Category: Economy and Markets
Sri Lanka stocks perk up as control of AMW changes hands
July 28, 2008 (LBO) – Sri Lankan stocks closed higher Monday on gains in heavyweight stocks with the take over of Associated Motorways (AMW) by a Dubai construction firm driving turnover to 7.7 billion rupees. JKH, AEC and state funds which owned AWM stakes sold at a premium. “Any premium would be considered quite advantageous […]
South Asian meet to open in Sri Lanka focussing on trade and terror
July 26, 2008 (AFP) – An eight-member South Asian meeting opening in Sri Lanka Sunday will focus on boosting regional trade and stepping up moves to combat terrorism, Colombo’s foreign minister said Saturday.Officials of the South Asian Association for Regional Cooperation (SAARC) will start meetings Sunday in the run-up to a main two-day summit starting […]
” trade concession extension doubtful: EU parliamentarian
July 25, 2008 (LBO) – The extension of trade concessions from the European Union to Sri Lanka is doubtful unless the country takes action to protect human and political rights and improve press freedom, a visiting European parliamentary delegation said. “It is doubtful at the moment,” European parliamentarian Robert Evans who led the delegation told […]
Sri Lanka stocks fail to sustain recovery
July 25, 2008 (LBO) – Sri Lankan stocks slumped Friday after a short-lived recovery with brokers saying fears that deteriorating economic conditions could erode company profits were likely to keep the market in the doldrums. The All Share Price Index closed down 0.58 percent (13.73 points) at 2,370.10 while the more liquid Milanka fell 1.19 […]
Sri Lanka stocks firm, turnover thin
July 24, 2008 (LBO) – Sri Lankan stocks closed up for the second day Thursday after a long slide but thin turnover showed investors opted to stay out of the market owing to uncertainties about corporate earnings. The All Share Price Index closed up 0.86 percent (20.34 points) at 2,376.87 while the Milanka was up […]
Sri Lanka will not sign economic pact with India: minister
July 24, 2008 (LBO) – Sri Lanka will not sign an economic pact with India until fears of local industrialists and professionals which suddenly cropped up despite four years of discussions are allayed, the island’s international trade minister said.On the same day, Wimal Weerawansa, a Marxist-nationalist lawmaker, challenged the government to release the draft CEPA […]
Sri Lanka business chamber to form broad alliance for peace
July 23, 2008 (LBO) – The private sector of Sri Lanka must join together to work towards ending the conflict to attain peace and development, the newly appointed chairman of the Ceylon Chamber of Commerce (CCC) said. The 25-year ethnic conflict has affected the trade and commerce sector and slowed down the country’s growth, said […]
Sri Lanka stocks recover slightly
July 23, 2008 (LBO) – Sri Lankan stocks closed up Wednesday, ending several days of losses, on thin turnover with brokers saying sentiment remained weak over worries high inflation and interest rates would hit corporate earnings. The All Share Price Index closed up 0.77 percent (17.90 points) at 2,356.53 while the more liquid Milanka gained […]
Sri Lanka stocks slump; losses in JKH, Janashakthi Insurance
July 22, 2008 (LBO) – Sri Lankan shares slumped 1.76 percent Tuesday, dragged down by losses in heavyweights like John Keells Holdings (JKH), as investors digested the news about a court ruling against the conglomerate’s lucrative bunker business.Debutant Janashakthi Insurance fell further as did several index-heavy stocks. The All Share Price Index shed 41.94 points […]
Sri Lanka economy, tourism targeted by Tamil Tigers: official
July 22, 2008 (LBO) – Sri Lanka’s hoteliers say the industry is heading for the worst crisis in its history amid an ongoing internal conflict, while a senior government official said the economy and tourism was targeted by Tamil Tiger guerillas.Foreign visitors to the island fell 9.3 percent in May, hard hit by travel warnings, […]
India to raise fishermen issue with Sri Lanka at regional summit: report
July 21, 2008 (LBO) – India’s prime minister has promised to raise the issue of alleged attacks by the Sri Lanka navy on Indian fishermen at a South Asian regional summit next month, a media report said.India’s Economic Times newspaper said the Tamil Nadu Congress president K V Thangkabalu had led a delegration to meet […]
Sri Lanka gets World Bank help to improve economic statistics, oversight
July 21, 2008 (LBO) – Sri Lanka is getting a 22.6 million US dollar credit from the World Bank’s concessionary window to improve the government statistics and audit offices, the multilateral lender said. “This project will help the government to further strengthen statistical capacity and audit functions which are at the core of public administration […]