Category: Economy and Markets
Sri Lankan shares regain some ground, sentiment seen weak
June 05, 2008 (LBO) – Sri Lankan shares Thursday recovered some ground it lost the day before but on thin volumes with brokers saying the market is likely to remain weak given high inflation and interest rates. The All Share Price Index gained one percent (24.81 points) to end at 2,516.49 while the more liquid […]
” 9.6-pct in May
June 05, 2008 (LBO) – Sri Lanka’s central bank said its ‘core inflation’ index from which a number of items such as food had been dropped was 9.6 percent in May 2008 against ‘headline’ inflation of 26.2 percent. In May the ‘core’ index had grown 0.3 percent against 0.9 percent in April. The moving average […]
Sri Lanka needs better transport, credit access to benefit from trade: study
June 04, 2008 (LBO) – Sri Lanka needs to improve access to markets through better transport infrastructure and access to credit to take advantage of opportunities presented by trade, a new study on the trade-poverty nexus in the island says. A major feature of the trade-poverty nexus in the island has been the uneven growth […]
Sri Lanka stocks drop 1.14 pct on earnings fears
June 4, 2008 (LBO) – Sri Lanka stocks shed over one percent Wednesday with investors taking profits with corporate earnings are seen under pressure from high inflation and interest rates, analysts said. The All Share Price Index (ASPI) closed 1.14 percent (28.75 points) lower at 2,491.68 points while the Milanka Index shed 1.77 percent (53.79 […]
Sri Lanka will not try forcible curbing of fuel use: minister
June 3, 2008 (LBO) – Sri Lanka will not try to impose laws on productive sectors of the economy to curb oil use, but is aiming to cut energy use in the state sector by about 20 percent, a government minister said. Siyambalapitiya said the trains, state buses and the military consumed substantial amounts of […]
Sri Lanka flood death toll rises; 250,000 displaced
June 3, 2008 (AFP) – The death toll from a week of torrential rain across Sri Lanka has risen to 17 and more than 253,000 people have been driven from their homes, the island’s disaster management centre said Tuesday.Sri Lanka depends on the monsoons for irrigation and power generation but they frequently cause loss of […]
Sri Lanka shares close weaker
June 3, 2008 (LBO) – Sri Lanka stocks closed 0.2 percent lower Tuesday amidst muted retail activity, traders said. The All Share Price Index (ASPI) closed 0.28 percent (6.98 points) lower at 2,520.43 points while the Milanka Index shed 0.20 percent (6.20 points) to close at 3,044.37. Total turnover was 187.9 million rupees and trading […]
Sri Lanka fuel subsidy fraud bared in newspaper editorial
June 02, 2008 (LBO) – An influential weekly has slammed Sri Lanka’s practice of giving subsidies in the guise of helping the common man, and exposed the depth of the deception involved in doling out diesel ‘subsidies’. “It is seldom if ever admitted that a major revenue stream for the exchequer comes from the various […]
Sri Lanka floods kills seven, displace tens of thousands
June 2, 2008 (AFP) – Heavy monsoon rains have killed seven people and driven 73,000 from their homes across Sri Lanka, the island’s disaster management centre said Monday. The centre’s emergency relief director, Brigadier N.B. Weregama, said that soldiers, navy and airforce personnel had been deployed to ferry the displaced to nearby schools, temples, churches […]
Sri Lanka stocks weaken further
June 2, 2008 (LBO) – Sri Lanka stocks closed 0.43 percent lower Monday, dragged down by the fall in prices of index-heavy shares like John Keells Holdings and Sri Lanka Telecom, brokers said. The All Share Price Index (ASPI) closed 0.43 percent (10.95 points) lower at 2,527.41 points while the Milanka Index shed 0.53 percent […]
Sri Lanka should watch external sector developments: economist
June 01, 2008 (LBO) – A strong balance of payments position and a strong currency is giving stability to Sri Lanka’s external sector. But it is at odds with the high inflation the country has been seeing in recent months. Q: What about the EU? Is the situation better there? A: In the EU it […]
Sri Lanka politicians to meddle in fuel use
May 31, 2008 (LBO) – Sri Lanka’s ruling politicians are to come up with plans next week to reduce energy use, with the petroleum bill being identified as the biggest threat to the country, senior ministers said. Trade minister Bandula Gunewardene said the country last year spent 2.4 billion dollars on oil imports compared to […]