Category: Economy and Markets
Citibank keeps its Triple A status.
Citibank N.A’s Sri Lankan unit has kept its AAA (sri) membership during a recent annual review conducted by Fitch Ratings Lanka.Citibank N.A’s Sri Lankan unit has kept its AAA (sri) membership during a recent annual review conducted by Fitch Ratings Lanka. The Triple A rating for Citibank’s unsecured senior debt reflects a very low expectation […]
Drying Up
Aid flows fell sharply in the first five months as the government lost donor support due to policy about-turns. Gross inflows in the first five months amounted to Rs. 28 bn with Rs. 98 bn being the target set by the previous government for this year.rn rnNet borrowing to support the budget was expected to […]
Turning 50
Sri Lanka and the World Bank sealed half-a-century of cooperation on Friday by inking another large-scale development aid package.Sri Lanka joined the World Bank in 1950 and singed its first loan agreement with the International Development Bank on July 9, 1954. rn The loan for US $ 19.1 mn, was for the construction of the […]
Second Warning
Continuing its campaign against pyramid schemes, Central Bank is again warning the public that persons who buy a product, not for its own sake but expecting future returns from getting more enter the scheme, are not engaging in a simple trade transaction but a different type of game. “As the expectation of future returns is […]
Bomb in Colombo
The Colombo stockmarket reacted negatively to the Wednesday morning suicide bomb explosion that has so far left four dead and fifteen others in hospital,. The explosion took place when a female suspect taken in on suspicion blew herself up inside the Colpetty Police station.rn rnSecurity sources believe that the suicide bomber could have targeted Secretary […]
Colombo Rocks
The bomber was escorted to a police station opposite the US and British diplomatic missions after security guards prevented her from entering a ministry in the high-security area of Colombo, a military official said.rn “She was being questioned and about to be searched by two women police constables when the blast occurred,” the official told […]
Moving Up
Yields for three month treasuries move up at Wednesdays auction indicating market demand for short-term maturities.rnrn rnHowever, the Central Bank said that yields for six and twelve month paper rnremained unchanged. rn rnResults as follows:rn rn rn rn rn rn rn Bids rn Rcvd rn rn rn rn Amount Accp rn rn rn Avg. […]
Thinking of U
A new government sponsored agency under the Presidents control and headed by a top bureaucrat has been put in charge of policy formulation and implementation. The National Council for Economic Development (NCED), manned by a team of professionals from the private and public sector will seek wide participation in policy formulation. Experts say getting the […]
Govt. Inc.
The government is going to expand its role in the economy with more spending on infrastructure and subsidies.Unveiling the governments economic policy the finance minister also said the government would push for growth in the agriculture sector to bridge the disparity in regional GDP and to achieve self-sufficiency in food. rn rnRuling UPFA government economic […]
Secure Deal
Senkadagala Finance is coming out with a Rs. 52.4 mn debt paper backed by an A (sri) rating from Fitch Ratings Lanka.The Rs. 52.4 mn issue is part of a larger Rs. 250 mn securitisation deal structured by Capital Alliance, says Senkadagala Managing Director, Lakshman Balasuriya.rn rnThe Leased Backed Trust Certificates (LBTC) will be issued […]
Live Injection
The Aitken Spence Group secured an AA (sri) rating for its upcoming Rs. 1 bn five-year unlisted debenture issue from Fitch Ratings Lanka. The group needs the cash to fund its 100 MW power plant in Embilipitya and feed some of its ongoing capital expenditure programmes.rn rnFitch also confirmed an AA (sri) rating for Aitken […]
Rising Expectations
Sri Lankas inflation rate for June shifted up to 3.9 percent on the back of rising prices of essential goods like rice, red onions, potatoes and vegetables.The Census & Statistics Dept said Wednesday that the Colombo Consumers Price Index or CCPI had touched 3,672.8 from 3,598.2 recorded in May this year.rn rnCommenting on the data, […]