said. Despite vast concessions offered to investors Sri Lanka could only muster 900 million dollars in FDI in 2008. Most […]