Author: lbostgadmin
UN running low of funds humanitarian work in northern Sri Lanka
June 26, 2012 (LBO) – The United Nations is experiencing a funding shortfall to meet urgent humanitarian relief work across Sri Lanka’s conflict-hit north, with money running low for solid waste, shelter and water. Basic services to Menik Farm are reaching critical levels with the majority of providers approaching the end of their funding in […]
Credit FAQ
June 26, 2012 (LBO) – Standard and Poor’s, a rating agency has released a document answering potential investor queries following the release of a Banking Industry Country Risk Assessment. The full statement is reproduced below: Understanding Standard & Poor’s BICRA Assessment Of Sri Lanka Standard & Poor’s Ratings Services recently assigned Sri Lanka to its […]
Levies
June 26, 2012 (LBO) – Sri Lanka’s state banks, two insurers and a state airport agency are among the top contributors to the budget by levies and dividends a finance ministry report showed. State-run National Savings Bank paid 4,560 million as levies, the Peoples’ Bank 4,500 million rupees and Bank of Ceylon 4,500 million rupees. […]
Stable Outlook
June 26, 2012 (LBO) – Fitch Ratings Sri Lanka revised Sinhaputhra Finance PLC’s outlook upwards to ˜stable’ from ˜negative’ on improvements in its credit risk management practices. The outlook revision and affirmation reflects¦ subsequent stabilisation and enhancement in its asset quality, although the latter still remains weaker than its peers’ average, the risk evaluator said […]
Safe Zone
June 26, 2012 (LBO) – Sri Lanka’s Sampath Bank PLC secured a A+(lka) for its upcoming 2.5 billion rupees debenture from Fitch Ratings Sri Lanka. The five-year debt paper is expected to be listed on the Colombo Stock Exchange, and will be used to beef up Sampath’s Tier II capital, Fitch said on Tuesday. Full […]
Sri Lankan stocks flat; high turnover driven by Aitken Spence, Lion Brewery
June 26, 2012 (LBO) – Sri Lankan share prices were virtually flat on Tuesday, despite big ticket deals in Aitken Spence PLC and Lion Brewery PLC which propelled the bourse to one of its highest turnovers in a single trading day, brokers said. The benchmark All Share Price Index was down 0. 44 points or […]
Sri Lanka forex markets in a spot
June 26, 2012 (LBO) – Sri Lanka’s spot foreign exchange markets were inactive Tuesday with no two way quotes following earlier regulatory pressure, though the market for transactions with settlement three days ahead, became active, dealers said. So-called ‘spot’ market deals are settled two days later. ‘Spot next’ or deals settled three days later, were […]
Sri Lanka budget off track in first quarter 2012
June 25, 2012 (LBO) – Sri Lanka’s budget has gone off track in the first quarter of 2012, with current spending far outpacing tax revenues, leaving a yawning revenue deficit for the three months that is bigger than the gap for the whole of last year. Current spending by Sri Lanka’s rulers rose 24.2 percent […]
Sri Lanka energy sector eyed by US firms: envoy
June 25, 2012 (LBO) – Sri Lanka’s energy sector is a key area of interest for US companies scouting for investment opportunities after the end of a three decades war, US ambassador to Colombo Patricia Butenis said. “We’ve seen a lot of interest from American energy companies interested in help building oil refineries and developing […]
Sri Lanka missing the bus again?
June 25, 2012 (LBO) – If Sri Lanka is to achieve transformative, inclusive growth, it needs to have 7 percent plus growth for several consecutive years. It is well recognized by knowledgeable people, including key decision makers within government, that this would require around one billion dollars in new investment every year. This quantum cannot […]
Seven vie to own a Sri Lanka Cricket premier league franchise
June 25, 2012 (LBO) – Sri Lanka Cricket has received seven bids, each worth around 4.3 million dollars, to manage a franchise for the country’s first Twenty20 premier league tournament, officials said. The governing body said 17 parties picked up bidding documents, but only seven bids were submitted when the deadline closed on Monday. I […]
Sri Lanka state budget carrier shows fat margins
June 25, 2012 (LBO) – Sri Lanka’s state-run budget carrier Mihin Lanka, has made profits of 2. 0 billion rupees before tax, on revenues of 4,576 million rupees in the nine months to December 2011 according to a finance ministry report. Mihin Lanka’s long term liabilities fell to 414 million rupees by December from 2,802 […]