Category: Economy and Markets
Oil bubble burst prompts probe call in Sri Lanka by top producer
Aug 09, 2008 (LBO) – The deflation of the oil bubble appeared to take hold in August as long expected by economists who identified it as a ‘monetary shock’ from reserve currency central banks, and Iran called for a probe into the root causes of the price spike. Oil and commodity prices raced to new […]
Sri Lanka central bank says interest rates easing
Aug 08, 2008 (LBO) – Sri Lanka’s central bank has said interest rates on benchmark government securities had begun to ease with the opening up of the market to foreign investors, continued liquidity and lower inflation expectations. “In line with the rate reduction in the primary market, the secondary market yield curve that represents the […]
Sri Lanka to get new government office complex
Aug 08, 2008 (LBO) – Sri Lanka’s trade ministry and the urban development authority plan to build a 15-story government complex in the suburb of Rajagiriya, just outside the capital Colombo, ministry secretary R M K Ratnayake said.The cost of the project will be around three billion rupees which will be allocated by the state […]
Sri Lanka inflation to fall ahead of region: CB Governor
July 08, 2008 (LBO) – Sri Lanka’s inflation would head down faster in the coming months as its monetary authority had started a tightening cycle earlier than the region, Central Bank Governor Nivard Cabraal said.“We are one of the few countries to start tightening early,” Governor Cabraal said. “We will also see results earlier.” He […]
Sri Lanka central bank sells rare coins online, notes to follow
Aug 08, 200 (LBO) – Sri Lanka’s central bank has started online sales of old and commemorative coins which are sought after by collectors worldwide, with old notes also put on the block soon, a top official said.Governor Nivard Cabraal said old notes would also be made available to collectors in the near future and […]
Sri Lanka shares becalmed, JKH gains
Aug 08, 2008 (LBO) – Sri Lankan stocks closed barely changed with a big block of John Keells Holdings shares changing hands at 104.50 rupees, brokers said. The All Share Price Index closed marginally up, gaining 1.08 points to 2,466.56 while the more liquid Milanka fell 0.11 percent (3.30 points) to 2,931.72. Turnover was 541 […]
Sri Lanka government 2009 budget bill to parliament on Oct 9
Aug 07, 2008 (LBO) – The appropriation bill for Sri Lanka’s budget for 2009 will be presented to parliament on October 9 for its first reading, the government said Thursday. The budget speech and second reading of the budget will be on November 6, a government spokesman said. The cabinet this week approved a proposal […]
Sri Lankan shares fall, Arisaig Fund sells stake in Richard Pieris
Aug 07, 2008 (LBO) – Sri Lankan shares ended weaker Thursday but turnover was pumped up by the sale of a big stake in Richard Pieris & Co held by Arisaig India Fund, brokers said. “It’s only the company’s plantations which are doing well,” he said. “Also, Richard Pieris is a highly geared company, having […]
Sri Lanka IOC unit gains on earnings outlook as oil prices fall
Aug 06, 2008 (LBO) – Stocks closed higher Wednesday with the indices lifted by gains in the Sri Lanka unit of Indian Oil Corp as lower crude oil prices improved its earnings outlook, brokers said. Dialog Telekom was flat at 13.50. All plantations shares ended stronger after the island’s tea exports and earnings hit record […]
Sri Lanka debt markets still to show full potential: expert
Aug 06, 2008 (LBO) – A veteran fixed income specialist says Sri Lanka’s debt market has still to show its full potential though it is 15 years since the first commercial paper was issued in the island. The first commercial paper was issued by John Keells Holdings and Aitken Spence, with a guarantee from state-run […]
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Aug 05, 2008 (LBO) — Sri Lanka’s environmental protection office is hoping to collect up to 800 million rupees from a series of taxes charged on people who own cars, mobile phones, standard light bulbs and firms that use telecom transmission towers.The Central Environmental Authority (CEA) will also charge a two percent levy on top […]
Sri Lanka Hunters trade boosts stake of activist minority
Aug 05, 2008 (LBO) – The sale of a 5.0 percent stake in Sri Lanka’s land-rich Hunters has boosted the stakes of activist minority shareholders who have been battling the management over corporate governance issues, dealers said. The Carsons group, which held a 5 percent stake, sold out its 257,000 shares, and the Kuwaiti Al […]