Category: Economy and Markets
Sri Lanka can avoid foreign pressure by putting economy right: think tank
Oct 09, 2009(LBO) – Sri Lankan can avoid foreign pressure tied to aid or trade concessions by putting its own economic house in order through better management, a think tank has said. Such reforms will sustain higher growth over the longer term, the IPS said. “The immediate task is to restore macroeconomic stability,” it said. […]
Sri Lankan shares down on profit taking, volumes dip
Oct 09, 2009 (LBO) – Sri Lankan shares fell Friday, as investors took profits on selected counters, brokers said. Hatton National Bank closed at 173.00 rupees, up 1.00, and Commercial Bank of Ceylon closed at 180.00 rupees, down 1.50. National Development Bank closed at 195.00 rupees, down 25 cents, and DFCC Bank closed at 153.00 […]
” rating confirmed, outlook raised to stable: Fitch
Oct 09, 2009(LBO) – Fitch Ratings said it has lifted the outlook on Sri Lanka’s ‘B+’ sovereign rating to ‘stable’ from ‘negative’ on the end of a war and a deal with the International Monetary Fund that has boosted foreign reserves. At the same time, the agency said in a statement it has confirmed the […]
Sri Lankan shares becalmed, foreigners net buyers
Oct 08, 2009 (LBO) – Sri Lankan shares closed flat Thursday as investors took profits on selected counters, while Hatton National Bank (HNB) and Lanka Cement dominated the day’s trade volumes, brokers said. The All Share Price Index closed up 0.02 percent (0.54 points) to end at 3,117.10 while the Milanka index of more liquid […]
Sri Lanka withdraws bonus interest on forex deposits
Oct 08, 2009 (LBO) – The Sri Lankan government has stopped paying bonus interest on the interest earned on foreign currency deposits in banks, the Sri Lanka Banks’ Association said.The Central Bank has withdrawn the payment of bonus interest in rupees on interest paid to foreign currency accounts from October 1, the association said in […]
” by regulations
Oct 08, 2009 (LBO) – Sri Lanka’s private sector is being strangled by a plethora of regulations and corrupt and inefficient bureaucrats and politicians that stifle entrepreneurship, a top company executive has said.The public sector, through the finance ministry and the central bank, have to manage effectively the budget deficit, the money supply, the foreign […]
Sri Lanka delays budget till polls over
Oct 07, 2009 (LBO) – Sri Lanka will delay its budget for next year, usually presented to parliament in November until national polls scheduled for the first quarter of 2010 is over, a government minister said.Deputy finance minister Ranjith Siyambalapitiya said general elections were likely before April and a mini budget or ‘vote on accocunt’ […]
Gold price hits record high on report to ditch dollar
LONDON, October 6, 2009 (AFP) – The price of gold struck an all-time high Tuesday as the dollar fell on a news report of a plan by Gulf states to stop using the greenback for oil trading.Gold hit 1,045.00 dollars per ounce on the New York Mercantile Exchange in late trades. Hours earlier on the […]
Sri Lankan shares fall on profit taking
Oct 07, 2009 (LBO) – Sri Lankan stocks ended a two-week bull-run Wednesday as retail investors took profits from a market that’s heading towards a correction, while John Keells Holdings (JKH) shares were heavily traded today, brokers said. The All Share Price Index closed down 0.35 percent (11.00 points) to end at 3,136.56 while the […]
Australia first advanced economy to lift rates since crisis
SYDNEY, October 6, 2009 (AFP) – Australia on Tuesday became the first advanced economy to raise interest rates since the global financial crisis and promised more rises to come, boldly declaring the risk of recession over. The central bank announced a rise of 25 basis points to 3.25 percent, lifting rates off a 49-year low […]
Sri Lankan shares close up; stock values top Rs1,003bn
Oct 06, 2009 (LBO) – Sri Lankan stocks closed at a new all time high with stock values topping 1,000 billion rupees, and the market up 108.1 percent from the beginning of the year, according to Colombo Stock Exchange data. The All Share Price Index closed up 29.3 points to end at 3,124.87 while the […]
Sri Lanka economic report out: IPS
Oct 05, 2009 (LBO) – Sri Lanka’s Institute of Policy Studies has released its annual analysis of the country’s economy looking at the impact of a downturn in 2008 and policies needed for recovery, the think tank said. IPS’s annual report, Sri Lanka: State of the Economy 2009, is themed on ‘Global Economic Crisis: Issues, […]