Author: lbostgadmin
Sri Lanka stocks close up 1.8-pct
Dec 12, 2012 (LBO) – Sri Lanka stocks closed up 1.8 percent Wednesday after the Central Bank cut rates by 25 basis points, driven mostly by domestic buying, brokers said. Asian Alliance Insurance said it had been investing 177 million rupees in commercial paper of Softlogic Capital Ltd, a related party and earned interest of […]
Sri Lanka will not sell sovereign bond this year: CB Governor
Dec 12, 2012 (LBO) – Sri Lanka has decided not to sell a sovereign bond in 2013, Central Bank Governor Nivard Cabraal said, urging commercial banks to tap the international capital market more. “Government will not be taking direct loans from abroad,” Cabraal told bank directors at a forum in Colombo. “Commercial borrowing from the […]
Sri Lanka Treasuries yields down after rate cut
Dec 12, 2012 (LBO) – Sri Lanka’s Treasuries yields tumbled across maturities at Wednesday’s auction with the 12-month yield falling as much as 41 basis points, data from the state debt office showed. The debt office said it sold a billion rupees of 3-month bills, 3. 9 billion rupees of 6-month bills and 8.5 billion […]
Sri Lanka credit ceilings served their purpose: Deputy Governor
Dec 11, 2012 (LBO) – Credit ceilings imposed on Sri Lanka’s commercial banks had served their purpose and were part of temporary measures to stabilize the economy, deputy Central Bank Governor Nandalal Weerasinghe said. In February 2012 Sri Lanka raised interest rates, imposed an 18 percent cap on commercial bank credit growth and partially floated […]
India may ask Sri Lanka to cut automobile tariffs: report
Dec 11, 2012 (LBO) – India is mulling asking Sri Lanka to reduce import duties which had been raised twice last year hitting small car imports and three wheeler vehicles in particular, a media report said. Another report said Chinese manufacturers are being allowed to set up assembly plants in Sri Lanka which could potentially […]
Sad Employers
Dec 11, 2012 (LBO) – Sri Lanka’s Employer’s Federal of Ceylon (EFC) an industry body representing large firms said it was disappointed over a delay in two key labour law reforms that were agreed upon earlier. The EFC has been making representations through the National Labour Advisory Council, a body representing the state, unions and […]
Top Rating
Dec 11, 2012 (LBO) – Fitch Ratings has confirmed a ‘AAA(lka)’ rating of HSBC Sri Lanka with a stable outlook, on the strength of its parent. The full statement is reproduced below: Fitch Affirms HSBC Sri Lanka Branch at ‘AAA(lka)’; Outlook Stable Fitch Ratings-Colombo/Seoul/Singapore-10 December 2012: Fitch Ratings Lanka has affirmed HSBC Sri Lanka Branch’s […]
Sri Lanka stock close up 0.2-pct
Dec 11, 2012 (LBO) – Sri Lanka’s stocks closed up 0.2 percent Tuesday, helped by gains in Nestle and CTC while forex markets saw import demand later in the day, brokers and dealers said. NDB Capital Holdings closed at 460.00 down 39.80 rupees, Hunters fell 44.90 to close at 294.50, Kelani Valley Plantations fell 7.80 […]
Crude Block
Dec 10, 2012 (LBO) – Sri Lanka is unable to import crude oil from Iran despite a sanctions waiver by the United States, because banks are wary of opening letters of credit fearing blacklisting, a media report said. Sri Lanka’s The Sunday Times newspaper said state-run Ceylon Petroleum Corporatio, which used to buy Iranian light […]
Net Biz
Dec 10, 2012 (LBO) – Sri Lanka’s Dialog Axiata said it will acquire a 26 percent stake in Digital Commerce Lanka (Pvt) Ltd, which owns Anything. lk an e-commerce site for 1.59 million US dollars. Dialog said in a stock exchange filing that it also planned to transfer group e-commerce businesses ibuy. lk and tradenet.lk […]
Banking Secrecy
Dec 10, 2012 (LBO) – Sri Lanka’s banking secrecy laws may not be worth the paper it is written on and confidential information of customers could be easily obtained, a senior government minister said over the weekend. Fisheries Minister Raajitha Senaratne said the 117 ruling party legislators who signed the impeachment motion against Chief Justice […]
Liquid Bank
Dec 10, 2012 (LBO) – Sri Lanka’s ICICI Bank, a branch of an Indian bank with the same name, has seen its [SL] AAA credit rating confirmed by ICRA, a rating agency on support from the parent, comfortable capitalization and high sovereign asset holdings. “The credit strengths are partially offset by small scale of the […]