Author: lbostgadmin
Sri Lanka firms lured by Hong Kong trade fairs
Oct 14, 2009 (LBO) – A Hong Kong trade fair organiser offering Sri Lankan companies like clothing exporters a chance to participate in shows says foreign buyers are returning to the market although orders are smaller.“Because of cash flow problems caused by the financial crisis they are keeping orders small.” The main exports from Hong […]
Indian Ocean nations conduct mass tsunami drill
ULEE LHEUE, October 14, 2009 (AFP) – Sirens wailed and crowds fled across Indian Ocean nations Wednesday in a mass drill simulating a giant tsunami similar to the 2004 disaster that killed about 220,000 people. The Hawaii-based Pacific Tsunami Warning Center and the Japan Meteorological Agency sent out bulletins for a 9.2-magnitude quake and tsunami […]
Outlook Lift
Oct 14, 2009 (LBO) – Fitch Ratings has lifted the outlook on Sri Lanka Telecom’s ‘B+’ foreign currency rating to ‘stable’ from ‘negative’ following the upgrade of the outlook of the sovereign rating. “Despite pressure on profitability due to intense competition and weak macroeconomic conditions in Sri Lanka, SLT’s cash generation continues to be strong.” […]
False Gold
Oct 14, 2009 (LBO) – Sri Lanka’s central bank has warned the public against persons claiming to have been authorized to sell gold belonging to the monetary authority, saying it is a scam. “The relevant authorities are now investigating these scams and steps will be taken by them to trace, identify and take the necessary […]
Legal Advice
Oct 14, 2009 (LBO) – Sri Lanka’s Securities and Exchange Commission (SEC) said it had withdrawn charges of market manipulation case and issued a reprimand to a company director on the advice of the attorney general. The SEC withdrew charges against Mr. Harshith Dharmadasa subject to a severe reprimand with the sanction of Court recently […]
Sri Lanka lures Indian tourists with Ramayana trail
Oct 14, 2009 (LBO) – A Sri Lankan tourism package called the ‘Ramayana trail’ that covers sites mentioned in a 2,000-year-old epic poem popular in south Asia is drawing droves of Indian visitors to the island, officials said. The number of tourists visiting the island has increased sharply since the end of its 30-year ethnic […]
Sri Lankan shares becalmed, retailers take profits
Oct 14, 2009 (LBO) – Sri Lankan stocks closed flat Wednesday as retail investors took profits from an overheating market, while banking stocks made further gains, brokers said. “With the activity improving the market depth has improved giving rise to higher liquidity levels which is an additional catalyst to foreign investors,” Samarasinghe said. Touchwood Investments […]
” by Fitch
Oct 14, 2009 (LBO) – An upcoming US dollar denominated sovereign bond issue by Sri Lanka which is due to mature in 2015 has been rated ‘B+’, in line with the country’s long term foreign currency rating, Fitch Ratings said. “A more robust revenue performance would provide greater fiscal flexibility in addressing post-war spending needs, […]
” by S&P
Oct 14, 2009 (LBO) – Standard and Poor’s has give a ‘B’ rating to an upcoming 500 million US dollar sovereign bond by Sri Lanka maturing in 2015, with a ‘stable’ outlook citing a deal with the International Monetary Fund that has improved foreign reserves. “The sovereign credit ratings on Sri Lanka take into account […]
Sri Lanka 6-month Treasuries fall to single digits
Oct 14, 2009 (LBO) – Sri Lanka’s 6-month Treasury bill yield moved to single digits falling 29 basis points to 9.81 percent at Wednesday’s auction, and the 3-month yield fell 11 basis points to 9.15 percent, the government’s debt office said. Sri Lanka’s longer term bill yields have also been falling steadily.The central bank has […]
Sri Lanka asks expats help rebuild war-hit regions
October 12, 2009 (AFP) – Sri Lanka on Monday announced plans to tap its expatriate community to help rebuild the island’s war-ravaged areas and encourage much-needed foreign investments.President Mahinda Rajapakse has invited leading Sri Lankans abroad for a meeting to discuss investment opportunities following the crushing of Tamil separatists in May after nearly four-decades of […]
Sri Lanka central bank holds rates amid low inflation
Oct 13, 2009 (LBO) – Sri Lanka’s Central Bank is holding its main policy rate steady at 10.50 percent amid low inflation, expecting the effect of previous cuts to spread wider into the banking system. Weak Credit In the year to August private sector credit was down 4.6 percent according to Central Bank data, while […]