Author: lbostgadmin
Sri Lanka forex reserves drop in October
Dec 07, 2012 (LBO) – Sri Lanka’s official foreign reserves dropped 7. 1 percent to 6,547 million US dollars in October 2012 from a month earlier following the repayment of a sovereign bond, official data showed. The Central Bank said tourism receipts were 790. 2 million US dollars in the first 10 months, worker remittances […]
‘s exports slip 13.4-pct in October
Dec 06, 2012 (LBO) – Sri Lanka’s exports slipped 13. 4 percent to 770.4 million US dollars in October from a year earlier, with tea being hit by Middle East tensions with apparel falling amid weak demand, the Central Bank said. “Given the slowing down of global demand, exports of industrial exports continued to decline […]
SriLankan Airlines ups frequencies to Riyadh
Dec 06, 2012 (LBO) – State-run SriLankan Airlines said it has increased flights to Riyadh by three to five a week from December 13. “The Middle East is considered as one of the fastest growing regions in the world,” SriLankan Airline’s Head of Worldwide Sales, Lal Perera said in a statement. SriLankan now flies to […]
Sri Lanka drought hit farmers get free seed paddy
Dec 06, 2012 (LBO) – Sri Lanka’s rice farmers who have been hit by a recent drought will be given 371 million rupees worth of seed paddy by tax payers, enough to plant 58,000 hectares of land, the finance ministry said. The state has given land to farmers, built infrastructure pumping vast volumes of money, […]
Foreign Savings
Dec 06, 2012 (LBO) – Sri Lanka’s non-bank lenders should borrow abroad using newly relaxed rules to help boost resources available for investment, Central Bank Governor Nivard Cabral said. “We would encourage you to access foreign funds, as well,” Cabraal told a forum of top finance company executives in Colombo this week. “Some of you […]
Road Tolls
Dec 06, 2012 (LBO) – A toll plaza at the entry of Sri Lanka’s first expressway to the island’s south which also connects to road circling the capital Colombo begins operations this week, the Japan International Corporation, which financed it said. The toll plaza at the Kottawa interchange of the Southern Expressway will have five […]
Sri Lanka stock close up 0.6 pct
Dec 06, 2012 (LBO) – Sri Lanka’s stocks closed 1.2 percent higher Thursday with foreign investors dominating trading, while the rupee closed higher after weakening in intra-day trade, brokers and dealers said. NDB Bank which exited a stake in Aviva insurance at a profit was actively traded with one million shares changing hands. The stock […]
Sri Lanka expects BOP surplus of US$380mn in 2012
Dec 05, 2012 (LBO) – Sri Lanka is expecting a ‘balance of payments’ surplus of 380 million US dollars in 2012 the latest Central Bank projection said, down from a 1.25 billion US dollar projection in May. For 2013 the Central Bank is projecting a BOP surplus of 780 million US dollars, according to a […]
Sri Lanka Aviva unit purchase wrapped up by AIA
Dec 05, 2012 (LBO) – American International Assurance has completed the take-over of Sri Lanka’s Aviva NDB Insurance by purchasing an investment vehicle that held 87.2 percent of the firm and directly buying up another 5. 0 percent. AIA has paid 109 million US dollars to buy up Aviva NDB Holdings Lanka (Pvt) Ltd, whose […]
Loan Finance
Dec 05, 2012 (LBO) – Sri Lanka’s People’s Leasing and Finance Plc, the country’s largest non bank lender is planning a 100 million US dollar syndicated loan to fund future expansion, officials said. Chief executive D P Kumarage said the lender was in talks with a Middle East based party to syndicate the loan, which […]
Sri Lanka rejects bids for 3-month at auction
Dec 06, 2012 (LBO) – Sri Lanka has rejected all bids for 3-month Treasury bills at an auction on Wednesday while 6 and 12 month bill yields rose by one basis point, data released by the state debt office showed. The Central Bank also owns 217 billion rupee portfolio of stocks and rolling them over […]
” prices plunge in secondary market
Dec 04, 2012 (LBO) – Prices of ‘permits’ issued to state workers to buy tax slashed cars have plunged in the secondary market, following the effective legalization of a re-sale process, sources familiar with the market said. The price of a tax slashed permit for an standard family sized car had fallen from about 1.5 […]