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Sri Lanka sovereign rating outlook lowered by S&P
Feb 29, 2012 (LBO) – Standard & Poor’s Ratings Services has lowered its outlook on Sri Lanka’s ‘B+’ long-term foreign currency sovereign credit rating to stable from positive because of falling foreign reserves and fiscal problems. The rating agency at the same time downgraded Sri Lanka’s long-term local currency rating to ‘B+’ from ‘BB-‘, while […]
Sri Lanka policy changes to bolster external position: Fitch
Feb 29, 2012 (LBO) – Sri Lanka’s external finances are under pressure but recent policy changes could bolster the balance of payments even if they hurt growth, Fitch Ratings said. Analysts have pointed out that Sri Lanka is vulnerable to oil prices because the state manipulates energy prices and there is no mechanism to quickly […]
Sri Lanka taking corrective steps to fix imbalances: economists
Feb 29, 2012 (LBO) – Sri Lanka has taken delayed corrective steps to counter a balance of payments crisis triggered by a credit bubble worsened by energy price manipulation and state enterprise losses, but more pain may be ahead, economists warned. In 2011 Sri Lanka saw a surge in private sector credit fired by extended […]
Sri Lanka rupee recovers on state bank selling
Feb 28, 2012 (LBO) – Sri Lanka’s which was quoted as low as 122. 50/123.00 against the US dollar in early trade Tuesday recovered on state bank dollar sales which pushed the rupee to 121. 00 levels, dealers said. The rupee recovered to 121.30/50 rupees later. The rupee was floated earlier in February after it […]
Sri Lanka rupee opens weaker
Feb 28, 2012 (LBO) – Sri Lanka’s rupee was quoted as low as 122.50/123.00 against the US dollar in early trade Tuesday weakening from Monday’s close of 121. 30/50 rupees, before recovering, dealers said. The rupee recovered to 121.30/50 rupees later. The rupee was floated earlier in February after it came under pressure from strong […]
Sri Lanka Hayleys knitting mill no longer rated: Fitch
Feb 28, 2012 (LBO) – Fitch Ratings said it was withdrawing Hayleys MGT Knitting Mills Plc’s ‘BBB(lka)’ rating soon after it stopped ratings its parent, Hayleys Plc. “Fitch Ratings Lanka has withdrawn Hayleys MGT Knitting Mills PLC’s (HMGT) ‘BBB(lka)’ National Long-Term rating with a Negative Outlook,” Fitch said in a statement. “On the basis of […]
Sri Lanka shares end down 0.8-pct
Feb 28, 2012 (LBO) – Sri Lankan share prices fell Tuesday for the second day after a seven-day rally, with turnover boosted by large deals in Aitken Spence, brokers said. The main All Share Price Index closed down 0.82 percent (44.92 points) at 5,431.67, while the more liquid Milanka index fell 0.71 percent (33.96 points) […]
Bank Trend
Feb 28, 2012 (LBO) – Sri Lanka’s Commercial Bank said December 2011 quarter net profit rose 12 percent to almost two billion rupees from a year ago with sharp gains in foreign exchange income while interest income fell. A stock exchange filing said interest income grew 10 percent to 10 billion rupees and interest expenses […]
Bank Boss
Feb 28, 2012 (LBO) – Sri Lanka’s Commercial Bank said Ravi Dias, its deputy chief executive, would take over as managing director and chief executive of the bank on the retirement of incumbent Amitha Gooneratne in April 2012. A statement said Dias was appointed acting chief executive from Monday, February 27, as Gooneratne is on […]
Sri Lanka Lankem retains A-/P2 ratings
Feb 28, 2012 (LBO) – RAM Ratings Lanka has confirmed Lankem Ceylon PLC™s long- and short-term corporate credit ratings of A- and P2. RAM Ratings Lanka has also confirmed the A- long-term issue rating of Lankem™s 500 million rupee unsecured unsubordinated redeemable debentures. “The outlook on the long-term ratings is stable,” a statement said. “The […]
Sri Lankan should flag social issues creatively: Bangladesh photo activist
Feb 28, 2012 (LB) – Bangladesh photographer, activist and social entrepreneur Shahidul Alam, challenged Sri Lankans to think creatively to flag social issues that grips the developing world. Driven by largely autocratic governments, developing nations like Sri Lanka battle veiled censorship, subtle military rule and commercial pressure that often suppress unsavoury topics. “Don’t let those […]
Sri Lanka may see tyranny of markets to be worse than IMF, World Bank
Feb 28, 2012 (LBO) – The pain imposed by the tyranny of markets could be much greater than adjustments caused by the International Monetary Fund or World Bank, an economist has warned. The Ceylon Electricity Board, which had to generate large amounts of thermal power from the second quarter of 2011 due to failed rains […]