Category: Economy and Markets
Sri Lanka stocks up 2.3-pct after rights vote
May 28, 2009 (LBO) – Sri Lankan closed up 2.3 percent as the market reacted positively to a vote in favour Sri Lanka’s government at a UN human rights body, brokers said. “Investors were optimistic about the future potential of the economy because confidence levels are also high,” said Balasuriya. Sri Lanka’s largest privately held […]
Sri Lanka may relax forex trading curbs from June: CB Governor
May 27, 2009 (LBO) – Sri Lanka may expand forex trading limits of banks from next month, Central Bank Governor Nivard Cabraal said, as the country emerged from a balance of payments crisis with the monetary authority becoming net dollar buyer. “If we did not buy the rupee would appreciate further,” Cabraal said. The rupee […]
Sri Lanka planning credit scheme for the war-affected: CB Governor
May 27, 2009 (LBO) – Sri Lanka is planning a central bank re-financed credit scheme for people in former war-affected areas to allow people to rebuild their lives, Central Bank Governor Nivard Cabraal said. However Cabraal says re-financing would be within reserve money and inflation targets. “These people need help and society will have to […]
Sri Lanka shares firmer
May 27, 2009 (LBO) – Sri Lankan shares ended firmer Wednesday with investors keen on blue chips, hotels and banks, encouraged by the end of the ethnic war that could see an economic revival, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Sri Lanka manpower exporters battle downturn
May 26, 2009 (LBO) – Sri Lankans working abroad send home nearly three billion dollars a year, and despite a global economic meltdown and stiff competition from regional neighbors, industry officials say they are fighting the downturn. Around 1.8 million people are estimated to be employed abroad, according to Sri Lanka Foreign Employment Bureau data […]
Sri Lankan shares recover, rupee flat
May 26, 2009 (LBO) – Sri Lankan stocks ended up Tuesday, as investors were bullish on blue chips and hotel stocks, while the rupee was flat against the greenback and traded at 114.90/95 levels, broker and traders said. Dialog Telekom, Sri Lanka’s largest celco is a fully owned subsidiary of Telekom Malaysia. Development Finance Corporation […]
Sri Lankan stocks down, rupee steady
May 25, 2009 (LBO) – Sri Lankan shares Monday shed some of the gains of last week’s bull-run owing to profit taking and concern over poor corporate results, while the rupee remained rock-steady against the dollar, brokers and dealers said.Sri Lanka’s largest privately held bank, Commercial Bank of Ceylon lost 1.50 rupees to close at […]
Sri Lanka lifts forex forward curbs
May 25, 2009 (LBO) – Sri Lanka’s central bank Monday lifted restrictions on foreign exchange forward contracts imposed late last year amid a balance of payments crisis, allowing the market to act freely, a top official said. The IMF loan has been delayed amid political wrangling from the US in particular, but the lenders said […]
China releases stimulus spending data
BEIJING, (Asia Pulse) – China’s economic planning body released a breakdown Thursday of how the government’s 4 trillion yuan (US$586 billion) of stimulus funding was being spent. Since the stimulus package was unveiled in November, 230 billion yuan had been used as of the end of April, the National Development and Reform Commission (NDRC) said […]
Sri Lanka loan to be approved in “coming weeks”: IMF
May 22, 2009 (LBO) – The International Monetary Fund (IMF) has not yet scheduled a meeting of its board to pass a loan to Sri Lanka but the lender was hoping to give the loan in “the coming weeks”, an official said. “I think that’s something that we’re reviewing right now,” Kelly told reporters in […]
”: Central Bank
May 22, 2009 (LBO) – Sri Lanka’s central bank said a cut in the country’s rating outlook by Standard & Poor’s was “outrageous, arbitrary and biased” and the county will “be compelled to review its relationship” with the rating agency. S&P cut the outlook on Sri Lanka’s speculative ‘B’ rating to ‘negative’ from ‘stable’ citing […]
Sri Lanka IMF loan under review after war: US
May 22, 2009 (LBO) – An International Monetary Fund loan to Sri Lanka is under review and the international community needs to make an assessment of the post-conflict situation in the island, US state department spokesman Ian Kelly has said. Kelly said Clinton had spoken to UN chief Ban Ki-Moon about his trip to Sri […]