Author: lbostgadmin
‘s foreign owned bond holdings increase
Mar 05, 2012 (LBO) – Foreign investor holdings in Sri Lanka government bonds rose to 225 billion rupees in the week ending February 29, up from 212 billion rupees a week earlier, official data showed. Treasury bill holdings rose to 91 billion rupees from 84 billion rupees a year earlier, Central Bank data showed. The […]
” by RAM
Mar 05, 2012 (LBO) – RAM Ratings Lanka said it had given a ‘BBB-‘ rating with a stable outlook to a 500 million rupee senior redeemable debenture debenture to be sold by Softlogic Finance Plc. “The ratings are supported by SLF’s adequate asset quality, financial performance, capitalisation and liquidity, but tempered by its moderate funding […]
Sri Lanka lines up bank credit to buy up paddy harvest
Mar 04, 2012 (LBO) – Sri Lanka has lined up 28.5 billion rupees in credit mainly from state banks to buy up an estimated 4. 5 million metric tonnes of paddy in an upcoming main harvest season, the state information office said. Rice farmers are among the special interest groups most favoured by the state. […]
Burning Loss
Mar 03, 2012 (LBO) – Giving subsidized furnace oil to a state-run power utility was the main main source of losses at a petroleum utility, while the private firms also made higher profits due to cheap power, the finance ministry said. The finance ministry said state-run Ceylon Petroleum Corporation lost 90 billion rupees in 2011 […]
Sri Lanka airport expansion financed by Japan
Mar 03, 2012 (LBO) – Sri Lanka’s main international airport has secured financing of 28.9 billion yen financing (330 million US dollars) to expand and modernize facilities as tourist arrivals continue to expand. In 2011 tourist arrivals rose 30 percent. The state information office said the cabinet of ministers had given the nod to get […]
Sri Lanka interest rate increases seen hitting insurance growth
Mar 02, 2012 (LBO) – The rise in interest rates in Sri Lanka, which began recently, could reduce the growth of the insurance market as it reduces the affordability of insurance products, RAM Ratings Lanka said. However, the rating agency said that despite the premium growth, most general insurers’ underwriting performance continued to be weak, […]
Sri Lanka gets AirAsia flight to Bangkok
Mar 02, 2012 (LBO) – Low-cost carrier AirAsia’s Thai unit has begun direct flights connecting Bangkok with the Sri Lankan capital Colombo aiming to attract tourists and pilgrims in both countries whose main religion is Buddhism. Tassapon Bijleveld, chief executive of Thai AirAsia, said they expect a load factor of around 75-80 percent in the […]
Higher Rates
Mar 02, 2012 (LBO) – Capital Alliance Finance Plc, a registered finance company in Sri Lanka said it is offering 14.5 percent for six month fixed deposits targeting short term investors amid a general rise in interest rates. “Many of the fixed deposit schemes available today are medium to long term investor friendly whilst short […]
Sri Lanka shares end down 0.2-pct
Mar 02, 2012 (LBO) – Sri Lankan shares closed weaker Friday in somewhat choppy trade with turnover falling to low levels, brokers said. Environmental Resources Investments was the most actively traded stock, closing at 19.30 rupees, down 60 cents as was HVA Foods, which ended at 17.60 rupees, down a rupee. Acme Printing & Packaging […]
Sri Lanka trims bank forex trading positions
Mar 02, 2012 (LBO) – Sri Lanka has trimmed the level of foreign exchange banks can keep overnight for trading to around a third of an earlier level, a day after curbs was placed in the forward market, dealers said. The rupee gained to 119.00/120.00 against the greenback in the spot dollar market from around […]
‘s central bank says S&P downgrade unwarranted
Feb 29, 2012 (LBO) – Sri Lanka’s Central Bank says an outlook and rating by Standard & Poor’s in the wake of balance of payments pressure is unwarranted because corrective steps have been taken by the government. S&P on Wednesday cut the outlook on Sri Lanka’s ‘B+’ foreign currency rating to ‘stable’ from ‘positive’ and […]
Sri Lanka hoping to resume IMF program: Central Bank
Mar 01, 2012 (LBO) – Sri Lanka is planning to resume a deal with the International Monetary Fund which can boost the island’s forex reserves which had fallen to 5. 7 billion US dollars and there is no capital flight, the Central Bank said. Analysts say that in the absence of a clean float and […]