Category: Economy and Markets
Sri Lanka dollar bond transparency queried
Sept 13, 2007 (LBO) – An international anti-corruption body has raised questions over a controversial sovereign bond issue by Sri Lanka as well as the role of the country’s central bank in it and has called for more transparency in the deal.Transparency International, releasing a discussion paper on the issue, also slammed the main opposition […]
Sri Lanka buffer zone forces fisher folk into other work: survey
Sept 12, 2007 (LBO) – A controversial buffer zone that banned re-building of homes of Sri Lankan victims near the coast after the December 2004 tsunami has forced fisher folk out of their traditional livelihood, a survey has found. “But there is urgent need to look around us not only look forward. There are still […]
Sri Lanka issues tsunami warning; magnitude revised to 8.2
Sept 12, 2007 (LBO) – Sri Lanka’s department of meteorology has issued a tsunami warning to the country’s eastern, northern and southern coastal regions following an earthquake in Indonesia. The Pacific Tsunami Warning Centre in Hawaii issued a watch bulletin. The Pacific Tsunami Warning Centre said if a tsunami is generated waves could reach Sri […]
Sri Lanka minister lashes out at inflation creators
Sept 11, 2007 (LBO) – Sri Lanka’s consumer affairs minister, cornered by rising prices and a falling rupee caused by money printing, lashed out at a Marxist party that helped engineer a collapse of government finances. Except for a handful of years like 2003, the Sri Lanka rupee has been on a free fall since […]
Sri Lanka markets open after weekend, rupee flat
Sept 10, 2007 (LBO) – The Sri Lanka rupee was quoted at 113.25/28 flat against the spot dollar Monday with overnight call money peaking at 16.00 before easing to 14.00 percent in liquid conditions, dealers said. The six month forward dollar fell slightly to 120.95 levels from an earlier level of 121.11. Dealers were closely […]
Asia Pacific leaders close summit with trade plea
SYDNEY, Sept 9, 2007 (AFP) – Key world leaders called Sunday for “urgent” efforts to salvage global talks on trade as they wrapped up a summit marked by unprecedented security and wrangling over a plan to tackle climate change. Representing 21 economies that account for nearly half the world’s trade, Asia Pacific leaders said it […]
Sri Lanka rupee firms in dull trading
Sept 07, 2007 (LBO) – The Sri Lanka rupee closed firmer at 113.25/28 against the greenback Friday, up from yesterday’s close of 113.27/32, dealers said. There were some swap deals in the market. A state name was also seen buying dollars, in what was a fairly dull Friday, dealers said. However there was liquidity in […]
Sri Lanka tightens labour laws
Sept 07, 2007 (LBO) – Sri Lanka is doubling the time given under its labour laws for aggrieved employees to seek redress, rolling a back a previous decision to limit the period, a senior minister said. Minister Anura Yapa said the cabinet of ministers had approved a request by labour minister Athauda Seneviratne to increase […]
Sri Lanka rupee trades at new low, foreign names sell bonds
Sept 07, 2007 (LBO) – The Sri Lanka rupee traded at a new low of 113.36 against the greenback as a foreign name sold rupee bonds Thursday, but closed at 113.27/32, dealers said. On Wednesday the rupee closed at 113.10/20 against the spot dollar. A state name intervened at 113.36 in intra day trading driving […]
Sri Lanka politicians oppose taxes, while promoting inflation and money printing
Sept 05, 2007 – Sri Lanka’s opposition, including a Marxist party which engineered fuel subsidies and mass state recruitment forcing the government to print money and push inflation up, is now opposing taxes and demanding higher wages. In 2004, the Janatha Vimukthi Peramuna called for fuel subsidies to remove what it labeled ‘a plug’ to […]
Sri Lanka 3-month treasuries move up to 17.80%, rupee weaker
Sept 5, 2007 (LBO) – Sri Lanka’s 3-month Treasury bill yields moved up 15 basis points to 17.80 percent rolling over 9.3 billion rupees of debt on Wednesday’s auction, the government’s debt office said.The cut-off for the 3-month bill had moved to 17.95 percent, dealers said. The 6-month yield moved up 16 basis points to […]
Standard &’s chief quits amid rating criticism
September 04, (LBO) – Standard & Poor’s (S&P) had replaced its president amid mounting criticism by investors and calls by US lawmakers and EU officials to explain lax rating decisions. Standard and Poor’s had named Deven Sharma to replace Kathleen Corbet as president. McGraw-Hill, the parent company of S&P said Corbet was stepping down “to […]