Category: Economy and Markets
Sri Lanka stocks close down 0.14-pct: Lack of direction for investors
Sep 15, 2015 (LBO) – Sri Lankan stocks closed down 0.14 percent on Tuesday following with low investor sentiment and losses in index heavy stocks, brokers said. The Colombo benchmark All Share Price Index closed down 10.01 points at 7,152.43 lower 0.14 percent. S&P SL20 closed 4.48 points lower at 3,915.15 down 0.11 percent. “There […]
Central Bank directs banks to reduce loan ratio on motor vehicles
Sept 15, 2015 (LBO) – Sri Lanka’s Central Bank has issued a directive to commercial banks, speciaized banks and financial institutions to reduce the loan to value (LTV) ratio to 70 percent in respect of loans granted for purchases or utilisation of motor vehicles. “The Central Bank of Sri Lanka has observed with concern the […]
Sri Lanka female labor force should shift into technology-related sectors: ADB
Sep 15, 2015 (LBO) – Sri Lanka’s female labour force needs to shift from traditional jobs in education and health sector to more technology-related ones, a recent ADB study indicates. “Few women have reached the highest level in the employment hierarchy in the judiciary, universities, scientific professions, and in private enterprises,” the Asian Development Bank […]
World Bank says Shortage of Long-Term Finance Blunts Progress in Developing Countries
Sep 15,2015 (LBO) – A shortage of long-term financing since the 2008 crisis is choking the investment-backed growth of companies in developing countries and hampering the ability of credit-worthy families to borrow for education and housing needs and escape poverty, a new World Bank report warned.“It would be a challenge to achieve high and sustainable […]
Sri Lanka Planters Association says tea industry might survive with new pay model
Sep 15, 2015 (LBO) – Sri Lanka’s Planters Association says that tea industry, which is in a revenue crisis, might have a chance to survive if its new productivity-linked wage model presented to employees is accepted by them.“The employers’ ability to pay is a very important and critically fundamental aspect when labour wages are negotiated,” […]
Fitch Withdraws Rating on Ceylon Income Fund; Ceylon Asset Management responds
Sep 14,2015 (LBO) – Fitch Ratings said it has withdrawn Ceylon Income Fund’s National Fund Credit Quality Rating of A(lka)’ saying there is no National Volatility Rating assigned to the fund, which is managed by Ceylon Asset Management.Following the Securities and Exchange Commission of Sri Lanka not renewing the license of Lanka Rating Agency (LRA), in July 2015, […]
‘l Trade Minister
Sep 14, 2015 (LBO) – Sri Lanka will not discuss or sign the Comprehensive Economic Partnership Agreement, during the prime minister’s official visit to India, Development Strategies and International Trade Minister Malik Samarawickrama said in a statement. Commenting further on CEPA Samarawickrama says: “Entering into trade agreements with other countries is not far-fetched considering the […]
ICRA Lanka assigns A-(Stable) rating to First Capital Treasuries
Sep 14, 2015 (LBO) – ICRA Lanka has assigned the Issuer rating of [SL] A- with stable outlook to First Capital Treasuries Limited. The rating agency has also assigned the [SL] BBB+ rating with stable outlook to the 500 million rupees Subordinated Unsecured redeemable Debenture programme of the company. The full text of the rating; […]
‘s rate decision
Sept 14, 2015 (LBO) – U.S. analysts are deeply divided on whether the Fed should increase rates on September 17, it’s first rate hike in nearly a decade. Some believe a hike will be a major blunder slowing down an already vulnerable global economy, while others say the expansion is healthy enough and a cycle […]
Hayleys employees benefit from share trust dissolution
Sept 13, 2015 (LBO) – Employees of Hayleys PLC will benefit from the dissolution of its Employees’ Share Trust and hold shares worth around a billion rupees, an official said.The trust was set up to fight a takeover bid by the Carsons Group, and according to the company, was allotted 2.4 million ordinary shares of […]
Japan looks for investment opportunities in Sri Lanka: Finance Minister
Sep 11, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake said that Japan has showed interest in investing in wide areas of activities in terms of investment and infrastructure development. “They are looking for five different activities, especially in the infrastructure area and the intention that has been displayed by them is phenomenal,” Karunanayake […]
Sri Lanka’s spending on dairy imports up 18-pct in 2014, exports drop 8-pct
Sep 11, 2015 (LBO) – Sri Lanka’s expenditure on dairy and dairy products imports rose by 18 percent from a year earlier to 44 billion rupees during 2014, a new report says. According to a report by the Ceylon Chamber of Commerce, import volumes increased three percent to 71 million kilograms, and the increase in […]