Author: lbostgadmin
Sri Lankan stocks down 0.41-pct on profit taking
July 02, 2009 (LBO) – Sri Lankan shares continued to slide for the fourth straight day as retail investors carried on taking profits, while high net worth and institutional investors stayed on the sidelines, brokers said. Commercial Bank of Ceylon closed at 135.00 rupees, up 5.00, while National Development Bank closed at 155.00 rupees, up […]
Sri Lanka upgrades growth to 3.5-4.5-pct
July 1, 2009 (LBO) – Sri Lanka’s economy is forecast grow at a faster 3.5 to 4.5 percent in 2009, up from the 2. 5 percent originally expected, following the end of a 30-year war and easier money, Central Bank Governor Nivard Cabraal said. In June 2009, inflation rose 0. 9 percent from a year […]
Sri Lanka courts politicised, says ICG
July 01, 2009 (LBO) – The Sri Lankan government must reform the country’s judicial system urgently if the military defeat of the Tamil Tigers is to lead to a lasting peace, an international non-governmental advocacy body has said. The Sri Lankan judiciary is not working in a fair and impartial way that secures justice and […]
Sri Lanka beefs up security for Pakistan series
July 1, 2009 (AFP) – Sri Lanka has stepped up security for the visiting Pakistan team and slapped new restrictions at match venues, officials said Wednesday. Fireworks, musical bands, glass bottles, tin cans, sharp objects, laser pointers and mirrors have all been banned from the grounds where the matches are slated to be played. “Other […]
Sri Lanka supports Indian Ocean free trade
July 01, 2009 (LBO) – Sri Lanka has welcomed the initiatives taken to promote trade and investment among member states of an Indian Ocean regional grouping, the foreign affairs ministry said in a statement. He also welcomed the initiatives taken by IOR-ARC to promote investment, including the work done towards the implementation of an agreement […]
Sri Lanka tea industry not getting cess funds
July 01, 2009 (LBO) – Sri Lanka’s tea industry has said funds collected through a government cess on exports which are supposed to be used for the benefit of the trade are not forthcoming. Avi de Silva, chairman of the Colombo Tea Traders™ Association, said insufficient monies disbursed from the cess fund were making worse […]
Sampath Rating
July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings said it has confirmed the ‘AA-(lka)’ national long-term rating of Sampath Bank, as well as its individual and support ratings at ‘D/E’ and ‘5’, with a stable outlook. Furthermore, the bank’s credit decisions became more centralised since early-2009, and its recoveries were strengthened by reallocating experienced […]
‘s Rating
July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings Lanka said it upgraded Seylan Merchant Leasing (SML) national long-term rating to ‘BBB-(lka)’ from ‘BB +(lka)’ on the acquisition of a 84.5 percent stake by People’s Leasing Company (PLC). PLC’s purchase consideration amounted to 441.4 million rupees for the 84.5 percent stake in SML and was […]
Oversight Move
July 01, 2009 (LBO) – Sri Lanka’s registered finance companies would be required to list on the Colombo Stock Exchange as part of an enhanced regulatory framework of the financial sector, Central Bank Governor Nivard Cabraal said. Cabraal said the Securities and Exchange Commission, Sri Lanka Accounting and Auditing Standards Monitoring Board, the Institute of […]
Sri Lankan stocks down 0.6-pct on profit taking
July 01, 2009 (LBO) – Sri Lankan shares closed down 0.6 percent Wednesday, as retailers took profit, while institutional, high net worth and foreign investors stayed in the sidelines, brokers said. National Development Bank closed at 153.50 rupees, up 1.00. Brokers said 1.58 million Lanka Cement shares changed hands today, while 1.22 million Piramal Glass […]
Sri Lanka says stand by loan a test of IMF objectivity
July 1, 2009 (LBO) – A decision on a loan from the International Monetary Fund (IMF) for Sri Lanka expected in “four or five weeks” will be a test of the objectivity of the organization, a government minister said. In March, Sri Lanka floated the rupee, as a prior action for the loan ending a […]
Sri Lanka Treasuries yields fall
July 1, 2009 (LBO) – Sri Lanka’s three and six month Treasury bill yields edged lower while the 12-month yield stayed flat at Wednesdays auction, the government’s debt office said.The 3-month yield fell 12 basis points to 11.29 percent and the 6-month yield fell 9 basis points to 11.94 percent. The 12-month yield stayed flat […]