Category: Economy and Markets
Sri Lanka risks credit downgrade from US fallout: S&P
Jan 28, 2008 (LBO) – Sri Lanka is at risk of a credit downgrade from a recession in the United States, especially if domestic policies become more expansionary, the ratings agency Standard and Poor’s (S&P) said. Sri Lanka has a B+ rating with a ‘stable’ outlook. “Sri Lanka would face the global slowdown from a […]
Sri Lanka stock buyers push up Royal Ceramics
Jan 28, 2008 (LBO) – Sri Lankan stocks closed higher Monday with investors pushing up the tile maker Royal Ceramics after it announced higher profits for the December quarter. The rupee traded around 108.02/10 earlier in the day and overnight money was around 15-16 percent, dealer said. The All Share Index ended up 14 points […]
Sri Lanka to scrap country-wide index after inflation jumps to 26.2-pct
Jan 25, 2008 (LBO) — Sri Lanka will scrap a country-wide price index that showed a record 26.2 percent inflation in November 2007, officials said.“By releasing several indices, or making public aware of several indices, problems have come up,” Sri Lanka’s statistics chief Suranjana Vidyaratne said. “Though we have done this as a technical subject […]
Sri Lanka sees build up of bipartisan support for inflation targeting
Jan 26, 2008 (LBO) — A senior opposition lawmaker in Sri Lanka has expressed support for inflation targeting, in a build up of bipartisan backing for legal changes needed to take the country towards low inflation.. “If you print money inflation is going to go up,” parliamentarian Kabir Hashim, an economic policy heavyweight in the […]
Sri Lankan share prices slump, trading dries up
Jan 25, 2008 (LBO) – Sri Lankan stocks weakened further Friday with trading drying up to just a trickle as investors stayed away from the market owing to political and economic uncertainty. The All Share Index fell 3.21 points to 2,433.50 while the liquid Milanka index closed hardly unchanged at 3,125.25. Turnover slumped to 66 […]
Sri Lanka stocks lose momentum
Jan 24, 2008 (LBO) — Sri Lanka stocks closed lower Thursday losing some of the gains made a day earlier after a hideout of Tamil Tiger leader Vellupillai Prabhakharan was bombed. The All Share Index closed 0.64 percent lower, falling 15.68 points to 2,436.71 and the liquid Milanka index closed 0.78 percent or 24.61 points […]
Sri Lanka rupee gains against greenback, forward premiums fall
Jan 23, 2008 (LBO) — The Sri Lanka rupee traded under 108.00 to the US dollar and overnight money fell from peaks above 20 percent in early trading Wednesday as the dollar weakened in international markets following a surprise rate cut, dealers said. The rupee traded around 107.88/108.92 in late trading as a state name […]
Sri Lanka central bank says no excessive money printing
Jan 23, 2008 (LBO) — Sri Lanka’s central bank says allegations of excessive money printing are “baseless” despite using central bank credit of 45.2 billion rupees to purchase treasury bills up to September 2007. “The attention of the Central Bank has been drawn to a few mischievous and /or erroneous reports where allegations have been […]
Sri Lanka looks to cut costs on sovereign bond
Jan 23, 2008 (LBO) — Sri Lanka is looking to cut interest costs on a fixed coupon 500 million dollar sovereign bond by using derivatives Central Bank Governor Nivard Cabraal said, as US interest rates continue to fall.Since then the rupee has been stable, making dollar loans – at whatever price – much cheaper than […]
Sri Lanka inflation rockets to new record of 26.2-pct amid money printing
Jan 21, 2008 (LBO) — Sri Lanka’s country-wide inflation hit an all time record 26.2 percent in November 2007, following one of the worst bouts of money printing ever seen in the country, the latest official data showed.The Sri Lanka Consumer Price Index’s (SLCPI) previous high was 24.1 percent recorded in October as the government […]
Sri Lanka stocks steady, cement firm draws interest
Jan 21, 2008 (LBO) — Trading in Lanka Cement picked up Monday on reports that an Indian firm may start a cement plant in Jaffna and the broader market was steady in a day when global markets plunged. Shipping cement to Tamil Nadu from Jaffna would be cheaper than trucking it from plants in India […]
Sri Lankan stocks battered by war, high rates
Jan 18, 2008 (LBO) – Sri Lankan stocks edged slightly higher in thin trading Friday with brokers saying intensifying violence and high interest rates were keeping investors away. Margin traders were under pressure to reduce their exposure owing to sky high interest rates. Stocks were battered this week because of stepped up attacks by Tamil […]