Category: Economy and Markets
Sri Lankan shares close up, rupee gains
May 06, 2009 (LBO) – Sri Lankan shares gained on Wednesday supported by institutional and high net worth interest on blue chip stocks, while the rupee gained against the US dollar mid weak import buying, dealers said.A parcel of 276,000 of Ceylon Tobacco Company changed hands at 116.00 rupees. CTC, a subsidiary of global tobacco […]
Sri Lanka rupee climbs higher
May 06, 2009 (LBO) – The Sri Lanka rupee closed at 118.10/20 against the spot US dollar Wednesday after floating higher from opening levels of around 119.80/120.00 levels with weak import demand, dealers said. In February the central bank’s real effective exchange showed the rupee was 26 percent overvalued against the US dollar. State banks, […]
Canada ups relief aid for Sri Lanka
OTTAWA, May 4, 2009 (AFP) – Canada’s Minister of International Cooperation Beverley Oda announced Monday an increase in humanitarian aid for civilians displaced by ongoing civil war in Sri Lanka.Ottawa will provide three million dollars (2.5 million US) to the International Committee of the Red Cross, Doctors Without Borders (MSF), the World Food Programme and […]
Sri Lanka banks asked to cut lending rates, says Central Bank
May 5, 2009 (LBO) – Sri Lanka’s central bank said it had asked banks to cut interest charged on loans which remain high despite policy rate cuts, while its grip on overnight is also tenuous due to quantity restrictions on discount windows.The Central Bank said it has “informed the licensed banks to take appropriate measures […]
Sri Lankan stocks up, rupee stable
May 05, (2009) – Sri Lankan shares were boosted by heavy trading in high-value stocks with a foreign fund continuing to sell its stake in National Development Bank (NDB) while the rupee was stable at 119.90/120.10 during late afternoon trading, brokers and dealers said. A source close to the deal said fund manager Raj Rajaratnam’s […]
Sri Lanka treasuries fall
May 5, 2009 (LBO) – Sri Lanka’s Treasuries yields fell across the board with the 12-month yield falling 27 basis points to 13.78 percent at Tuesday’s auction, the government’s debt office said. The 6-month yield fell 51 basis points to 13.44 percent and the 3-month yield fell 43 basis points to 12.22 percent. The government […]
Bitter with West, Sri Lanka turns East for cash and support
May 4, 2009 (AFP) – The Sri Lankan government is increasingly tilting towards Iran, Libya and China for foreign aid as its traditional Western allies ramp up their criticism of the war against Tamil rebels. Many Western nations have outlawed the Tamil Tigers and cut off their funding networks, but the Colombo administration is deeply […]
Sri Lanka business told to watch out for bad debt
May 04, 2009 (LBO) – Sri Lankan businesses should be more cautious and assess customer creditworthiness more often, when doing business during a recession, a senior corporate executive said. They should watch out for bad debts as during such times previously solvent customers can quickly become insolvent, says Chemanex chief executive Preethi Jayawardena who was […]
Sri Lanka shares buoyed by institutional buying
May 04, 2009 (LBO) – Sri Lankan shares ended firmer Monday, lifted by investments from institutional investors taking a long-term view as the rupee remained becalmed around 120.00 – 120.10 against the dollar, brokers and dealers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All […]
Sri Lanka IMF loan would not be delayed on politics: central bank
May 2, 2009 (LBO) – Technical levels discussions for Sri Lanka’s International Monetary Fund (IMF) loan have now been finalized and with the UN Security Council also not standing in the way, there would be no further delays, a senior central banker said. Media reports indicated the United States, which has substantial say in IMF […]
Sri Lanka troops tighten siege of Tamil rebels
May 1, 2009 (AFP) – Sri Lankan government troops have tightened their siege of the last strip of land on the island still controlled by Tamil Tiger rebels and are poised for a final assault, the military said Friday.Military spokesman Brigadier Udaya Nanayakkara told AFP that two columns of troops had consolidated positions along a […]
Sri Lanka hosts IMF team as loan deal nears
April 30, 2009 (LBO) – An International Monetary Fund (IMF) ‘Safeguards Assessment’ mission is in Sri Lanka as talks on a 1.9 billion dollar loan nears its final stages, the central bank said in a statement.“The Stand-By Arrangement (SBA) facility sought by the government of Sri Lanka from the IMF has now reached an advanced […]