Category: Economy and Markets
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May 22, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has revised Sri Lanka-based Pan Asia Banking Corporation PLC’s outlook to negative from stable due to continued deterioration in bank’s capitalisation amid aggressive loan growth.The full statement reproduced below Fitch Ratings Lanka has revised Sri Lanka-based Pan Asia Banking Corporation PLC’s (PABC) Outlook to Negative […]
Sri Lanka’s stocks surge on positive earnings reports
May 22, 2015 (LBO) – Sri Lanka’s stocks rose 15.04 points, Friday following a slump yesterday mainly due to positive earnings reports and dividend announcements, brokers said. The All Share Price Index rose 15.04 points (0.21%) to end at 7,288.74 while the S&P SL 20 index dipped by 1.49 points (0.04%) to end at 4,067.14. […]
Shangri-La launches 500mn US dollar luxury apartments and office complex project in Colombo
May 22, 2015 (LBO) – Hong Kong based Shangri La Hotels and Resorts, a property developer and hotel group launches 500 million US dollars of exclusive residences, office and retail project in Galle Face, Colombo targeting at foreign investors, expatriates and an expanding class of influential Sri Lankans. The residences component will have 406 apartments […]
Sri Lanka should move from debt finance led growth to export and FDI directed growth: Saman Kelegama
May 22, 2015 (LBO) – Sri Lanka’s economy should move towards export and foreign direct investment led growth, to maintain a sustainable growth, a senior economist said. “Sri Lanka needs to shift from debt finance investment and consumption led growth to a more export and foreign direct investment led growth,” Saman Kelegama, Executive Director, Institute […]
Sri Lanka’s private sector credit to grow further: Monetary Policy Review – May 2015
May 22, 2015 (LBO) – Sri Lanka’s Central Bank said, that private sector credit would expand in the period ahead given the low interest rate regime. Accordingly, credit obtained by the private sector from commercial banks increased by 13.9 per cent in March 2015 on a year-on-year basis, the regulator said in its monetary policy […]
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May 22, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has assigned National Development Bank PLC’s proposed subordinated debentures of up to 10 billion rupees, an expected National Long-Term Rating of ‘A+(lka)(EXP)’. The rating agency also has withdrawn the expected rating of ‘AA-(lka)(EXP)’ assigned to NDB’s proposed senior debentures. Media release reproduced below: – The […]
Sri Lanka’s Commercial Credit Rs1bn debenture issue oversubscribed
May 22, 2015 (LBO) – Sri Lanka’s Commercial Credit and Finance issue of 10 million rupee rated, subordinated, guaranteed, redeemable five-year debentures valued 100 rupees each has been oversubscribed on opening day, the company said in a stock exchange filling.The Issue opened on Thursday 21 May.The five-year rated, subordinated, guaranteed, redeemable debentures will be listed […]
Sri Lanka stocks close down 0.22-pct
May 21, 2015 (LBO) – Sri Lanka’s stocks closed down 0.22 percent with investors taking profits and losses in the food and beverage stocks, brokers said. The Colombo benchmark All Share Price Index closed 16.08 points lower at 7,273.69 down 0.22 percent. The S&P SL20 closed 10.55 points lower at 4,062.97 down 0.26 percent. Turnover […]
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Mar 21, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has affirmed Sanasa Development Bank PLC’s (SDB) National Long-Term Rating at ‘BB+(lka)’ with a stable outlook. The full report is reproduced below :- KEY RATING DRIVERS The rating captures SDB’s high exposure to the retail and lower-end SME segments, its weak asset quality, and pressure […]
Sri Lanka’s troubled Kalpitiya Beach Resort points finger at former regime
May 21, 2015 (LBO) – Sri Lanka’s Kalpitiya Beach Resort, a subsidiary of Citrus Leisure PLC, has said that the hotel project was held back due to former government incompetency to attract occupancy and build tourism infrastructure. In 2011, Kalpitiya Beach Resort has raised 283.5 million rupees from an initial public offering stating that the […]
Sri Lanka to face challenges in debt financing through global capital markets: Razeen Sally
May 21, 2015 (LBO) – Sri Lanka capital markets will have to face a tough time ahead in debt financing through global capital markets, an economist said.Razeen Sally an Associate Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore speaking at the 62nd LBR LBO CEO forum held Wednesday pointed […]
Sri Lanka Treasury bill yields drop
Sri Lanka’s Treasury bill yields were down at Wednesday’s auction with 3-months yield dropped by 0.02 basis points and 6-month yields dropped by 0.03 basis points, data from the state debt office showed.It was decided to accept 11,129 million rupees from the auction of 03 month yield from received 18,628 million rupees worth bills.Treasury bills […]