Category: Economy and Markets
Sri Lanka urged to promote local business in eastern revival
Oct 17, 2008 (LBO) – An international conflict watchdog has urged the Sri Lankan government to ensure greater fairness and preference to local businesses in the economic development of the eastern region which was cleared of Tamil Tigers. The International Crisis Group said in a new report on Sri Lanka’s Eastern Province that the government […]
‘s LIOC draws interest as share trading dries up
Oct 17, 2008 (LBO) – Sri Lankan shares ended almost flat after fluctuating in thin trading Friday with petroleum retailer Lanka Indian Oil Corp (LIOC) drawing interest on weaker oil prices, brokers said. The stock ended down two percent (1.50 rupees) at 72.50 rupees with 589,500 shares traded. Dialog Telekom gained 25 cents to end […]
Sri Lanka shares slump as global markets retreat
Oct 16, 2008 (LBO) – Sri Lankan shares slumped on low trading volumes Thursday after two days of gains with investors apparently unnerved by sharp falls in overseas markets and fears that an economic downturn could hit earnings.But fears that company earnings could get eroded by high inflation and interest rates and a slump in […]
Sri Lanka Bank of Ceylon sells 5-year 19-pct bonds
Oct 16, 2008 (LBO) – Sri Lanka’s state run Bank of Ceylon is selling three billion rupees worth 5-year 19 percent stock exchange listed bonds, with options of floating interest and interest at maturity also offered, officials said. The bank also offered a 30 million US dollar bond to the market last month.The bank could […]
’s emerging middle class spend more on convenience
Oct 16, 2008 (LBO) – Changing Sri Lankan middle class consumer habits and inflation reducing spending power is forcing consumer goods marketers to change strategies to keep growth ticking. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Emerging middle class consumers are showing a growing preference for […]
US slipping into recession: Federal Reserve
NEW YORK, October 15, 2008 (AFP) – The United States has slipped into recession, the head of the San Francisco branch of the Federal Reserve, the nation’s central bank, said. “The recent flow of economic data suggests that the economy was weaker than expected in the third quarter, probably showing essentially no growth at all,” […]
Sri Lanka shares rise again, but Q3 earnings seen crucial
Oct 15, 2008 (LBO) – Sri Lankan shares rose again Wednesday, regaining some ground lost in last week’s plunge but brokers said the recovery’s sustainability would depend on quarterly earnings. The Colombo bourse had fallen heavily last week, as other markets crashed. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and […]
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WASHINGTON, October 14, 2008 (AFP) – Paul Krugman, winner of the 2008 Nobel Prize for economics, said Monday in an interview with National Public Radio (NPR) that he should have anticipated the current financial turmoil. “I should have seen it coming,” said Krugman. “I berate myself for not understanding the extent to which we have […]
US financial system headed to intensive care: Volcker
SINGAPORE, October 14, 2008 (AFP) – The US financial system is already in the emergency ward and will move into intensive care, Paul Volcker, former chairman of the US Federal Reserve, said in Singapore on Tuesday.“I’m afraid it’s going to be there for a considerable period of time before it returns to normal,” he said […]
EU, IMF to help Hungary after forint slumps
BRUSSELS, October 13, 2008 (AFP) – The European Union and IMF stand read to help Hungary’s government with financial support if needed after its currency, the forint, slumped last week, the EU said. After the forint took a recent beating amid global financial market turmoil, International Monetary Fund had offered Hungary “technical and financial assistance,” […]
Britain calls for new world monetary order
LONDON, October 13, 2008 (AFP) – World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said on Monday, referring to the global financial architecture agreed at the end of World War II. Speaking as Britain announced its latest move to try to stabilise the tottering banking system, he said […]
Sri Lanka relies on hard drinkers to raise tax revenue
Oct 13, 2008 (LBO) – Sri Lanka’s government hopes to raise an additional two billion rupees a year in tax revenue through a recent increase in excise tax, a senior treasury official said. Raising revenue by taxing drinkers has long been a favourite tactic of successive governments in the island where per capita consumption of […]