Category: Economy and Markets
PTL Watch: Bond yields stagnant ahead of auction
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Fitch Ratings has affirmed Sri Lanka’s Dialog Axiata PLC’s (Dialog) ‘AAA(lka)’ National Long-Term Rating, a statement said. The Outlook is Stable. KEY RATING DRIVERS We upgraded Dialog’s standalone credit profile to ‘AAA(lka)’ from ‘AA+ (lka)’, based on its improving financial profile backed by its continued market leadership in Sri Lanka’s growing mobile and pay-TV segments. […]
Sri Lanka inflation accelerates 4.3-pct in April 2016
May 23, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose 4.3 percent in April from the 2.2 percent inflation reported a month earlier on year-on-year basis, data from the state statistics office showed. Year-on-year inflation of Food Group reported for the month of April 2016 was 4.9 percent […]
EOIs called for geophysical surveys off Mannar, Cauvery Sri Lanka
May 23, 2016 (LBO) – Sri Lanka has called for expressions of interest from geophysical exploration companies to conduct gravity, gradiometry and magnetic surveys over the offshore Mannar and Cauvery basins of Sri Lanka. The Petroleum Resources Development Secretariat (PRDS) is seeking further data to strengthen its database of geophysical information on upstream petroleum sites […]
Twilight of the Petrostate and the rise of alternatives
May 23, 2016 (LBO) – Russian billionaire Petr Aven and two Moscow economists have published an article titled the “Twilight of the Petrostate” warning of alternative energy sources and cheaper extraction techniques that could hurt revenues of oil exporting nations. “The influence of the Petroleum Leviathan — the handful of producing countries with the ability […]
Sri Lanka holds rates unchanged after policy meeting
May 20, 2016 (LBO) – Sri Lanka’s monetary board held interest rates unchanged after a monthly policy meeting taking into account among other things the Extended Fund Facility expected from the IMF and the others, that would enhance the country’s resilience to external shocks and improve investor confidence in the economy. The full statement is below: The […]
PTL Watch: Yields tick slightly higher for third week
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Ravi K says Japan agrees USD2.5bn development loan to Sri Lanka
May 19, 2016 (LBO) – Finance Minister Ravi Karunanayake told Parliament Thursday that Japan has agreed to provide about 2.5 billion US dollars worth development policy loan to Sri Lanka. This has been revealed yesterday when Japanese Prime Minister Shinzo Abe’s Special Representative Hiroto Izumi called on Prime Minster Ranil Wickremesinghe, Finance Minister said.“Mr. Izumi also […]
London Stock Exchange shifts shared services to Sri Lanka; hiring staff
May 19, 2016 (LBO) – International markets infrastructure provider London Stock Exchange Group will hire up to 400 highly skilled Sri Lankans as it has decided to shift part of its technology and business functions here. The new company to be formed under the name of London Stock Exchange Business Services Colombo limited is currently […]
Sri Lanka could issue Islamic finance sovereign bonds: official
May 18, 2016 (LBO) – Sri Lanka could issue Islamic finance sovereign bonds or ‘Sukuks’ and take the lead in becoming a regional centre for Islamic financial services, an official said. “We can think of being an Islamic Banking and Finance hub for the region,” Shibly Aziz, President Bar Association said while delivering the keynote […]
Janashakthi Insurance PLC reports consolidated Profit After Tax (PAT) of Rs.358 mn for March 2016
Janashakthi Insurance PLC (Janashakthi) reported a consolidated Profit After Tax (PAT) of Rs.358 million for the quarter ended 31st March 2016, a marked Year on Year (YoY) growth of 236%. The Insurer posted these numbers on the back of a 32.8% rise in consolidated Gross Written Premium (GWP) amounting to Rs.3.3 billion for the period […]
Citizens Development Bank announces Rs1bn debenture issue
May 18, 2016 (LBO) – Sri Lanka’s Citizens Development Business Finance PLC (CDB), a licensed finance company, said it will issue one billion rupees in listed rated subordinated guaranteed redeemable debentures. “The main objective of the debenture issue is to raise funds for CDB to strengthen its Tier II Capital and grow its lending book,” […]