Category: Economy and Markets
Sri Lankan stocks up 1.40-pct
June 15, 2009 (LBO) – Sri Lankan shares gained on Monday pushed up by the blue chips counters headed by conglomerate John Keells Holdings (JKH)and high retail interest in construction, hotels and plantations sectors, brokers said. Malwatte valley Plantations closed 33.00 rupees, up 4.25, while Udapussellawa Plantations closed at 27.00 rupees, up 3.50. Agalawatte Plantations […]
Sri Lanka seeks post-war aid from UAE: foreign minister
June 13, 2009 (AFP) – Sri Lanka on Saturday sought aid from the United Arab Emirates to rebuild swathes of land devastated by the near four decades long ethnic war with the Tamil Tigers. Foreign Minister Rohitha Bogollagama, who made the request to his visiting UAE counterpart Sheikh Abdullah Bin Zayid Al Nahyan, had also […]
Sri Lanka private sector, UNHCR pave the way for returning refugees
June 12, 2009 (LBO) – A United Nations agency is getting private sector support to help re-settle a part of the 660,000 refugees in the country who are starting to return to their former homes, officials said. Brandix Lanka, a top Sri Lankan apparel group, is working with the UNHCR to provide water and sanitation […]
Sri Lanka state workers take home 53.6-pct of 2008 taxes
June 12, 2009 (LBO) – Sri Lanka’s state salaries and pensions ate up 53.6 percent of tax revenues in 2008, while 129,135 workers were added to an already bloated public sector, which is the biggest in South Asia, the latest official data shows. The finance ministry said 71,323 workers were added to state services in […]
IMF loan “urgency”‘t beg for aid: CB chief
June 12, 2009 (AFP) – War ravaged Sri Lanka will not beg for foreign aid even as a 1.9 billion dollar bailout from the IMF has been delayed, the island’s central bank chief said on Friday.“We will never go after donors or lending agencies with a begging bowl.We are capable of standing on our own […]
Sri Lanka loses Rs10bn on tax slashed cars to state workers
June 12, 2009 (LBO) – Import duty waivers for Sri Lankan state workers to buy cars has lost the country over 10 billion rupees in revenue in 2008, a report by the finance ministry said. The import of motor vehicles under a concessionary duty structure was implemented under different government circulars in 2008, the finance […]
Sri Lankan stocks up 3.93% during week
June 12, 2009 (LBO) – Sri Lankan shares ended higher Friday as retailers chased speculative stocks and a handful of blue chips, brokers said. The Colombo All Share Price Index closed up 1.55 percent (34.51 points) to end at 2,254.62 while the Milanka index of liquid stocks gained 1.70 percent (42.24 points) to close at […]
Sri Lankan shares close up 0.8-pct
June 11, 2009 (LBO) – Sri Lankan stocks closed up 0.8 percent Thursday as investors targeted fundamentally strong stocks while expectations were also strengthening that an International Monetary Fund (IMF) bail out would come, brokers said. The Colombo All Share Price Index closed up 0.80 percent (17.68 points) to end at 2,220.11 while the Milanka […]
Sri Lankan stocks up, investors buy blue chips
June 10, 2009 (LBO) – Sri Lankan shares closed up Wednesday as retail investors moved back to safe stocks from speculative counters, while tycoon Harry Jayawardena controlled Aitken Spence continued its bull-run, brokers said. “Investors who walk into the market should at least look at a three month investment horizon, as at present levels the […]
Sri Lanka bill yields edge lower
June 10, 2009 (LBO) – Sri Lanka’s Treasury bills yields edged marginally lower as the government sold 4.5 billion rupees of maturing bills to the market at Wednesday’s auction, the debt office said. However selling down the T-bill stock to lock up foreign reserves also puts pressure on interest rates.The 3-month yield fell to 03 […]
Sri Lanka ruling party popularity could help budget: S&P
June 10, 2009 (LBO) – The electoral popularity of President Mahinda Rajapaksa could help improve Sri Lanka’s budget by reducing the clout of smaller extremist parties, Standard & Poor’s rating agency has said. “With slowing growth, sharply falling imports and much lower inflation, official revenue goals and the deficit target of 7.5 percent of GDP […]
Sri Lanka activist targets 40 privatizations
June 9, 2009 (LBO) – A left-oriented politician who has successfully returned a large insurer back into state hands through court action says there about 40 other privatizations that need to be re-examined. Sri Lanka’s Supreme Court, in reversing the deal said it was illegal as proper procedure had not been followed and the transaction […]