Author: lbostgadmin
‘s proposed debenture BBB+(lka)(EXP)
Fitch Ratings has assigned Abans PLC’s (Abans; BBB+(lka)/Stable) proposed senior unsecured debenture issue of up to LKR1.5bn a National Long-Term Rating of ‘BBB+(lka)(EXP)’. The debentures will have tenors of three, four and five years and carry fixed and floating coupons. The debentures are to be listed on the Colombo Stock Exchange, with the proceeds to […]
Sri Lankan rupee steady; importer demand offsets exporter dollar sales
Oct 21, 2016 (Reuters) – The Sri Lankan rupee was trading steady on Friday, with dollar demand by importers offsetting conversions of the U.S. currency by exporters, said dealers. Rupee forwards were active, with the spot-next at 147.45/55 per dollar as of 0701 GMT, little changed from its previous close of 147.45/50. The spot rupee […]
Sri Lanka to issue gazette reducing essential drug prices today
Oct 21, 2016 (LBO) – The special gazette notification announcing the price reduction of 48 essential medical drugs will be issued midnight today, Health Minister Rajitha Senaratne said. Senaratne said that the prices of drugs will be reduced up to 85 percent through this gazette notification. The 48 essential medicines include those used in the […]
Sri Lanka central bank considers revamping primary auctions
Oct 21, 2016 (LBO) – Sri Lanka’s Central Bank is considering revamping the Primary Auction system for government securities, sources said. The proposed system would overhaul the auction bidding process and introduce non-competitive bidding so as to create a level playing field. The move likely follows heavy profits made by one primary dealer from government […]
‘s proposed debenture issue A-(lka)(EXP)
Fitch Ratings has assigned Singer (Sri Lanka) PLC’s (Singer;A-(lka)/Stable) proposed senior unsecured debenture issue of up to LKR4bn a National Long-Term Rating of ‘A-(lka)(EXP)’. The debenture is to be issued at a fixed rate with a tenor of three years. The proceeds of the proposed issue will be used to refinance existing debt. Singer’s proposed […]
Strong growth for Sri Lankan telcos, despite higher taxes: Fitch
Oct 21, 2016 (LBO) – Fitch Ratings said Sri Lanka Telecom rating of B+/Negative/AAA(lka)/Stable and Dialog Axiata PLC AAA(lka)/Stable will remain steady despite higher taxes and large capex. “The ratings of both telcos benefit from high headroom capable of absorbing some margin dilution and lower cash generation,” the company’s rating statement said. The stable outlook […]
World Bank raises 2017 forecast for crude oil to USD55 per barrel
Oct 21, 2016 (LBO) – The World Bank is raising its 2017 forecast for crude oil prices to 55 US dollars per barrel from 53 per barrel following OPEC’s preparation to limit production. Energy prices, which include oil, natural gas and coal, are projected to jump almost 25 percent overall next year, a larger increase […]
Asia stocks slip as stronger dollar weighs on crude oil prices
TOKYO, Oct 21 (Reuters) – Asian stocks were mostly lower on Friday as the dollar climbed to seven-month highs against a basket of currencies and dragged down crude oil prices, cooling investor risk appetite. The greenback was boosted by a fall in the euro after the European Central Bank shot down talk it was contemplating […]
Opinion: Is electricity from Norachcholai coal power plant cheap?
By Vidhura Ralapanawe CEB (and the CEBEU) has been touting a cost of 5-6 Rupees for Norachcholai, saying that it is cheap. PUCSL approves the CEB’s bulk supply tariff every six months, and based on the last such approval, the fuel cost is Rs 5.75/kWh (based on a USD80/tonne delivered), the fixed cost (maintenance, salaries […]
LBR LBO Debrief – Economic & Business Climate Outlook 2017
Topic: LBR LBO Debrief – Economic & Business Climate Outlook 2017 Date/Time/Venue: 29th November 2016 – OAK Room, Cinnamon Grand Host: Lakshaman Bandaranayake | Founding Publisher, Director | Lanka Business Online Inquiries: Lakshaman Bandaranayake | lakshaman@lbo.lk | 071 176 0167 or 072 776 0167 Hotline | 071 466 0060 | debrief@lbo.lk Registration Fee: (Pre VAT and NBT) Registration fee […]
UN official urges Sri Lanka to take stronger measures to protect minorities
Oct 20, 2016 (Reuters) – Sri Lanka’s government must “clearly demonstrate” its political will and commitment to better protect the Indian Ocean island’s minorities by taking urgent steps to resolve post-war issues, a United Nations rights expert said on Thursday. Since the end of a 26-year war in May 2009, successive Sri Lankan governments have […]
Opinion: ‘Drexit’ from Bribery Commission – The good, bad & ugly
By Chrishmal Warnasuriya So His Excellency the President has ended all speculation and accepted the resignation. If the exit of Britain from Europe was “Brexit”, the resignation of our learned friend Dilrukshi from the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) must surely be our very own “Drexit”; at least for the massive sensationalism […]