Author: lbostgadmin
Sri Lanka citizen activist calls for more budget transparency
July 27, 2012 (LBO) – A Sri Lankan citizen and former top business executive, has called for greater transparency in disclosing budget numbers including present values of future liabilities and an overall public deficit figure. Chandra Jayaratne, a former head of Sri Lanka’s Ceylon Chamber of Commerce said better disclosures should be made by the […]
Sri Lanka apparel exports fall cause concern: legislator
July 27, 2012 (LBO) – A contraction in Sri Lanka’s apparel exports, especially to the European Union could have been compounded by tariff preferences to Europe withdrawn due to bad governance, an opposition legislator has said. Data Concerns De Silva said there were problems with Sri Lanka’s economic data. In 2011 the Central Bank has […]
Sri Lanka stocks up 1.17 pct
July 27, 2012 (LBO) – Sri Lanka’s stocks closed 1.17 percent Friday, Aviva NDB Insurance gaining on take-over speculation, while the rupee weakened in intra-day trading brokers and dealers said. The spot US dollar topped 132.0 rupees after the proceeds of a billion US dollar bond by passed the market and rupee liquidity was created […]
Sri Lanka rupee weakens, liquidity high
July 27, 2012 (LBO) – Sri Lanka’s rupee weakened to 132. 20/30 levels Friday after opening around 131.20/50 as excess liquidity remained at record after tens of billions of rupees were dumped on money markets a day earlier. On Thursday excess liquidity rose to 58 billion rupees as part proceeds of a dollar bond was […]
Sri Lanka could borrow more abroad; has to manage risk: Fitch
July 27, 2012 (LBO) – Sri Lanka could borrow abroad more on the back of strong interest for sovereign bonds and active encouragement by authorities but the government and companies have to manage risks, Fitch, a rating agency has said. “There is a cost benefit in sourcing external debt for most issuers, but risks need […]
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July 27, 2012 (LBO) – Sri Lanka’s Seylan Bank has rated given a ‘BBB+(lka)’ rating for a proposed 2.0 billion rupee subordinated bond rated one notch below the bank’s ‘A-(lka)’ national rating. “Seylan’s National Long-Term Rating is driven by implied extraordinary support from the State of Sri Lanka during financial distress, given the bank’s systemic […]
Sri Lanka to end power rationing, coal plant fixed
July 26, 2012 (LBO) – Sri Lanka has repaired an breakdown-prone Chinese built 300 MegaWatt coal plant allowing the state-run Ceylon Electricity Board end to power cuts, the power ministry said. The CEB has provided continuous power with no official power cut for more than 10 years until the Chinese plant went down. The power […]
Herbal Ways
July 26, 2012 (LBO) – A Sri Lanka based herbal remedies and personal care producer, has begun trials on therapies linked to anti-diabetes and improving the quality of life, to meet increasing consumer demand for natural remedies, officials said. Link Natural Products Private Limited, a subsidiary of CIC Holdings Plc, says it is working local […]
More Banking
July 26, 2012 (LBO) – Sri Lanka’s Amana Bank, an Islamic bank said it has started banking services Saturday. Amana Bank has now opened its doors for banking on Saturdays facilitating greater convenience to its valued customers. “We are committed to ensure convenience and peace of mind to our valued customers,” Amana Bank’s head of […]
Stable Level
July 26, 2012 (LBO) – RAM Ratings Lanka said it had confirmed an ‘AA’ rating of Sri Lanka’s Sampath Bank with a stable outlook. “The ratings are supported by the Bank’s healthy asset quality and good market position,” RAM Ratings said in a statement. “On the other hand, the ratings are tempered by the Bank’s […]
Loan Growth
July 26, 2012 (LBO) – Sri Lanka’s PABC Bank has reported profits of 159 million rupees in the June 2012 down 24 percent from a year earlier, amid a steep rise interest expenses, interim accounts showed. Non-interest expenses also rose 49 percent to 533 million rupees. “The overhead increase is mainly due to the branch […]
Sri Lanka stocks close down 0.16 pct, rupee weaker
July 26, 2012 (LBO) – Sri Lanka’s stocks fell 0.16 percent Thursday, with strong interest in ODEL which was taken over by a foreign department store at a price below today’s market price, brokers said. The Colombo All Share Price Index fell 7.69 points to 4,876.19 and the S&P 20 Index of large cap stocks […]