Category: Economy and Markets
Sri Lanka opens investment office in Shanghai
Sept 19, 2008 (LBO) – Sri Lanka has opened an investment centre in Shanghai and appointed an official of the Shin Kwan Group, a big investor in the island, as the honorary representative of the investment promotion agency.The Sri Lanka Centre in the Chinese port city is aimed at boosting bilateral economic relations between the […]
Sri Lanka gets US aid to develop eastern region
Sept 19, 2008 (LBO) – The United States has launched a programme to help develop Sri Lanka’s eastern region from where government forces have driven out Tamil Tigers and which for long has lagged behind other regions. “At the national level, CORE will focus on promoting business-friendly policies that will enable enterprises in the target […]
Sri Lanka shares rebound
Sept 19, 2008 (LBO) – Sri Lankan shares Friday recovered some of their losses the previous day, although volumes were moderate and local investors were still wary of buying, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index went up 1.28 […]
Sri Lanka Bank of Ceylon selling US$30mn 5-year bond
Sept 19, 2008 (LBO) – Sri Lanka’s state-run Bank of Ceylon is selling a 30 million US dollar 5-year bond which will pay a floating interest rate every six months, dealers and officials said. This week top central banks have been printing billions of dollars, Euro and Yen to fill disappearing liquidity with AIG Insurance […]
Sri Lanka shares tumble as foreign funds sell
Sept 18, 2008 (LBO) – Sri Lankan shares fell sharply Thursday as foreign funds sold to raise cash following global market turmoil, with losses in heavyweights Dialog Telekom and John Keells Holdings dragging down the indices, brokers said. Brokers said there was no risk of a similar sell-off in the other market heavyweight, Sri Lanka […]
Sri Lanka rates spike as markets tumble
Sept 18, 2008 (LBO) – Sri Lanka’s overnight money rates spiked to 18.75 percent and banks borrowed at a penal 19 percent from the central bank in a day that saw turmoil in global markets and stocks plunged 2.5 percent. A popular bond among foreign investors maturing in April 2012, traded close to 17.95/18.05 levels, […]
Sri Lanka economists to talk inflation at annual parley
Sept 17 2008 (LBO) – Sri Lanka’s economists are debating inflation, competitiveness and growth this Friday and Saturday at a time when inflation has hit a historic record in the island and subsequent tight monetary policy has strengthened the rupee. “The extent of such gap in aggregate supply will depend on whether the economy is […]
Sri Lanka stocks fall on blue chip losses
Sept 17, 2008 (LBO) – Share prices fell in Wednesday’s trading with the indices dragged down by falls in blue chips and confusion in the market over the pricing of Brown and Company after a share split and ‘bonus’ issue. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
‘s Treasury chief leaves
Sept 17, 2008 (LBO) – Sri Lanka’s Treasury Secretary P B Jayasundera is leaving his position having completed preparatory work on the 2009 budget, a senior government official said.Jayasundera originally handed over his resignation shortly after a court order faulted him on a privatization deal, but it was not immediately accepted. An official said the […]
Sri Lanka to get more concessionary funds: ADB
Sept 16, 2008 (LBO) – Sri Lanka would get more than 200 million US dollars a year from the Asian Development Bank (ADB) over the next three years and the country would get more money from its concessionary window, an official said. The ADB’s country partnership strategy, which outlines its lending program for the island […]
Sri Lanka gets extra funds for roads, education, housing: World Bank
Sept 09, 2008 (LBO) – The World Bank has inked deals worth 151 million dollars to lend extra money for road, education and housing reconstruction in conflict-hit areas of Sri Lanka, the multilateral lender said.World Bank country chief Naoko Ishii said the additional financing will support the growth of infrastructure in lagging regions, the return […]
Sri Lanka central bank says August money growth controlled
Sept 15, 2008 (LBO) – Sri Lanka’s central bank said it had maintained targets for reserve money, in the months of July and August, which is its main operational target instead of policy rates, causing inflation and credit growth to fall. The average reserve money in August was 280.9 billion rupees, indicating a growth of […]