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Sri Lanka’s private sector credit to grow further: Monetary Policy Review – May 2015
May 22, 2015 (LBO) – Sri Lanka’s Central Bank said, that private sector credit would expand in the period ahead given the low interest rate regime. Accordingly, credit obtained by the private sector from commercial banks increased by 13.9 per cent in March 2015 on a year-on-year basis, the regulator said in its monetary policy […]
Sri Lankan businesses should look at CEPA as a compliment not substitute: Economist
May 22, 2015 (LBO) – Sri Lankan businesses should look at the extension of the Comprehensive Economic Partnership Agreement (CEPA) as a compliment to their businesses and not as a substitute, a senior economist said. Razeen Sally, an Associate Professor of Singapore Lee Kuan Yew School speaking at the LBR LBO CEO forum called local […]
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May 22, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has assigned National Development Bank PLC’s proposed subordinated debentures of up to 10 billion rupees, an expected National Long-Term Rating of ‘A+(lka)(EXP)’. The rating agency also has withdrawn the expected rating of ‘AA-(lka)(EXP)’ assigned to NDB’s proposed senior debentures. Media release reproduced below: – The […]
Sri Lanka’s Commercial Credit Rs1bn debenture issue oversubscribed
May 22, 2015 (LBO) – Sri Lanka’s Commercial Credit and Finance issue of 10 million rupee rated, subordinated, guaranteed, redeemable five-year debentures valued 100 rupees each has been oversubscribed on opening day, the company said in a stock exchange filling.The Issue opened on Thursday 21 May.The five-year rated, subordinated, guaranteed, redeemable debentures will be listed […]
Sri Lanka’s govt cuts 30 pct cost on Chinese financed OCH3 through work scope reduction
May 21, 2015 (LBO) – Sri Lanka’s Highway ministry said that it has reduced the cost of Outer Circular Highway (OCH) phase 3 by 30 percent to 24 billion rupees through removing of the provision to expand to four lane road to six lanes in 2027.However the ministry will stick to the Rajapakse Regime’s plan […]
Sri Lanka’s CPC will stop bank borrowings to pay taxes against CPC act: Minister
May 21, 2015 (LBO) – Sri Lanka’s state-owned petroleum refiner Ceylon Petroleum Corporation (CPC) is to discontinue the process of paying taxes out of borrowed money from banks, Power Minister Champika Ranawaka said. “We will not pay taxes which are against the CPC act, the era that we paid taxes by borrowing from banks is […]
Sri Lanka stocks close down 0.22-pct
May 21, 2015 (LBO) – Sri Lanka’s stocks closed down 0.22 percent with investors taking profits and losses in the food and beverage stocks, brokers said. The Colombo benchmark All Share Price Index closed 16.08 points lower at 7,273.69 down 0.22 percent. The S&P SL20 closed 10.55 points lower at 4,062.97 down 0.26 percent. Turnover […]
Udaya reviews progress of the CID investigations
Udaya Gammanpila on Wednesday (20) reviewed the progress of the investigation being carried out into an alleged attempt by former president Mahinda Rajapaksa to stage a coup to try to stay in power.
Swiss GSP facility is underutilized by Lankan exporters: Envoy
May 21, 2015 (LBO) – Sri Lankan exporters are currently underutilizing the Swiss GSP facility given to the country, a Swiss envoy said. Livia Leu, Ambassador Delegate of the Federal Council for Trade Agreements of Switzerland who visited the Ceylon Chamber of Commerce this week asked Sri Lankan exporters to take maximum use of their […]
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Mar 21, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has affirmed Sanasa Development Bank PLC’s (SDB) National Long-Term Rating at ‘BB+(lka)’ with a stable outlook. The full report is reproduced below :- KEY RATING DRIVERS The rating captures SDB’s high exposure to the retail and lower-end SME segments, its weak asset quality, and pressure […]