Category:
Provision Pattern
Feb 14, 2012 (LBO) – Sri Lanka’s Seylan Bank December 2011 quarter net profit rose 72 percent to 664 million rupees from a year ago, helped by lower loan loss provisioning. Interest income rose 12 percent to 4.2 billion rupees while interest expenses rose at a faster 15 percent resulting in net interest income going […]
Sri Lanka exporters told to aim at US iced tea market
Feb 14, 2012 (LBO) – The market for tea in the United States is growing rapidly with the best prospects being in ready-to-drink teas, Joseph Simrany, president of the Tea Association of USA has told Sri Lanka’s tea industry. Even beverage multinationals were shifting towards tea which is also becoming increasingly popular among younger American […]
Sri Lanka policy reversals seen eroding sentiment
Feb 14, 2012 (LBO) – Recent policy reversals by Sri Lanka’s government has dampened investor sentiment and could lead to lower consumer spending, slowing economic growth, a stock broker said. The government raised interest rates, moved closer to floating the rupee by stopping interventions to defend the currency and jacked up fuel prices in quick […]
Sri Lanka bond auction yields below market
Feb 13, 2012 (LBO) – Sri Lanka has sold three and five year bonds through an auction Monday at rates below the secondary market, data from the state debt office showed. The debt office which is a unit of the Central Bank said it sold 3. 0 billion rupees of bond maturing on 15 June […]
Sri Lanka rupee drifts lower against greenback
Feb 13, 2012 (LBO) – Sri Lanka’s rupee closed at 117. 25/40 against the greenback Monday down from Friday’s close of 115. 20/30 in a second day of trading without Central Bank intervention, dealers said. The rupee drifted lower in intra-day trading but recovered towards the end of the day. Dealers said some exporters had […]
Sri Lanka rupee opens weaker
Feb 13, 2012 (LBO) – Sri Lanka rupee opened weaker at around 115. 30/40 and traded lower against the US dollar in the spot market in the second trading day after the Central Bank withdrew from interventions, dealers said. On Thursday the rupee closed around 115. 20/30 against the dollars. On Monday the rupee opened […]
Sri Lanka shares end down 2.2-pct
Feb 13, 2012 (LBO) – Sri Lankan shares plunged Monday, down for the eighth straight trading session in a continuing sell-off by investors that has seen the prices of some of those favoured by speculators fall sharply, brokers said. Environmental Resources Investments shares, a speculator favourite, was the most actively traded stock, ending at 20. […]
Bus Tariff
Feb 13, 2012 (LBO) – Sri Lanka’s bus fares will be raised by 20 percent and striking buses will return to the streets from Tuesday, Gemunu Wijeratne, head of the Sri Lanka Private Bus Operators’ Association said. The new fares will be in effect for at least a year unless fuel prices are raised by […]
Sri Lanka tourist arrivals up 15.7-pct in January
Feb 13, 2012 (LBO) – Tourist arrivals to Sri Lanka increased 15.7 percent to 85,874 in January 2012 from a year earlier, maintaining growth but at a slower pace than last year, official data showed. East Asian arrivals rose 28 percent to 9,334 with Chinese tourists rising 21. 5 percent to 1,952. Visitors from Japan […]
Sri Lanka power utility CEB, to raise tariffs
Feb 13, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has asked the regulator for a tariff hike or a fuel surcharge to cover part of an estimated 79 billion rupee loss in 2012, power ministry secretary M M C Ferdinando said. The CEB has budgeted for expenses of 179. 05 billion with revenue […]
Fuel Protests
Feb 13, 2012 (LBO) – A steep fuel price increase in Sri Lanka to correct mounting economic imbalance and pressure on a currency peg has seen protests by bus operators and fishermen, reports said. Fishermen blocked a road on the main road to the capital Colombo from Negambo, a fishery centre, a media report said. […]
Sri Lanka tighter money to keep inflation low: CB Governor
Feb 13, 2012 (LBO) – Sri Lanka has tightened monetary policy and imposed a credit ceiling not only to counter balance of payments pressure but also to keep the island’s inflation low, Central Bank Governor Nivard Cabraal said. The central bank then sold dollars, initially mopping up excess liquidity and tightening the monetary system, but […]